Central government surplus of SEK 112 billion in 2019

Press release 10 January 2020

Swedish central government payments, as well as the central government budget balance, resulted in a surplus of SEK 112 billion for 2019. The Debt Office's forecast from October was a surplus of SEK 113 billion.

The relatively large surplus is partly explained by the Riksbank’s repayments of loans of equivalent to SEK 69 billion in foreign currency to the Debt Office. The economic development in 2019 was characterized by weaker growth. This contributed to tax income from, for example, wages and consumption growing more slowly than in previous years. The Debt Office estimates that capital investments in tax accounts decreased slightly during the year, while at the same time contributing to greater variations in central government payments.

Overall, government expenditure increased moderately compared to 2018. Labour market and migration expenditures decreased the most, while government grants to local governments increased the most.

Central government debt amounted to SEK 1,113 billion at the end of December, which was SEK 149 billion lower than in December 2018.

Deficit for central government in December

Swedish central government payments resulted in a deficit of SEK 98.4 billion in December. The Debt Office's forecast was a deficit of SEK 87.2 billion. This was mainly due to tax income being approximately SEK 15 billion lower than estimated, which was caused by lower supplementary tax payments and higher payments from tax accounts than expected. In total during the period October to December, tax income were approximately SEK 13 billion lower than forecast. This was mainly due to higher payments from tax accounts.

The Debt Office’s net lending to government agencies etc. was SEK 0.2 billion lower than forecasted.

Interest payments on central government debt were SEK 1.3 billion higher than forecasted.

The outcome for January will be published on 7 February at 9.30 a.m. 


Tord Arvidsson, Analyst, +46 (0)8 613 47 53

Press Secretary, +46 (0)8 613 47 01

Budget balance and central government net borrowing requirement¹ (SEK million)

1 The net borrowing requirement corresponds to the budget balance with opposite sign.

2 Sum of monthly forecast deviations since last forecast (October 2019).

3 Net of the state's primary expenditure and income.

4 The net of government agencies etc. deposits and loans in the state’s internal bank. The net lending includes both current government operations and temporary occurrences which can be decided on short notice. The net lending affects the net borrowing requirement and central government debt, but are not covered by the Central government expenditure ceiling.

5 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 2020 for the final annual outcome.

 Outcome   Dec.Forecast   Dec.Deviation   Dec.Acc.    Dev2Outcome   12-month

Budget balance

-98 387

-87 155

-11 232

-1 236

111 946

Net borrowing requirement1

98 387

87 155

11 232

1 236

-111 946

Primary balance3

51 267

41 159

10 107

4 888

-65 383

Net lending to agencies etc.4

39 865

40 071


-4 310

-68 815

Interest payments on central government debt

7 255

5 924

1 331


22 252

  - Interest on loans in SEK

6 801

6 278



16 794

  - Interest on loans in foreign currency






  - Realised currency gains and losses





5 677

More data on the borrowing requirement and government debt

Report: Sweden's Central Government Debt December 2019

The monthly outcome of the central government net borrowing requirement is included in the official statistics of Sweden.

Press inquiries

Mats Lilja, press officer

The Debt Office's operations shall be characterized by an openness to the public and the media. The right of access to official business is a cornerstone of Swedish democracy.

Our press officer helps you get in touch with the right person so that you can get your questions answered quickly and easily. He can also provide you with material, answer comprehensive questions about our business and upcoming publications.

Mats Lilja, press officer
Press phone (office hours): +46(0)8-613 47 01, mobile +46(0)721-561 527
E-mail: Mats Lilja