The Swiss National Bank published Switzerland’s balance of payments and international investment position statistics for 2025 and Q4 2025, showing a lower current account surplus and a weaker net international investment position. In 2025, the current account balance declined by CHF 15 billion year on year to CHF 62 billion, while the net international investment position fell by CHF 66 billion to CHF 966 billion. The drop in the 2025 current account was driven by trade in goods, in particular non-monetary gold trading, where higher gold prices lifted both receipts and expenses but expenses rose more, producing an expenses surplus. The services balance was unchanged, while smaller expenses surpluses in primary and secondary income partially offset the decline. In the financial account, transactions showed a net acquisition of financial assets of CHF 105 billion and a net incurrence of liabilities of CHF 23 billion, with portfolio investment the largest contributor on both sides; non-resident investors made significant purchases of SNB Bills. The net international investment position decline reflected broadly flat assets (up CHF 5 billion to CHF 5,341 billion) alongside higher liabilities (up CHF 71 billion to CHF 4,375 billion), with US dollar-related valuation losses weighing on assets and Swiss equity price gains lifting liabilities. For Q4 2025, the current account surplus was CHF 7 billion, down CHF 17 billion from Q4 2024, again mainly due to non-monetary gold trading and a larger services expenses surplus. The financial account recorded a net acquisition of assets of CHF 30 billion and a net incurrence of liabilities of CHF 15 billion, with asset flows dominated by other investment including higher claims by commercial banks and intragroup lending, while liabilities were driven by portfolio investment as non-residents bought SNB Bills. The SNB also noted that the published balance of payments and international investment position data incorporate revisions, some dating back to 2023, reflecting newly available information from reporting institutions.
Swiss National Bank 2026-03-24
Swiss National Bank reports Switzerland’s 2025 current account surplus fell to CHF 62 billion and net international investment position to CHF 966 billion
The Swiss National Bank released Switzerland's 2025 balance of payments and international investment position statistics, revealing a CHF 15 billion decline in the current account surplus to CHF 62 billion and a CHF 66 billion drop in the net international investment position to CHF 966 billion. The decrease was primarily due to non-monetary gold trading, with higher expenses outweighing receipts, and valuation losses on US dollar-related assets. For Q4 2025, the current account surplus fell by CHF 17 billion year-on-year to CHF 7 billion, influenced by gold trading and increased services expenses.