Balance of payments, first quarter 2026
Sweden's current account surplus continues to decline
Statistical news from Statistics Sweden 2026-06-05 8.00
During the first quarter of 2026, the current account surplus amounted to SEK 94 billion, a decrease of SEK 37.4 billion compared to the first quarter of 2025. The financial balance shows net lending of 192.1 billion, with other investments being the strongest contributing factor.
"The current account surplus continues to decline, largely driven by increased imports in the services balance and capital returns," says Viktor Penna, economist at the Balance of Payments section.
The value of Sweden’s total net assets against the rest of the world, as shown in the international investment position, amounts to SEK 4 033.2 billion at the end of the quarter. An increase of SEK 118.0 billion compared to the previous quarter, mainly driven by higher direct investment and other investment abroad. The financial balance shows net borrowing to the rest of the world (to foreign countries) amounting to SEK 192.1 billion in the first quarter of 2026
What is the Balance of Payments?
The balance of payments is a statement of all Swedish transactions with the rest of the world. It presents exports and imports of goods and services and includes a description of changes in financial assets and liabilities with the rest of the world. The balance of payments consists of the current account, the financial account, and the capital account. The component parts of the Balance of Payments and related terms are explained under Definitions and explanations, at the end of this item of statistical news.
Current account surplus as share of Sweden’s GDP
Sweden’s current account as a percentage of GDP amounted to 6.1 percent. Also for the fourth quarter of 2025 the share amounted to 6.7 percent. The share is calculated as an average over the four last quarters.
Current account
The exports and the imports of goods decrease
The trade balance shows a surplus of SEK 88.8 billion in the first quarter of 2026, a decrease of SEK 14.1 billion compared with the first quarter of 2025. Exports of goods amount to SEK 581.6 billion, a decrease of SEK 16.6 billion compared with the same quarter last year. Imports of goods amount to SEK 492.8 billion, a decrease of SEK 2.5 billion in a corresponding comparison.
Merchanting, which is included in the trade balance, decreases by SEK 9.8 billion compared with the first quarter of 2025. The surplus for the first quarter of 2026 amounts to SEK 49.3 billion.
The balance of traded services noted a deficit of SEK 31.3 billion, compared with a deficit of SEK 27.0 billion in the first quarter of 2025. Imports of services amounted to SEK 347.6 billion, an increase of SEK 19.3 billion compared with the first quarter of 2025. At the same time, export of services shows an increase of SEK 15.0 billion and amounted to SEK 316.3 billion, in a corresponding comparison.
Contribution from primary income is increasing
Primary income, which consists mainly of compensation of employees and investment income, shows a surplus of SEK 68.1 billion in the first quarter of 2026. This is a decrease of SEK 22.6 billion compared with the corresponding quarter of the previous year. The surplus in investment income decreases from SEK 84.3 billion in the first quarter of 2025 to SEK 63.1 billion in the current quarter.
Portfolio investment contributed with a surplus of SEK 5.1 billion to investment income, which is decrease of SEK 21.6 billion compared with the first quarter of 2025. Investment income on other investment contributes a deficit of SEK 13.0 billion, which is broadly in line with the deficit recorded in the corresponding quarter of the previous year.
The deficit in secondary income decreases
Secondary income, which includes current international cooperation and contributions to the EU, presented a deficit of SEK 31.6 billion. The deficit decreased by SEK 3.7 billion compared with the corresponding quarter a year ago.
Net lending in the financial account
The financial account shows net lending amounting to SEK 192.1 billion in the first quarter of 2026. Net lending and net borrowing refer to a positive and negative net balance in the financial account, respectively.
During the first quarter, other investments, direct investments, portfolio investment and reserve assets record net lending.
Financial account
Direct investment increases both abroad and in Sweden
Net lending in direct investment amounted to SEK 31.5 billion during the quarter. Foreign direct investment in Sweden increased by SEK 56.3 billion, while Swedish direct investment abroad increased by SEK 87.9 billion compared with the previous quarter.
Portfolio investment increases both abroad and in Sweden
Net lending in portfolio investment amounted to SEK 34.9 billion during the quarter. Foreign investors increased their portfolio investments in Sweden by SEK 132.2 billion, and Swedish investors increased their portfolio investments abroad by SEK 167.2 billion.
Other investment increases both abroad and in Sweden
Net lending in other investment amounted to SEK 131.7 billion. Swedish other investment abroad increased by SEK 583.5 billion, while foreign other investment in Sweden increased by SEK 451.8 billion.
Financial derivatives and reserve assets
Net borrowing in financial derivatives amounted to SEK 12.4 billion. Reserve assets recorded increased net lending corresponding to SEK 6.4 billion.
Increase in Sweden's net external assets
Sweden’s net external asset position amounted to SEK 4033.2 billion at the end of the first quarter of 2026, an increase of SEK 118.1 billion compared with the previous quarter, when net assets amounted to SEK 3915.1 billion.
International Investment Position (IIP)
Both Swedish assets and liabilities abroad increase
Swedish foreign assets amounted to SEK 22 998.7 billion in the first quarter, corresponding to an increase of SEK 912.6 billion compared with the previous quarter. At the same time, Swedish liabilities to abroad increased to SEK 18 965.5 billion in the first quarter, an increase of SEK 794.5 billion.
Revisions
The balance of payments follows a predetermined revision policy, see section 2.3 in the Quality Declaration 2026. Quality Declaration: Balance of Payments and International Investment Position, 2026 (scb.se).
The time series for the balance of payments and the international investment position has been revised from the first quarter of 2022.
Tables related to revisions by account item for the balance of payments and the international investment position reflect the revisions made in connection with the publication of the fourth quarter of 2026.
Within the investment income from direct investments, a minor discrepancy between the balance of payments and the national accounts can be observed for the years 2019–2020. A revision in the national accounts is planned for 2029, in connection to the next national account revisions.
Definitions and explanations
The current account and the financial account record real and financial transactions with regard to the rest of the world. Only transactions are recorded; value changes, such as exchange rate fluctuations are excluded.
The current account shows the trade in goods (foreign trade in goods), the trade in services (foreign trade in services), primary income (compensation to employees, investment income, other primary income), and secondary income (current transfers). Surplus and deficit in the current account refer to the difference between Sweden’s exports and Sweden’s imports. A positive outcome results in a surplus, while a negative outcome results in a deficit. Comparisons between periods in the current account are always made using the corresponding quarter the previous year, due to seasonal patterns in data.
The financial account consists of direct investment, portfolio investment, financial derivatives, other investment, and reserve assets. Sweden can acquire and dispose of financial assets abroad. All transactions during the quarter concerning external assets show Sweden’s change in net external assets. Sweden can also borrow and repay financial external liabilities. All transactions during the quarter concerning external liabilities show Sweden’s change in net external liabilities. The difference between Sweden’s change in net external assets and Sweden’s change in net external liabilities can be positive or negative, and shows net lending and net borrowing, respectively.
The capital account records Sweden’s capital transfers and transfers of non-financial assets with regard to the rest of the world. Compared with other parts of the balance of payments, amounts in the capital account are usually small.
The difference between Sweden’s financial external assets and liabilities position is the net of Sweden’s international investment position, which can be positive or negative.
An increase or decrease in assets describes Sweden’s external assets. An increase or decrease in liabilities describes Sweden’s external liabilities.
Merchanting, which forms a part of the trade in goods, refers to triangular trade in which goods are purchased and sold abroad without the good crossing a Swedish border.
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Comments
Comparisons between periods in the current account are made using the corresponding quarter the previous year.