General government net lending/net borrowing amounted to SEK -44 million or 0.0 percent in relation to GDP in 2015. Compared to 2014, net lending/net borrowing improved by SEK 61 billion, which is the largest change between two years since the downturn in connection to the financial crisis in 2008–2009.

Government finances are in balance mainly due to increased income from taxes, both income and product taxes. On the expenditure side, there was a strong increase in consumption expenditure, partly explained by the increased number of refugees seeking asylum. However, the increase in expenditures amounted to less than the increase in income.

General government consolidated gross debt increased by SEK 50 billion in 2015. The increase in debt is mainly due to local government borrowing. Currency revaluations and increased borrowing in repos contribute to the debt level as much in 2015 as in 2014. In relation to GDP, the debt decreased from 44.8 percent of GDP in 2014 to 43.4 percent of GDP in 2015, because the increase in GDP was higher than the increase in debt.

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 in accordance with Council Regulation (EC) No 479/2009, as amended by 679/2010 and 220/2014. The figures reported will be audited by Eurostat and may be revised during this process. In that case, revised estimates will be published 21 April both by Statistics Sweden and Eurostat.

Within the context of this publication of the Excessive Deficit Procedure, figures for 2015 have been revised, mainly due to updated information referring to taxes. The figures therefore differ compared to the national accounts publication 29 February and the financial accounts publication 23 March. Tables reported to EU have also been updated.

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.