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Surplus for Swedish central government in February 2021

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Surplus for Swedish central government in February 2021

Swedish central government payments resulted in a surplus of SEK 47.3 billion in February. The Debt Office's forecast was a surplus of SEK 53.1 billion. The lower surplus than expected is explained by delayed payments due to technical problems at a framework agreement bank.

The primary balance was SEK 7.8 billion lower than forecasted. Tax income were approximately SEK 1 billion lower than calculated. However, since tax incomes for SEK 21 billion that should have been paid to the Debt Office on the last banking day of the month were delayed due to technical problems at a framework agreement bank, this amount does not affect the budget balance for February but for March. Central government expenditure was approximately SEK 14 billion lower than forecasted, mainly due to lower payments from the National Board of Health and Welfare, the Swedish International Development Cooperation Agency and the Legal, Financial and Administrative Services Agency.

The Debt Office’s net lending to government agencies etc. were SEK 1.9 billion lower than forecasted.

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

For the twelve-month period up to the end of February 2021, central government payments resulted in a deficit of SEK 221.4 billion.

Central government debt amounted to SEK 1 222 billion at the end of February.

The outcome for March 2021 will be published on 9 April at 9.30 a.m.

New forecasts for 2021 and 2022 will be published on 27 May at 9.30 a.m.

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Budget balance and central government net borrowing requirement1
(SEK million) 
Outcome FebruaryForecast FebruaryDeviation FebruaryAcc.    Deviation2Outcome 12-month
Budget balance47 32253 101-5 780-5 780-221 390
Net borrowing requirement1-47 322-53 1015 7805 780221 390
Primary balance3 -16 737 -24 577 7 841 7 841 207 327
Net lending to agencies etc.4 -28 514 -26 585 -1 929 -1 929 -883
Interest payments on central government debt -2 071 -1 938 -132 -132 14 946
  - Interest on loans in SEK -1 609 -1 582 -27 -27 14 367
  - Interest on loans in foreign currency -60 -51 -9 -9 -885
  - Realised currency gains and losses -401 -305 -97 -97 1 463
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: 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 forecast on the Swedish economy and central government borrowing on 24 February: Forecast and analysis 2021:1

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