Deficit for Swedish central government in January

7 February 2013 - Press release

Swedish central government payments resulted in a deficit of SEK 96.3 billion in January. This was SEK 75.0 billion higher than the Debt Office’s latest forecast. This is explained by on-lending to the Riksbank of SEK 73.2 billion.

In December the Riksbank requested to borrow SEK 100 billion in foreign currency from the Debt Office to strengthen the foreign currency reserve. The Debt Office borrowed the equivalent of SEK 73.2 billion in January, which were then lent to the Riksbank.

Tax revenue in January was SEK 5.6 billion lower than forecast. Accumulated since our last forecast in October, tax revenues have been SEK 3.1 billion lower than estimated. The Debt Office's net lending to government agencies, excluding on-lending was SEK 2.7 billion lower than estimated. This is mainly due to deposits from the Nuclear Waste Fund.

Interest payments on central government debt were SEK 1.3 billion lower than expected, which is explained by higher exchange rate gains.

For the twelve-month period up to the end of January 2013, central government payments resulted in a deficit of SEK 106.6 billion.

Central government debt amounted to SEK 1,247 billion at the end of January. The increase compared to December is mainly due to the on-lending to the Riksbank. At the same time the central government claims on the Riksbank increased by SEK 73.2 billion. The on lending to the Riksbank amounted to a total of SEK 163.6 billion at the end of January.

The outcome for February will be published on 7 March 2013, at 9:30 am.

New forecasts for 2013 and 2014 will be published in "Central Government Borrowing 2013:1" on 20 February, at 9.30 am.

Further information can be obtained from:
Tord Arvidsson, +46 8 613 47 53

Central government borrowing requirement (SEK million)
   January
2012
January
2013
12-month
Net borrowing requirement  14 613 96 331 106 586
  Primary borrowing requirement 14 493 99 012 82 380
  Interest payments 120 -2 681 24 205
  - Interest on loans in SEK -2 257 -975 28 818
  - Interest on loans in foreign currency 364 5 2 034
  - Realised currency gains and losses 2 013 -1 711 -6 647