Excйdent current $ 11 billion in the 1st quarter

The excйdent revenue enregistrй in the йchanges of goods and services is felt in the balance of transactions. (Photo: Keystone)

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A fault?

The excйdent of the current account balance of Switzerland has reached 11 billion swiss francs in the first quarter of 2017. An amount up to $ 3.1 billion from a year earlier, due in particular to the income growth in the йchanges of goods.

A year earlier, the current account balance of Switzerland had dйgagй a lйger excйdent of revenue to 8 billion swiss francs, lower by prus 3 billion in the light of the first three months of 2015, recalls Monday, the swiss national Bank (SNB). In the quarter under review, the primary incomes (that is, those from labour and capital) have prйsentй a excйdent of dйpenses.

A excйdent of dйpenses that the SNB explained by a sharper fall in receipts of direct investment income а this title. The cфtй secondary income, the current transfers, the excйdent of dйpenses is rйvйlй lйgиrement infйrieur а the affichй in the first quarter of 2016.

Exports on the rise

In the dйtail, the revenue from all йchanges goods are hissйes а 75 billion swiss francs, 4 more than a year ago. Exports increased by 3 billion а 55 billion, reflecting increases enregistrйes in the chemical and pharmaceutical products, as well as in the mйtallurgie.

On the other hand revenues are tassйs in the watchmaking, jewellery and jewellery. In the nйgoce gold non monйtaire, they are йtoffйs of 1 billion swiss francs а 14 billion, while revenue from transit trade are restйs stable а 7 billion.

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In the йchanges of services, receipts were augmentй of 1 billion swiss francs in a year, а 28 billion. The decrease in revenues tirйs investment а l?йtranger, particularly direct investment, has entraоnй a decline of primary incomes (income from work and capital) of $ 5 billion а 27 billion. The secondary income (current transfers) are йlevйs а 11 billion swiss francs ($1 billion in a year).

The dйpenses dйcoulant of l?all йchanges of goods are а they demeurйes stable а 65 billion swiss francs. Imports have progressй 2 billion, а 44 billion. The dйpenses dйcoulant of the nйgoce d?however, not monйtaire are rйduites 2 billion а 19 billion.

Building rйserves currency

The dйpenses rйsultant imports of services are restйes at the level of the first quarter of 2016, а 23 billion francs. The progression enregistrйe in the transport and licence fees has йtй neutralisйe by the decline of tourism as well as services tйlйcommunications, d?computer and d?information.

In the primary incomes (income from work and capital), the dйpenses have reculй of 2 billion swiss francs а 29 billion. As for the secondary income (current transfers), they have prйsentй of dйpenses of chf 13 billion, inchangйes in a year.

The financial account shows a net acquisition d?financial assets of 15 billion swiss francs, while it had diminuй 13 billion a year more tфt. The phйnomиne reflute including fort building rйserves monйtaires a result of foreign currency purchases by the SNB.

Direct investments prйsentй a net acquisition d?financial assets of chf 8 billion (compared to $ 38 billion a year more tфt). The sociйtйs mures rйsidentes have rйinvesti their bйnйfices in their subsidiaries which are not rйsidentes, which they have in addition renforcй own funds.

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Position extйrieure down

Portfolio investments have affichй a net acquisition of financial assets of 3 billion swiss francs (against 1 billion a year more tфt), investors rйsidents having primarily acquired collective investment schemes d?йmetteurs not rйsidents.

By contrast, other investments have enregistrй a net decrease of 32 billion francs (first quarter 2016: net decrease of $ 70 billion). On the one hand, the institute of йmission has rйduit those of its assets а l?йtranger that n?not fall within the rйserves monйtaires, and the commercial banks have rйduit their crйances on the banks not rйsidentes.

In the position extйrieure, assets а the йtranger increased by 7 billion francs, а 4 489 billion, of the transactions of the financial account, and gains of course enregistrйs squares boursiures йtrangиres. This progression has йtй freinйe by losses incurred on the assets libellйs in United States dollars.

Liabilities йtranger have gagnй chf 21 billion а 3649 billion, mainly due to the increase in the price а the swiss stock Exchange. The position extйrieure net s?is repliйe 14 billion from а 840 billion francs.

(nxp/tty)

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