Central government payments gave a deficit

7 July 2011 - Press release

Swedish central government payments resulted in a deficit of SEK 20.4 billion in June, which is SEK 5.7 billion higher than The Debt Office´s latest forecast. The difference is mainly explained by displacements of payments between months within the Debt Office’s net lending and will thus not affect the annual outcome.

Tax income was SEK 3.3 billion higher than calculated. The higher outcome is partly due to variations in tax income betweens months. Furthermore, the re-payments of excess tax were slightly lower than forecasted.

Interest payments on central government debt were SEK 1.9 billion, which is SEK 0.2 billion lower than calculated.

The Debt Office’s net lending was SEK 8.8 billion higher than calculated. This is explained by the fact that repo transactions* made by government agencies were SEK 5.4 billion higher than expected. Other differences between outcome and forecast are mainly due to higher lending to some authorities.

For the twelve-month period up to the end of June 2011, central government payments resulted in a surplus of SEK 48 billion. Central government debt amounted to SEK 1,060 billion at the end of June.

The outcome for July will be published at 9:30 am on 5 August 2011.

Table of the net borrowing requirement and central government debtRead Table of the net borrowing requirement and central government debt, pdf (opens in new window)

Further information can be obtained from:
Sofia Olsson, phone +46 8 613 47 30

* Repo transactions by government agencies mean that they 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 forecast are very uncertain since the government agencies may alter their plans on a short notice.