ZURICH, Feb 13 (Reuters) - Switzerland ran a federal budget surplus of 2.94 billion Swiss francs ($2.92 billion) in 2018, 10 times greater than planned, as tax revenue overshot projections and the state kept a tight grip on spending, the government said on Wednesday.
Including extraordinary income, the surplus topped 3 billion francs, provisional figures from the finance ministry showed.
“The outlook for 2020-2022 has improved given the good development of revenue, so from today’s perspective no savings measures will be needed in 2020,” it said in a statement.
Drawing up planning for the next budget process, it projected a structural surplus of 400 million Swiss francs in 2020 despite an anticipated 1.4 billion-franc hit from tax and pension reforms.
It pencilled in structural surpluses of 1.1 billion francs in 2021 as proposed changes to taxation of married couples kick in a year later than envisioned, and of 200 million francs in 2022 as Switzerland abolishes industrial tariffs.
$1 = 1.0053 Swiss francs Reporting by Michael Shields, editing by Larry King
