Switzerland current account surplus expands in Q1

Switzerland reported a larger surplus from a year ago on its current account during the first quarter of 2024.

The current account surplus grew to CHF 16.1 billion in Q1 from CHF 10.8 billion in the respective period last year, data by the Swiss National Bank showed.

The goods surplus widened to CHF 31.2 billion in Q1 from CHF 26.6 billion a year earlier.

The nation’s deficit for the primary income shrank to CHF 8.2 billion from CHF 9.6 billion in Q1 of 2023.

Switzerland’s deficit for the secondary income also narrowed, to CHF 3.2 billion from CHF 3.6 billion in Q1 of 2023.

And, the services deficit widened to CHF 3.7 billion in the first quarter from CHF 2.7 billion a year earlier.

The Swiss Franc was last little changed on the day against the US Dollar, with the USD/CHF currency pair trading at 0.8932.

The major Forex pair was holding not far from a one-week high of 0.8946.