Deficit for Swedish central government in June 2023
Press release 7 July 2023
Swedish central government payments resulted in a deficit of SEK 34.3 billion in June. The Debt Office's forecast was a deficit of SEK 26.6 billion. The difference is mainly due to lower tax income and payments of electricity price compensation.
The primary balance was SEK 1.9 billion higher than the forecast. However, tax incomes were approximately SEK 6 billion lower than estimated. The primary balance was strengthened by SEK 10 billion due to a transfer from Svenska kraftnät's account in the Debt Office. The funds must to be used for payments of electricity price compensation to companies. During the month, only SEK 5 billion was paid out, which means that the primary balance has been positively affected by SEK 5 billion net. In the forecast, the Debt Office had calculated that payments of electricity price compensation would be carried out in August, and totalling SEK 30 billion. As the Swedish Tax Agency processes applications, more electricity price compensation will be paid out. In addition, disbursements from a number of agencies were a total of around SEK 3 billion lower than forecast.
The Debt Office’s net lending to government agencies etc. was SEK 8.6 billion higher than forecasted. This is mainly due to the transfer of SEK 10 billion from Svenska kraftnät’s account to the primary balance for payments of electricity price compensation to companies. The transfer is neutral for the budget balance.
Interest payments on the central government debt were SEK 1.0 billion higher than forecast.
For the twelve-month period up to the end of June 2023, central government payments resulted in a surplus of SEK 88 billion.
Central government debt amounted to SEK 1020 billion at the end of June.
The outcome for July 2023 will be published on August 7, 2023 at 8.00 a.m.
The date for publishing a new forecast on the Swedish economy and central government borrowing is October 26.
|Outcome||Forecast||Deviation||Acc. Dev. ||Outcome 12-month|
|Budget balance||-34 333||-26 598||-7 735||8 180||88 008|
|Net borrowing requirement ||34 333||26 598||7 735||-8 180||-88 008|
|Primary balance ||26 391||28 260||-1 869||-12 100||-41 927|
|Net lending to agencies etc. ||2 645||-5 940||8 585||2 740||-75 301|
|Interest payments on central government debt||5 297||4 278||1 019||1 179||29 220|
|- Interest on loans in SEK||4 104||3 797||306||169||15 791|
|- Interest on loans in foreign currency||205||146||59||17||426|
|- Realised currency gains and losses||989||335||654||993||13 003|
| 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 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 May 25 2023: Forecast and analysis 2023:2
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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