FX.co ★ Swiss Current Account Surplus Narrows in Q1

Switzerland’s current account surplus narrowed significantly to CHF 15.5 billion in the first quarter of 2026, down from CHF 26.7 billion in the same quarter a year earlier. The goods surplus fell markedly, dropping by CHF 11.7 billion to CHF 26.2 billion from CHF 37.9 billion. At the same time, the primary income deficit widened to CHF 5.4 billion from CHF 4.8 billion, mainly reflecting a larger labor income shortfall of CHF 8.04 billion and a sharp decline in investment income to CHF 2.7 billion. The secondary income deficit also increased, rising to CHF 2.3 billion from CHF 1.9 billion a year earlier. By contrast, the services account deficit narrowed to CHF 2.9 billion from CHF 4.6 billion.