The Swiss National Bank published Switzerland’s Q2 2025 balance of payments and international investment position and implemented comprehensive retroactive revisions to both series back to 1983, coordinated with the 2025 benchmark revision of the System of National Accounts. The release reports a current account surplus of CHF 10 billion in Q2 2025, down CHF 15 billion year on year, and a net international investment position that rose by CHF 9 billion from the previous quarter to CHF 956 billion. The weaker current account mainly reflected a smaller goods trade balance, driven by non-monetary gold trading where expenses rose more than receipts, with merchanting also contributing. Larger expense surpluses in primary and secondary income added to the decline, while the services deficit narrowed. The financial account showed a net acquisition of financial assets of CHF 25 billion and a net reduction of liabilities of CHF 16 billion, resulting in a financial account balance of CHF 41 billion, with resident portfolio purchases of foreign shares, other investment and reserve assets supporting asset flows while direct investment recorded a net reduction. On the liabilities side, the reduction partly reflected non-residents withdrawing equity capital from multinational enterprises in Switzerland and the expiry of SNB Bills held by non-residents. Quarter-end positions were shaped by valuation effects as the US dollar depreciated against the Swiss franc, with assets falling to CHF 5,137 billion and liabilities to CHF 4,182 billion. Revisions affected the current account most, reflecting newly available information from existing and new data sources (including the SNB and the Swiss Federal Statistical Office), the resolution of series breaks linked to the introduction of a new current account survey and minor methodological adjustments, while revisions to the financial account and international investment position mainly reflected newly available information. The Swiss Federal Statistical Office and the State Secretariat for Economic Affairs are scheduled to publish revised national accounts results on 29 September 2025.
Swiss National Bank 2025-09-23
Swiss National Bank reports CHF 10 billion Q2 2025 current account surplus and revises balance of payments data back to 1983
The Swiss National Bank released Switzerland's Q2 2025 balance of payments and international investment position, with retroactive revisions back to 1983. The current account surplus was CHF 10 billion, down CHF 15 billion year on year, while the net international investment position rose by CHF 9 billion to CHF 956 billion. Revisions were driven by new data sources and methodological adjustments, with the Swiss Federal Statistical Office and the State Secretariat for Economic Affairs set to publish revised national accounts on 29 September 2025.