MIL-OSI: Surplus for Swedish central government in May 2021

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Source: GlobeNewswire (MIL-OSI)

Surplus for Swedish central government in May 2021

Swedish central government payments resulted in a surplus of SEK 36.9 billion in May, which was in line with the Debt Office’s forecast. Central government tax income were slightly higher than expected, but at the same time payments were higher.

The primary balance was SEK 2.4 billion lower than the forecast. This was mainly due to payments from governments agencies being approximately SEK 6 billion higher than forecast, including higher payments from the Legal, Financial and Administrative Services Agency and the Swedish Arts Council. The higher payments were partly counteracted by tax income being approximately SEK 4 billion higher than the forecast.

The Debt Office’s net lending to government agencies etc. was SEK 1.9 billion lower than forecasted. This is explained by lower lending to a number of government agencies.

Interest payments on central government debt were SEK 0.5 billion lower than forecasted.

For the twelve-month period up to the end of May 2021, central government payments resulted in a deficit of SEK 121.4 billion.

Central government debt amounted to SEK 1 200 billion at the end of May.

The outcome for June 2021 will be published on July 7 at 9.30 a.m.

The preliminary date for publishing new forecasts for 2021–2023 is October 27.

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Budget balance and central government net borrowing requirement1(SEK million)
  Outcome Forecast Deviation Acc.    Dev2 Outcome 12-month
Budget balance 36,939 36,937 2 2 -121,386
Net borrowing requirement  -36,939 -36,937 -2 -2 121,386
Primary balance3 -39,520 -41,895 2,375 2,375 128,597
Net lending to agencies etc.4 1,362 3,243 -1,882 -1,882 -17,506
Interest payments on central government debt 1,220 1,715 -495 -495 10,295
  – Interest on loans in SEK 1,083 1,500 -416 -416 13,692
  – Interest on loans in foreign currency -37 -39 2 2 -690
  – Realised currency gains and losses 173 255 -81 -81 -2,707
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 are not covered by the Central government expenditure ceiling.

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 27 May: Forecast and analysis 2021:2

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