Central government surplus of SEK 164 billion in 2022
Press release 10 January 2023
Swedish central government payments, as well as the central government budget balance, resulted in a surplus of SEK 164 billion in 2022. The Debt Office's forecast was a surplus of SEK 91 billion. Compared to the previous year, the larger budget balance surplus is due to both a stronger primary balance and temporary factors lowering the Debt Office’s net lending.
Central government finances were strengthened for the second year in a row. Higher tax income and high dividends from state-owned shares strengthened the primary balance. Together with large inflows of congestion revenue to Svenska kraftnät and repayment of loans raised by the Debt Office on behalf of the Riksbank, this lead to a larger budget balance surplus in 2022. The surplus in 2022 was SEK 164 billion, compared to a surplus of SEK 78 billion in 2021.
At the same time as tax income has been higher than estimated and central government expenditures lower, the National Debt Office had assumed in the October forecast that parts of received congestion revenue would be paid out in December 2022. Overall, this lead to a larger budget balance surplus than the Debt Office’s forecast in October.
Central government debt amounted to SEK 1 093 billion at the end of December, which was SEK 112 billion lower than in December 2021.
Deficit for central government in December
Swedish central government payments resulted in a deficit of SEK 78.5 billion in December. The Debt Office's forecast was a deficit of SEK 138.4 billion. Tax income was considerably higher than forecasted. At the same time, the Debt Office’s net lending was lower than expected since the Debt Office had anticipated that parts of received congestion revenue would be paid out in December.
The primary balance was SEK 32.9 billion higher than the forecast. Tax income was approximately SEK 31 billion higher than estimated. The difference is mainly due to higher supplementary tax and lower outgoing payments from tax accounts than expected. At the same time, disbursements from a number of government agencies were lower than anticipated.
The Debt Office’s net lending to government agencies etc. was SEK 28.1 billion lower than forecasted. This is because the Debt Office, in the October forecast, anticipated outgoing payments of parts of received congestion revenue in December, which did not happen. The Debt Office expected these payments to amount to SEK 40 billion. This was partly offset by lower deposits from Svenska kraftnät and higher lending to several government agencies.
Interest payments on the central government debt were SEK 1.0 billion higher than forecast.
The outcome for January will be published on February 7 at 8.00 a.m.
New forecast on the Swedish economy and central government borrowing will be published on February 23.
|Outcome||Forecast||Deviation||Acc. Dev. ||Outcome 12-month|
|Net borrowing requirement ||78,474||138,430||-59,956||-72,925||-163,633|
|Primary balance ||27,347||60,197||-32,850||-54,114||-78,438|
|Net lending to agencies etc. ||47,780||75,857||-28,077||-19,657||-112,255|
|Interest payments on central government debt||3,347||2,376||970||845||27,060|
|- Interest on loans in SEK||2,895||1,815||1,080||1,181||15,084|
|- Interest on loans in foreign currency||87||77||10||16||-340|
|- Realised currency gains and losses||364||484||-120||-352||12,316|
| The net borrowing requirement corresponds to the budget balance with opposite sign.|
| Sum of monthly forecast deviations since last forecast.|
| Net of the state's primary expenditure and income.|
| 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 is not covered by the central government expenditure ceiling.|
|Note. 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 2022 for the final annual outcome.|
The monthly outcome of the central government net borrowing requirement is included in the official statistics of Sweden.
The Debt Office published their latest forecast on the Swedish economy and central government borrowing on October 27 2022: Forecast and analysis 2022:3
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.
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