Surplus for Swedish central government in August 2023
Press release 7 September 2023
Swedish central government payments resulted in a surplus of SEK 34.3 billion in August. The Debt Office's forecast was a surplus of SEK 2.3 billion. The difference is mainly due to lower payments of electricity price compensation to companies than anticipated.
The primary balance was SEK 3.7 billion higher than the forecast. Tax income was approximately SEK 6 billion higher than forecasted, which is explained, among other things, by higher incomes from company taxes. Furthermore, payments from government agencies were altogether around SEK 2 billion lower than the forecast. This was counteracted by the Swedish Tax Agency’s payments of electricity price compensation to companies of approximately SEK 4 billion. Electricity price compensation have also been paid out in June and July, and as the Swedish Tax Agency processes applications, more electricity price compensation will be paid out.
The Debt Office’s net lending to government agencies etc. was SEK 29.8 billion lower than forecasted. This is because the National Debt Office assumed in its forecast that an outflow from Svenska kraftnät related to electricity price compensation to companies, of SEK 30 billion, would take place in August. Withdrawals from Svenska kraftnät’s account at the National Debt Office took place in June and July, but no withdrawals were made in August. The payments of electricity price compensation to companies have therefore not affected the National Debt Office’s net lending this month.
Interest payments on the central government debt were SEK 1.6 billion higher than the forecast, mainly due to higher currency losses.
For the twelve-month period up to the end of August 2023, central government payments resulted in a surplus of SEK 68.9 billion.
Central government debt amounted to SEK 974 billion at the end of August.
The outcome for September 2023 will be published on October 6, 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||34 303||2 348||31 955||46 496||68 860|
|Net borrowing requirement ||-34 303||-2 348||-31 955||-46 496||-68 860|
|Primary balance ||-31 103||-27 393||-3 710||-30 001||-48 420|
|Net lending to agencies etc. ||-5 023||24 779||-29 802||-19 463||-50 532|
|Interest payments on central government debt||1 823||266||1 557||2 968||30 092|
|- Interest on loans in SEK||268||-20||288||23||16 001|
|- Interest on loans in foreign currency||200||229||-29||114||1 083|
|- Realised currency gains and losses||1 355||57||1 297||2 831||13 008|
| 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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