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Surplus for Swedish central government in February 2023
Press release 7 maaliskuuta 2023
Swedish central government payments resulted in a surplus of SEK 98.0 billion in February. The Debt Office's forecast was a surplus of SEK 58.7 billion. The difference is mainly due to higher tax income than estimated. At the same time, not the entire electricity price compensation to households was paid out in February, leading to a temporarily stronger primary balance than expected.
The primary balance was SEK 35.4 billion higher than the forecast. Tax income was approximately SEK 21 billion higher than calculated, mainly due to higher supplementary tax. The primary balance being higher than the forecast is also due to the fact that not the entire electricity price compensation was paid out in February. The electricity price compensation is financed by received congestion revenue and thus increases the Debt Office’s net lending to Svenska kraftnät, through lower deposits. The payments to households, however, are administered by the Swedish Social Insurance Agency. In February, funds were transferred from Svenska kraftnät’s account in the Debt Office to the Swedish Social Insurance Agency’s account. However, only parts of the electricity price compensation were paid out to households before the end of the month, which led to a temporarily strengthening of the primary balance by almost SEK 11 billion.
The Debt Office’s net lending to government agencies etc. was SEK 3.6 billion lower than forecasted. This is mainly due to the payment of the EU fee being lower than expected as well as higher deposits from the Swedish Pensions Agency.
Interest payments on the central government debt were SEK 0.3 billion lower than forecast.
For the twelve-month period up to the end of February 2023, central government payments resulted in a surplus of SEK 129.6 billion.
Central government debt amounted to SEK 1 027 billion at the end of February.
The outcome for March 2023 will be published on April 11, 2023 at 8.00 a.m.
The preliminary date for publishing a new forecast on the Swedish economy and central government borrowing is May 25.
| Outcome | Forecast | Dev. | Acc. Dev. [2] | Outcome 12-month | |
|---|---|---|---|---|---|
|
Budget balance |
97 956 |
58 691 |
39 265 |
39 265 |
129 554 |
|
Net borrowing requirement [1] |
-97 956 |
-58 691 |
-39 265 |
-39 265 |
-129 554 |
|
Primary balance [3] |
-84 454 |
-49 011 |
-35 443 |
-35 443 |
-52 635 |
|
Net lending to agencies etc. [4] |
-14 268 |
-10 708 |
-3 560 |
-3 560 |
-106 218 |
|
Interest payments on central government debt |
766 |
1 028 |
-262 |
-262 |
29 299 |
|
- Interest on loans in SEK |
222 |
-211 |
434 |
434 |
17 872 |
|
- Interest on loans in foreign currency |
20 |
185 |
-164 |
-164 |
-523 |
|
- Realised currency gains and losses |
523 |
1 055* |
-531* |
-531* |
11 950 |
|
[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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* Figures marked with an asterisk were corrected on 5 April 2023, compared with the press release from 7 March 2023. The forecast of realised currency gains and losses in February was SEK 1 055 million, instead of SEK 1 730 million. |
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Report: Sweden's Central Government Debt February 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 February 23 2022: Forecast and analysis 2023:1
Press inquiries
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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