February 13, 2019 / 1:20 PM / 3 days ago

Swiss 2018 budget surplus 10 times higher than planned

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

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