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.

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Switzerland Current Account

Actual Previous Highest Lowest Dates Unit Frequency
18091.41 19214.28 25032.31 -2851.91 1972 - 2019 CHF Million Quarterly
Current Prices, NSA

Calendar GMT Actual Previous Consensus TEForecast
2019-03-25 08:00 AM Q4 CHF 15.2B CHF16.5B CHF 19.1B
2019-06-21 07:00 AM Q1 CHF 17.2B CHF 15.2B CHF 19.9B
2019-09-20 07:00 AM Q2 CHF 21.3B CHF 20.6B CHF 26.8B
2019-12-20 08:00 AM Q3 CHF 18B CHF 19.2B CHF17.5B
2020-03-23 08:00 AM Q4 CHF 18B CHF 21.8B

News Stream
Swiss Current Account Surplus Narrows in Q2
Switzerland's current account surplus narrowed slightly to CHF 21.3 billion in the second quarter of 2019 from CHF 21.7 billion in the same period last year, as the goods surplus fell to CHF 14.2 billion from CHF 14.5 billion and the primary income surplus declined to CHF 4.6 billion from CHF 4.9 billion. Meanwhile, the services surplus was unchanged at CHF 4.7 billion and the secondary income deficit was flat at CHF 2.3 billion.

Swiss Current Account Surplus Widens in Q1
The Swiss current account surplus rose to CHF 17.2 billion in the first quarter of 2019 from CHF 16.8 billion in the corresponding period of the previous year. The services surplus widened to CHF 6.8 billion from CHF 5.5 billion a year earlier and the goods surplus was barely unchanged at CHF 16 billion. Meantime, the primary income deficit fell to CHF 2.5 billion from CHF 2.7 billion while the secondary income gap edged up to CHF 3.0 billion from CHF 2.0 billion.

Swiss Current Account Surplus Widens in Q4
The Swiss current account surplus rose to CHF 15.2 billion in the fourth quarter of 2018 from CHF 12.9 billion in the corresponding period of the previous year. The services surplus widened to CHF 4.2 billion from CHF 3.4 billion a year earlier, while the primary income gap fell to CHF 1.4 billion from CHF 2.9 billion and the secondary income deficit narrowed sharply to CHF 2.5 billion from CHF 4.1 billion. Meanwhile, the goods surplus decreased to CHF 14.8 billion from CHF 16.5 billion a year ago. Considering 2018 full year, the current account surplus increased to CHF 70.6 billion from CHF 44.7 billion in 2017.

Switzerland Current Account
Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).

Switzerland Trade Last Previous Highest Lowest Unit
Balance of Trade 2212.14 2357.24 3238.22 -1478.68 CHF million [+]
Current Account 18091.41 19214.28 25032.31 -2851.91 CHF Million [+]
Current Account to GDP 10.20 6.70 14.80 -0.60 percent [+]
Imports 16723.15 16911.93 17704.58 273.20 CHF million [+]
Exports 18935.30 19269.17 20399.45 245.90 CHF million [+]
External Debt 1884597.80 1839891.70 1893047.80 768352.30 CHF Million [+]
Terms of Trade 120.05 120.29 127.67 74.27 points [+]
Capital Flows 10028.69 2434.09 45027.22 -54755.04 CHF Million [+]
Foreign Direct Investment 1295914.40 1088433.00 1295914.40 20958.90 CHF Million [+]
Tourist Arrivals 1151.00 1607.00 2278.00 600.00 Thousand [+]
Gold Reserves 1040.00 1040.00 2590.18 1039.99 Tonnes [+]
Terrorism Index 0.19 0.13 2.03 0.13 [+]
Tourism Revenues 5020.43 4301.75 5020.43 999.10 CHF Million [+]
Weapons Sales 243.00 184.00 530.00 18.00 USD Million [+]