Balance of payments, fourth quarter 2025
Swedish current account surplus at its lowest in three years
Statistical news from Statistics Sweden 2026-03-06 8.00
A decline in the trade balance during the fourth quarter of 2025 results in Sweden’s lowest current account balance since the fourth quarter of 2022. At the same time, the financial account shows net borrowing of SEK 89,0 billion.
"Limited changes across most components, together with a decrease in merchanting of SEK 17,4 billion compared with the fourth quarter of 2024, resulted in the lowest current account surplus in three years", says Viktor Penna, economist at the Balance of Payments Division.
The value of Sweden’s total net assets against the rest of the world, as shown in the international investment position, amounts to SEK 3 640,3 billion at the end of the quarter. A decrease of SEK 179,9 billion compared to the previous quarter, largely can be explained by reduced direct investments abroad. The financial balance shows net borrowing to foreign countries of SEK 89,0 billion during the fourth quarter of 2025.
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 third quarter of 2025 the share amounted to 6,4 percent. The share is calculated as an average over the four last quarters.
Current account
The export and the import of goods decrease
The trade balance shows a surplus of SEK 67,6 billion during the fourth quarter of 2025, an decrease of SEK 19,7 billion from the fourth quarter of 2024. Exports of goods amounted to SEK 575,5 billion, an decrease of SEK 26,4 billion compared with the corresponding quarter a year ago. Imports of goods amounted to SEK 507,9 billion, a decrease by SEK 6,7 billion in a corresponding comparison.
Merchanting, which is included in the trade balance, decreases by SEK 17,4 billion compared to the fourth quarter of 2024. The surplus in the fourth quarter of 2025 amounts to SEK 41,8 billion.
The balance of traded services noted a deficit of SEK 27,6 billion, compared with the deficit of SEK 23,8 billion in the fourth quarter of 2024. Import of services amounted to SEK 374,8 billion, an increase by SEK 9,4 billion compared with the fourth quarter of 2024. At the same time, export of services shows an increase by SEK 5,6 billion and amounted to SEK 347,2 billion, in a corresponding comparison.
Contribution from primary income is increasing
Primary income, which consists mainly of compensation of employees and investment income, presented a surplus of SEK 74,4 billion in the fourth quarter 2025. This is an increase by SEK 4,7 billion compared with the corresponding quarter a year ago. The surplus in investment income went from SEK 66,5 billion in the fourth quarter of 2024 to SEK 70,3 billion in the current quarter.
Portfolio investment contributed with a surplus of SEK 13,8 billion to investment income, which is in line with the return recorded in the fourth quarter of 2024. Investment income in other investment contributed with a deficit of SEK 14,8 billion, the deficit decreasedby SEK 3,0 billion in the same comparison.
The deficit in secondary income decreases
Secondary income, which includes current international cooperation and contributions to the EU, presented a deficit of SEK 36,3 billion. The deficit decreased by SEK 0,9 billion compared with the corresponding quarter a year ago.
Net borrowing in the financial account
The financial account noted net lending amounting to SEK 89,0 billion in the fourth quarter of 2025. Net lending and net borrowing refer to a positive and negative net balance in the financial account, respectively.
During the fourth quarter, portfolio investment and reserve assets shows net borrowing.
Financial account
Direct investments increased both in Sweden and abroad Net borrowing in direct investments amounted to SEK 29,3 billion during the quarter. Foreign direct investments in Sweden increased by SEK 68,7 billion, while Swedish direct investments abroad increased by SEK 39,4 billion.
Portfolio investment increased abroad but decreases in Sweden
Net lending in portfolio investment amounted to SEK 103,3 billion during the quarter. Foreign investors reduced their portfolio investments in Sweden by SEK 43,7 billion and Swedish investors increased their portfolio investments abroad by SEK 59,7 billion.
Other investment decreased both abroad and in Sweden
Net borrowing in other investment corresponded to SEK 153,1 billion. Swedish other investment abroad deceased by SEK 518,7 billion, while foreign other investment in Sweden decreased by SEK 365,6 billion.
Financial derivatives and reserve assets
Net borrowing in financial derivatives amounted to SEK 15,5 billion. Reserve assets noted increased net lending corresponding to SEK 5,6 billion.
Decline in net assets abroad
Sweden's net external asset position amounted to SEK 3 640,3 billion, at the end of the fourth quarter 2025, showing an decrease of SEK 179,9 billion compared to the previous quarter, when net assets amounted to SEK 3 820,2 billion.
International Investment Position (IIP)
Both Swedish assets and liabilities abroad decrease
Swedish foreign assets amounted to SEK 22 026,0 billion in the fourth quarter, which corresponds to an decrease of SEK 467,5 billion compared to the previous quarter. At the same time, Swedish liabilities to abroad decreased to SEK 18 385,7 billion in the fourth quarter, an decrease of SEK 287,6 billion.
Revisions
The balance of payments follows a predetermined revision policy, see section 2.3 in the Quality Declaration 2025. Quality Declaration: Balance of Payments and International Investment Position, 2025 (pdf)
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 2025.
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.
Changes for users retrieving information with the help of an API
In the fall of 2025, PxWebApi v1 was replaced by PxWebApi v2. PxWebApi v1 will remain up and running until December 31st, 2026, but will after that no longer be functional. For more information and instructions on conversion, please see PxWebApi 2.0
Comments
Comparisons between periods in the current account are made using the corresponding quarter the previous year.