Twenty-three of Switzerland’s 26 cantons have posted much healthier end-of-year accounts than expected, mostly due to higher tax revenues.
The war in Ukraine and rising inflation didn’t have the negative impact on balance sheets as analysts had thought.
The biggest difference between what had been budgeted for and what arrived in the coffers was in Zurich. The canton made a profit of 543 million francs as opposed to a budgeted loss of 523 million.
Geneva had also greatly underestimated its revenue, posting profits of 727 million francs instead of an expected loss of 93 million.
Vaud, Neuchâtel and Schaffhausen haven’t published their accounts yet.
For the cantons which have, accounts exceeded forecasts by 4.3 billion francs, with a combined profit of more than 3.5 billion.
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