Net lending and borrowing in the general government sector amounted to SEK 10 billion in 2011, according to the EU convergence requirements. In relation to GDP the surplus equalled 0.3 percent in 2011, implying that Sweden, as in previous years, has met the requirements by a good margin. Compared to 2010, the surplus has improved by SEK 1.7 billion and is slightly higher in relation to GDP.
The consolidated gross debt amounted to 38.4 percent in relation to GDP in 2011. According to the EU convergence requirements, government savings must not be lower than minus 3 percent and gross debt must not exceed 60 percent in relation to GDP.
This is illustrated in the calculations delivered by Statistics Sweden to Eurostat according to the EU Stability and Growth Pact. See ”EDP tables 2008-2011” available at www.scb.se/nr0108-en.
The figures reported will be audited by Eurostat and may be revised during this process. In that case, revised estimates will be published on 23 April, the same day as Eurostat publishes the material.
Calculations of convergence requirements are somewhat different from the ordinary compilations in national accounts. When net lending and borrowing are calculated, interest on swaps and forward rate agreements are included in the interest. This interest is not included in the ordinary national accounts compilations. Another difference is that the gross debt is calculated at a nominal value because this is the value that has to be paid on maturity. In the financial accounts valuation, gross debt is calculated at the market value. Furthermore, some small additional differences exist between the financial accounts presented in the EDP context compared to the ordinary financial accounts.
As a consequence of a revised forecast on income taxes, a new version of Eurostat table ESA 0200 (“Main aggregates of general government”) is published today. This version of the table is based on the forecast on income taxes from March 2012 and is in accordance with the general government net lending and borrowing published today.