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Central government surplus of SEK 19 billion in 2023
Press release 9 tammikuuta 2024
Swedish central government payments resulted in a surplus of SEK 19 billion in 2023. The Debt Office's forecast was a surplus of SEK 31 billion. The surplus being less than expected is primarily due to lower tax income than forecast.
The central government balance resulted in a surplus for the third year in a row. However, the surplus decreased from SEK 164 billion in 2022 to SEK 19 billion in 2023. The main explanation for the decrease in the surplus is the Debt Office’s lower net lending to government agencies etc. This is mainly due to the large inflows of congestion revenue to Svenska kraftnät in 2022 which turned to an outflow in 2023 due to electricity price support payments.
The central government surplus was SEK 19 billion in 2023. The Debt Office’s forecast was SEK 31 billion. The difference is mainly due to lower tax income.
The central government debt amounted to SEK 1,028 billion at the end of December, which was SEK 65 billion lower than in December 2022.
Deficit for central government in December
Swedish central government payments resulted in a deficit of SEK 100 billion in December. The Debt Office's forecast was a deficit of SEK 92 billion. The deficit being larger than expected is due to lower tax income and higher net lending to government agencies. This was partially offset by lower payments from certain authorities.
The primary balance was SEK 2 billion lower than forecast. Tax income were SEK 10 billion lower than estimated, which was offset by lower payments from a number of authorities, including the Swedish Pensions Agency, the Swedish Board of Student Finance (CSN) and the Swedish Transport Administration.
The Debt Office’s net lending to government agencies etc. was SEK 6 billion higher than forecasted. This was primarily due to higher lending to the Swedish Defence Materiel Administration and the Swedish Transport Administration.
The outcome for January 2024 will be published on February 7, 2024 at 8.00 a.m. The date for publishing a new forecast on the Swedish economy and central government borrowing is February 22 2024.
| Outcome | Forecast | Deviation | Acc. Dev. [2] | Outcome 12-month | |
|---|---|---|---|---|---|
| Budget balance | -100 348 | -91 631 | -8 717 | -12 317 | 19 064 |
| Net borrowing requirement [1] | 100 348 | 91 631 | 8 717 | 12 317 | -19 064 |
| Primary balance [3] | 37 132 | 35 132 | 2 000 | 21 552 | -31 145 |
| Net lending to agencies etc. [4] | 59 318 | 53 315 | 6 003 | -10 356 | -19 690 |
| Interest payments on central government debt | 3 898 | 3 184 | 714 | 1 121 | 31 771 |
| - Interest on loans in SEK | 4 514 | 3 507 | 1 007 | 762 | 21 433 |
| - Interest on loans in foreign currency | 330 | 209 | 122 | 76 | 2 118 |
| - Realised currency gains and losses | -946 | -532 | -415 | 284 | 8 220 |
| [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. | |||||
Report: Sweden's Central Government Debt December 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 26, 2023: Forecast and analysis 2023:3.
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