The economic statistics for 2014 have revealed a surplus in the public sector of CHF 142.1 million, which equates to 2.7 per cent of gross domestic product. Expenditure fell while revenue grew.
In its economic statistics for 2014, the Office of Statistics (AS) presented a complete overview of the public finances of the country, local authorities and social insurances according to international standards. The report revealed that while the public sector achieved a surplus in 2014, it recorded a deficit of CHF 59.8 million in 2013. The fiscal balance was negative in 2012 too, with CHF 124.9 million.
2014 saw non-consolidated public spending drop to its lowest level in four years, according to the AS. Amounting to CHF 1,491.9 million, it fell by 6.7 per cent, reducing by CHF 107.2 million compared to 2013. At the same time, unconsolidated public sector revenue increased by 6.1 per cent over 2013 to CHF 1,634 million.
Taxes contributed 48 per cent of state revenue in 2014, climbing by CHF 121.8 million over the previous year to a total of CHF 791.2 million. This put 2014s tax revenue on a level similar to the average of CHF 799.6 million between 2011 and 2014. The AS added that net assets in the public sector financial statement amounted to around CHF 6.7 billion, or CHF 300 million more than in 2013.