Switzerland forecasts 1.5 billion franc surplus

Switzerland forecasts 1.5 billion franc surplus
Photo: Michael Faes
Switzerland is set to end the year with healthier finances than expected and a surplus of 1.5 billion francs ($1.5 billion), the government said on Wednesday.

The forecast, which comes after the Federal Council previously announced a balanced budget for 2012, was explained by lower expenditures than the 64.1 billion francs planned because of the impact of lower interest rates.

However, net income was expected to fall by 800 million francs by the end of the year owing to the economic slowdown, the government said in a statement.

It added that the surplus would not have any effect on 2013 budget — which contains a 400 million franc deficit.

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