Swedish budget deficit decreased in 2015

12 January 2016 - Press release

Swedish central government payments resulted in a deficit of SEK 32.7 billion in 2015.¹ The Debt Office’s forecast from October was a deficit of SEK 45 billion. The difference is mainly explained by higher tax income.

The deficit – the net borrowing requirement – of SEK 32.7 billion can be compared with a deficit of SEK 72.2 billion in 2014. The improvement between years is mainly explained by increased tax income due to a stronger development in the economy.

Central government debt amounted to SEK 1 403 billion at the end of December which was SEK 9 billion higher than in December 2014.

Deficit in December

Central government payments resulted in a deficit of SEK 98.5 billion in December. The Debt Office's forecast was a deficit of SEK 99.0 billion.

Payments to local governments were higher than expected as the Swedish parliament has approved an additional central government grant of SEK 10 billion. This was partially offset by tax income being SEK 5 billion higher than forecast.

The Debt Office's net lending to government agencies was SEK 3.9 billion lower than forecast. The deviation is mainly due to higher deposits from the Swedish Pensions Agency and the Swedish Export Credits Guarantee Board.

Interest payments on central government debt were SEK 1.2 billion lower than forecast due to slightly higher premiums on bond issues and foreign exchange gains.

The outcome for January will be published on 5 February, at. 09:30 a.m.

Contact

Johan Sandberg, senior analyst, +46 (0)8 613 47 37
Linda Rudberg, press officer, +46 (0)8 613 45 38


¹ The outcome is preliminary and may be revised in connection with the Debt Office’s annual accounts. Please refer to the Debt Office’s annual report 2015 for the final annual outcome.

Net borrowing requirement ¹ (SEK million)
  Outcome Dec. Forecast Dec. Deviation Dec. Acc. 
Deviation²
Outcome 12-mth
Net borrowing requirement  98 457 98 951 -494 -12 768 32 655
Primary borrowing requirement excl. net lending ³ 59 482 54 959 4 523 -6 217 427
Net lending to agencies etc. 25 351 29 209 -3 858 -4 367 10 819
Interest payments on central government debt 13 623 14 782 -1 159 -2 184 21 408
  - Interest on loans in SEK 14 206 15 181 -975 -2 624 11 332
  - Interest on loans in foreign currency -14 -42 28 -22 -220
  - Realised currency gains and losses -569 -357 -212 462 10 297
1 The net borrowing requirement corresponds to the budget balance with opposite sign.
2 Sum of monthly forecast deviations since the latest forecast (October 2015).
3 Net of the state's primary expenditure and income excluding net lending to agencies.

More data on the borrowing requirement and government debt

Sweden's Central Government Debt December 2015, pdf