Swiss to post budget surplus for 2011

2nd November 2011, Comments 0 comments

Switzerland is expected to report a budget surplus for 2011, despite spending 870 million francs (715 million euros, $985 million) to dampen the impact of the strong Swiss currency on its export-led economy.

"For 2011, the Federation forecasts a surplus of 1.4 billion francs instead of the budgeted deficit of 0.6 billion francs," said the Finance Ministry in a statement.

"The improvement is due largely to higher than expected income in the past year," it added.

Nevertheless, the ministry noted that after strong growth in the first half, certain fiscal receipts "fell sharply in the third quarter."

In particular, tax revenues from mineral oil products and tobacco fell as the franc strengthened sharply against major currencies, it noted.

© 2011 AFP

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