The current account surplus in Switzerland increased to CHF 18.1 billion in the third quarter of 2019 from CHF 13.1 billion a year earlier. The goods and services surplus widened to CHF 22 billion from CHF 17.2 billion, mainly due to higher exports of non-monetary gold. Slight increases in exports of telecommunications, computer and information services as well as maintenance and repair services were offset by a decline in receipts from licence fees. Imports also increased for transport services, research and development services, and maintenance and repair services. The primary income deficit narrowed to CHF 1 billion from CHF 1.9 billion, amid lower earnings from direct investment in Switzerland. The secondary income gap widened to CHF 2.9 billion from CHF 2.3 billion, mainly due to higher foreign claim payments by reinsurance companies. Current Account in Switzerland averaged 8067 CHF Million from 1972 until 2019, reaching an all time high of 25032.31 CHF Million in the first quarter of 2010 and a record low of -2851.91 CHF Million in the first quarter of 2009.
Current Account in Switzerland is expected to be 21800.00 CHF Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Switzerland to stand at 19100.00 in 12 months time. In the long-term, the Switzerland Current Account is projected to trend around 17500.00 CHF Million in 2020, according to our econometric models.