FX.co ★ Swiss Current Account Surplus Narrows in Q2

In the second quarter of 2025, Switzerland experienced a significant contraction in its current account surplus, dropping to CHF 10.2 billion from CHF 24.9 billion in the same timeframe the previous year. This represents the slimmest current account surplus since the third quarter of 2024. The primary factor behind this decline was the considerable reduction in the goods account surplus, which fell to CHF 19.2 billion from CHF 32.6 billion. Additionally, the primary income deficit expanded, reaching CHF 4.9 billion compared to CHF 3.9 billion last year. The secondary income deficit also saw a substantial increase, escalating to CHF 2.6 billion from CHF 0.7 billion. On a positive note, the deficit in services decreased, improving to CHF 1.5 billion from CHF 3.1 billion.