The Swiss National Bank released Switzerland’s balance of payments and international investment position for Q3 2025, reporting a current account surplus of CHF 15 billion, up CHF 8 billion from Q3 2024. The financial account showed a net acquisition of financial assets of CHF 8 billion and a net incurrence of liabilities of CHF 4 billion, resulting in a financial account balance of CHF 4 billion. The net international investment position increased by CHF 70 billion quarter-on-quarter to CHF 1,029 billion. The larger current account surplus was mainly driven by primary and secondary income, where relatively high expense surpluses in Q3 2024 returned to lower, more normal levels. This increase was partly offset by a weaker goods trade balance compared with Q3 2024, reflecting lower contributions from traditional goods trade (foreign trade total 1) and (non-monetary) gold trading. In the financial account, direct and portfolio investment were the main drivers of the net acquisition of assets, while ‘other investment’ declined in part due to interbank business; liabilities growth was almost entirely attributable to direct investment via reinvested earnings by non-resident investors. The rise in the net international investment position was largely valuation-driven, with assets increasing by CHF 73 billion to CHF 5,272 billion on higher foreign stock market prices, while liabilities rose by CHF 3 billion to CHF 4,243 billion. The release incorporates data revisions, some extending back to 2020, reflecting newly available information from reporting institutions.

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