This is the second presentation of the years 2012-2015 within the context of the Excessive Deficit Procedure. The overall picture has not changed compared to previous presentation.

General government net lending/net borrowing amounted to roughly SEK 8 billion or 0.2 percent in relation to GDP in 2015. The surplus is mainly due to a strong increase in income from taxes. On the expenditure side, consumption expenditure increased as well, explained partly by the increased number of refugees seeking asylum. However, the increase in expenditures was less than the increase in income.

The consolidated gross debt of general government increased by SEK 56 billion in 2015. The increase in debt is mainly due to increased local government borrowing following a need for investments. In relation to GDP, the debt decreased from 45.2 percent of GDP in 2014 to 43.9 percent of GDP in 2015, because the increase in GDP was higher than the increase in debt.

Within the context of this publication of the Excessive Deficit Procedure, the time series 1995-2015 has been updated, compared to previously reported figures. In relation to GDP, net lending/net borrowing has not changed for the years 2012-2014 but has been revised upwards by 0.2 percentage points in relation to GDP for 2015. This is mainly due to updated tax information. The level of the consolidated gross debt of general government has been adjusted upwards for almost the entire time series. Compared to previously reported figures, the debt is now between 0.5 and 0.7 percentage points higher in relation to GDP for each of the years 2012-2015. The changes have occurred mainly because a number of government owned holding companies have been reclassified into the general government sector. This increases the debt level by an average of SEK 26 billion per year for the years 2012-2015. More information regarding the time series revision can be found in the Swedish memorandum I september 2016 revideras tidsserien för offentliga finanser.

According to the EU convergence requirements, the government deficit 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 according to Council Regulation (EC) No 479/2009, as amended by 679/2010 and 220/2014. The reported figures will be audited by Eurostat and may be revised during this process. In that case, revised estimates will be published 21 October both by Statistics Sweden and Eurostat.

More information about the Excessive Deficit Procedure, as well as government finances in general, is available on Eurostat's website.

Compared to ordinary financial accounts

Calculations of convergence requirements are somewhat different from the ordinary compilations in the financial accounts. For example, 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. The gross debt comprises only certain financial instruments, such as: currency, deposits, debt securities and loans. The financial accounts also comprise equity and investment fund shares or units, other accounts receivable/payable, financial derivatives and pensions.

2017-03-31 at 09:30.