Deficit for Swedish central government in January 2023

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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.

Budget balance and central government net   borrowing requirement [1] (SEK million)
 OutcomeForecastDev.Acc. Dev. [2]Outcome 12-month
Budget balance -45 682 -17 538 -28 144 44 782 117 154
Net borrowing requirement [1] 45 682 17 538 28 144 -44 782 -117 154
Primary balance [3] 42 881 17 360 25 522 -28 592 -34 107
Net lending to agencies etc. [4] 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
[1] The net borrowing requirement corresponds to the budget balance with opposite sign.
[2] Sum of monthly forecast deviations since last forecast.
[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 is 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 2022 for the final annual outcome.

Report: Sweden's Central Government Debt January 2023 

More data on the borrowing requirement and government debt

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

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.

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