Deficit for Swedish central government in January 2023
Press release 7 February 2023
Swedish central government payments resulted in a deficit of SEK 45.7 billion in January. The Debt Office's forecast was a deficit of SEK 17.5 billion. The difference is mainly due to lower tax income than estimated.
The primary balance was SEK 25.5 billion lower than the forecast. Tax incomes were approximately SEK 24 billion lower than calculated. The lower tax income is largely because the final settlement for municipal tax for 2021 was SEK 16 billion higher than the Debt Office had calculated. Local governments receive preliminary amounts in payments of municipal tax from the central government. When incomes for each calendar year has been determined, this is settled in a one-off payment, which takes place in January each year. For municipalities, it is a redistribution of incomes from municipal taxes between years.
The Debt Office’s net lending to government agencies etc. was SEK 1.0 billion higher than forecasted.
Interest payments on the central government debt were SEK 1.6 billion higher than forecast. This was mainly due to higher interest rates in Swedish krona.
For the twelve-month period up to the end of January 2023, central government payments resulted in a surplus of SEK 117.2 billion.
Central government debt amounted to SEK 1 115 billion at the end of January.
The outcome for February 2023 will be published on March 7, 2023 at 8.00 a.m.
A new forecast on the Swedish economy and central government borrowing will be published on February 23.
|Outcome||Forecast||Dev.||Acc. Dev. ||Outcome 12-month|
|Budget balance||-45 682||-17 538||-28 144||44 782||117 154|
|Net borrowing requirement ||45 682||17 538||28 144||-44 782||-117 154|
|Primary balance ||42 881||17 360||25 522||-28 592||-34 107|
|Net lending to agencies etc. ||1 508||509||999||-18 658||-111 258|
|Interest payments on central government debt||1 293||-330||1 623||2 468||28 210|
|- Interest on loans in SEK||334||-1 055||1 389||2 571||16 378|
|- Interest on loans in foreign currency||-279||140||-419||-403||-581|
|- Realised currency gains and losses||1 238||586||653||300||12 413|
| 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.|
| 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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