Global current account surplus amounts to CHF 14 billion

In the first quarter of 2015, the current account surplus amounted to CHF 14 billion, CHF 5

billion higher than the year-back quarter, a statement of the Swiss National Bank today.

This was principally attributable to changes in primary income (labour and investment income), which recorded a receipts surplus of CHF 1 billion compared with an expenses surplus of CHF 3 billion for the same period one year earlier.

The receipts surplus from trade in goods increased by CHF 2 billion to CHF 12 billion, while for trade in services, it declined by CHF 1 billion to CHF 5 billion.

The expenses surplus on secondary income (current transfers) remained on a par with the yearback figure of CHF 5 billion.

In the financial account, high values were recorded in both net acquisition of financial assets, at CHF 87 billion (Q1 2014: CHF 7 billion), and net incurrence of liabilities, at CHF 81 billion (Q1 2014: net reduction of CHF 15 billion). The net acquisition of financial assets was mainly due to reserve assets and portfolio investment.

The majority of the flows under the net incurrence of liabilities item were associated with banks'.