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Deficit for Swedish central government in September 2023
Press release 6 October 2023
Swedish central government payments resulted in a deficit of SEK 6.3 billion in September. The Debt Office's forecast was a deficit of SEK 8 billion. The difference is mainly due to higher income from taxes and lower payments from government agencies than expected. These effects were counteracted by continued payments of electricity price compensation to companies.
The figures in the table below were corrected on 12 October 2023.
The primary balance was SEK 3.4 billion higher than the forecast. Tax income was approximately SEK 4 billion higher than forecasted, which is explained, among other things, by higher supplementary payments. Furthermore, payments from government agencies were altogether SEK 3.6 billion lower than expected. Among others, the Legal, Financial and Administrative Services Agency and Sida displayed unexpectedly low payments. These effects were counteracted by the Swedish Tax Agency paying out electricity price compensation to companies of approximately SEK 4 billion. Electricity price compensation have also been paid out in June, July, and August. In September the application period for electricity price compensation expired. As the Swedish Tax Agency processes remaining applications, more electricity price compensation will be paid out.
The Debt Office’s net lending to government agencies etc. was in line with the forecast.
Interest payments on the central government debt were SEK 1.7 billion higher than the forecast, mainly due to higher currency losses.
For the twelve-month period up to the end of September 2023, central government payments resulted in a surplus of SEK 68.5 billion.
Central government debt amounted to SEK 975 billion at the end of September.
The outcome for October 2023 will be published on November 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.
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[1] The net borrowing requirement corresponds to the budget balance with opposite sign. |
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[2] Sum of monthly forecast deviations since last forecast. |
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[3] Net of the state's primary expenditure and income. |
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[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. |
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[5] 2023-10-12: The distribution has been corrected. 2023-10-06: The outcome for the budget balance is correct, but the distribution between the subcategories primary balance, net lending to agencies etc., and interest payments on central government debt is not entirely correct due to an update in one of the Debt Office’s systems. This has affected how transactions are reported in these subcategories. The value of the transactions that have not been distributed correctly is estimated to be SEK 1-2 million. The distribution will be corrected during week 41. |
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| Outcome | Forecast | Dev. | Acc. Dev. [2] | Outcome 12-month | |
|---|---|---|---|---|---|
|
Budget balance |
-6 283 |
-7 991 |
1 708 |
48 204 |
68 521 |
|
Net borrowing requirement [1] |
6 283 |
7 991 |
-1 708 |
-48 204 |
-68 521 |
|
Primary balance [3, 5] |
7 013 |
10 454 |
-3 441 |
-33 443 |
-58 599 |
|
Net lending to agencies etc. [4, 5] |
-4 657 |
-4 730 |
73 |
-19 390 |
-42 145 |
|
Interest payments on central government debt [5] |
3 927 |
2 267 |
1 660 |
4 628 |
32 224 |
|
- Interest on loans in SEK |
2 616 |
2 011 |
605 |
627 |
18 615 |
|
- Interest on loans in foreign currency |
286 |
241 |
44 |
159 |
1 437 |
|
- Realised currency gains and losses |
1 025 |
14 |
1 011 |
3 842 |
12 172 |
Report: Sweden's Central Government Debt September 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 May 25, 2023: Forecast and analysis 2023:2.
Press inquiries
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