Central government payments gave a surplus in May

7 June 2010 - Press release

Swedish central government payments resulted in a surplus of SEK 20.0 billion in May. The Debt Office's forecast was a surplus of SEK 25.2 billion. The difference is mainly explained by lower tax revenue.

 

After three consecutive months of higher tax revenue than forecast, tax revenue was SEK 4.5 billion lower than calculated in May. The lower revenue was somewhat compensated by lower disbursements.

 

The Debt Office's net lending was SEK 2.1 billion higher than calculated. This is mainly explained by government agencies' repo transactions*.

 

Interest payments on central government debt were SEK 0.6 billion lower than calculated.

 

For the twelve-month period up to the end of May, central government payments resulted in a deficit of SEK 138 billion. Central government debt amounted to SEK 1,116 billion at the end of May.

 

The outcome for June will be published at 9.30 am on 7 July 2010. The Debt Office's new annual forecasts for 2010 and 2011 will be published on 16 June.

 

Further information can be obtained from:

Sofia Olsson, +46 8 613 47 30

 

 

* Repo transactions by government agencies mean that the agencies sell government securities with a repurchase agreement. The payment of the repos must be deposited in an account at the Debt Office. If the total volume of outstanding repos change during the month compared to the previous turn of the month it will affect the outcome of the borrowing requirement. We make forecasts of the repo transactions on the basis of the information we receive from the government agencies. However, the forecasts are very uncertain since the government agencies may alter their plans on a short notice.