Swiss Current Account Surplus Narrows in Q4

Switzerland’s current account surplus narrowed sharply to CHF 7.0 billion in the fourth quarter of 2025, down from CHF 23.5 billion in the same period a year earlier. This marks the smallest figure in two years, as the goods surplus fell to a more than five-year low of CHF 15.2 billion from CHF 29.1 billion in the fourth quarter of 2024, while the primary income surplus eased to CHF 1.3 billion from CHF 1.5 billion. Meanwhile, the services deficit widened to CHF 6.7 billion from CHF 4.6 billion, and the secondary income shortfall increased to CHF 2.9 billion from CHF 2.6 billion. For the full year, the current account surplus declined to CHF 61.7 billion from CHF 76.2 billion in 2024.

Switzerland’s current account surplus widened sharply to CHF 15.4 billion in the third quarter of 2025 from CHF 7.6 billion in the same period of the previous year. The primary income deficit saw improvement, narrowing to CHF 3.3 billion from CHF 9.9 billion, while the secondary income shortfall decreased to CHF 1.2 billion from CHF 5.4 billion a year earlier. At the same time, the services account deficit shrank to CHF 2.8 billion from CHF 4.6 billion. Meanwhile, the goods account surplus contracted to CHF 22.6 billion from CHF 29.1 billion in Q3 2024.

Switzerland’s current account surplus narrowed sharply to CHF 10.2 billion in the second quarter of 2025 from CHF 24.9 billion in the same period of the previous year. This marked the smallest current account surplus since the third quarter of 2024, driven largely by the decrease in goods account surplus to CHF 19.2 billion from CHF 32.6 billion. At the same time, the primary income deficit widened to CHF 4.9 billion from CHF 3.9 billion, while the secondary income deficit rose sharply to CHF 2.6 billion from CHF 0.7 billion a year earlier. Meanwhile, the services shortfall narrowed to CHF 1.5 billion from CHF 3.1 billion.