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Surplus for Swedish central government in October 2019

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Swedish central government payments resulted in a surplus of SEK 31.9 billion in October. The Debt Office's forecast was a surplus of SEK 30.2 billion. The difference was mainly due to the Debt Office’s net lending being lower than expected.

The primary balance was SEK 0.7 billion lower than predicted. Tax income was approximately SEK 4 billion lower than forecasted, due to higher outflows from tax accounts than expected. This was offset by lower payments from several authorities, including the Swedish Migration Agency and the Swedish Transport Administration.

The Debt Office’s net lending to government agencies etc. was SEK 2.2 billion lower than anticipated. This is mainly due to lower lending to mainly the Swedish Transport Administration and Svenska kraftnät. In addition, the deposits were higher than expected. The Riksbank has repaid, as expected, a loan in foreign currency which lowered the net lending. The repayment of the loan by the Riksbank strengthens the budget surplus with approximately SEK 26 billion.

Interest payments on central government debt were SEK 0.2 billion lower than calculated.

For the twelve-month period up to the end of October 2019, central government payments resulted in a surplus of SEK 122.4 billion. An amount corresponding to SEK 69 billion is included in the surplus. This amount is due to the repayment of loans in foreign currency by the Riksbank to the Debt Office.

Central government debt amounted to SEK 1 035 billion at the end of October.

The outcome for November 2019 will be published on 6 December at 9.30 a.m.

Contact

Elin Stenbacka, Macroeconomist, +46 (0)8 613 45 99
Press Secretary, +46 (0)8 613 47 01

Budget balance and central government net borrowing requirement1 (SEK million)  
  Outcome Oct. Forecast Oct. Deviation Oct. Acc.  Dev2 Outcome 12-month
Budget balance 31 874 30 235 1 639 1 639 122 401
Net borrowing requirement -31 874 -30 235 -1 639 -1 639 -122 401
Primary balance3 641 -107 748 748 -74 219
Net lending to agencies etc.4 -31 307 -29 113 -2 193 -2 193 -69 588
Interest payments on central government debt -1 208 -1 015 -193 -193 21 406
  - Interest on loans in SEK -1 888 -1 425 -463 -463 17 405
  - Interest on loans in foreign currency 14 -124 138 138 -330
  - Realised currency gains and losses 666 534 132 132 4 331
1 The net borrowing requirement corresponds to the budget balance with opposite sign.
2 Sum of monthly forecast deviations since last forecast (October 2019).
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/For-investors/Borrowing-and-the-government-debt/

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

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