Swiss Current Account Surplus Widens in Q3

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.

Switzerland's current account surplus widened sharply to CHF 19.4 billion in the first quarter of 2025, from CHF 9.4 billion in the same period of the previous year. This marked the largest current account surplus since the third quarter of 2022. The goods account surplus rose to CHF 37 billion from CHF 25.1 billion, while the primary income deficit narrowed slightly to CHF 75.1 billion from CHF 76.3 billion. Meanwhile, the services account shortfall widened to CHF 77.1 billion from CHF 59.7 billion a year earlier, and the secondary income deficit also increased to CHF 24.2 billion from CHF 21.6 billion.