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Deficit for Swedish central government in September 2020

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Deficit for Swedish central government in September 2020

Swedish central government payments resulted in a deficit of SEK 13.1 billion in September. The Debt Office's forecast was a deficit of SEK 37.6 billion. The difference is due to, among other things, tax income being higher than forecasted and the fact that the reorientation support for companies has not been used as expected.

The primary balance was SEK 24.6 billion higher than forecasted. Tax income were approximately SEK 7 billion higher than estimated. Tax income from companies and wages were higher than expected in September.

The Debt Office had calculated that the payments for the reorientation support for companies would amount to SEK 13 billion in September. The outcome was significantly lower, just over SEK 1 billion. Payments for short-term work allowance were SEK 3 billion lower than calculated and payments of local government grants SEK 5 billion lower in September than forecasted. However, the extra grants to local governments were paid out already in July, which means that it is a redistribution between months.

The Debt Office’s net lending to government agencies etc. were in line with the forecast.

Interest payments on central government debt were in line with the forecast.

For the twelve-month period up to the end of September 2020, central government payments resulted in a deficit of SEK 140.4 billion.

Central government debt amounted to SEK 1 210 billion at the end of September.

New forecasts on central government finances and borrowing 2020-2022 will be published on October 21, at 09.30.

The outcome for October 2020 will be published on 6 November at 9.30 a.m.

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Press Secretary, +46 (0)8 613 47 01

Budget balance and central government net borrowing requirement1 (SEK million)
Outcome SeptemberForecast SeptemberDeviation SeptemberAcc.    Dev2Outcome 12-month
Budget balance-13 058-37 59824 540136 882-140 419
Net borrowing requirement113 05837 598-24 540-136 882140 419
Primary balance3 15 647 40 261 -24 614 -129 503 136 029
Net lending to agencies etc.4 -1 249 -1 298 49 -5 498 -7 160
Interest payments on central government debt -1 340 -1 365 25 -1 880 11 550
  - Interest on loans in SEK -1 465 -1 581 117 200 8 160
  - Interest on loans in foreign currency -55 94 -149 -187 -683
  - Realised currency gains and losses 180 123 58 -1 893 4 073
1 The net borrowing requirement corresponds to the budget balance with opposite sign.
2 Sum of monthly forecast deviations since last forecast (May 2020).
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:

https://www.riksgalden.se/en/statistics/statistics-on-central-government-borrowing/

The monthly outcome of the central government net borrowing requirement is included in the official statistics of Sweden.

The Debt Office published their latest prognosis on the Swedish economy and central government borrowing on 19 May: Central Government borrowing 2020:2.

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