Swiss Budget Has a Surplus Again

From Associated Press

The federal budget, reflecting a continuing favorable economic climate, showed a surplus in 1988 for the third straight year, the Finance Ministry said.

Federal finances finished $795 million in the black, exceeding the government target by $18.5 million, according to ministry estimates.

Last year, federal spending rose 11.6% to $16.9 billion, but revenue rose 12% to $17.78 billion, the ministry said.

Regional and local authorities in Switzerland spend much more than the federal government, which accounts for only a small part of national spending.