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Excessive Deficit Procedure 2016:

General government finance surplus at SEK 39 billion

Statistical news from Statistics Sweden 2017-03-31 9.30

In 2016, general government net lending/net borrowing amounted to SEK 39 billion and the consolidated gross debt amounted to SEK 1 820 billion. This means that Sweden, as in previous years, has met the EU convergence requirements. Compared with 2015, general government finances were strenghtened by almost SEK 28 billion.

In 2016, general government net lending/net borrowing amounted to about SEK 39 billion, or 0.9 percent, in relation to the GDP. The surplus is mainly due to a strong increase in income from taxes.

The general government consolidated gross debt decreased by SEK 17 billion in 2016, while the GDP in current prices increased by SEK 197 billion. In relation to the GDP, the debt decreased from 43.9 percent in 2015 to 41.6 percent in 2016.

Central government debt decreased by almost SEK 28 billion, which was mainly due to the large surplus in central government finances, resulting in decreased borrowing in bills and short term bonds.

In the context of this publication on the Excessive Deficit Procedure, the time series 2013–2016 has been updated. This is due to a review of central government interest expenditure, elimination of an error referring to debt cancellation, updated figures for local government capital transfers, and updated taxes. Therefore, the figures differ compared with the national accounts publication on 28 February and the financial accounts publication on 23 March. Tables reported to the EU have also been updated. Compared with the previous EDP notification, net lending/net borrowing remains unchanged for 2013–2014 in relation to the GDP and has been revised upwards by 0.1 percentage point for 2015, while the debt has remained unchanged in relation to the GDP.

According to the EU convergence requirements, the government deficit must not be lower than -3 percent and gross debt must not exceed 60 percent in relation to the GDP.

This is illustrated in the calculations delivered by Statistics Sweden to Eurostat according to the EU Stability and Growth Pact under Council Regulation (EC) No 479/2009, as amended by Council Regulation (EU) No 679/2010 and Commission Regulation (EU) No 220/2014. The figures reported will be audited by Eurostat and may be revised during this process. In this event, revised estimates will be published on 24 April by both 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 with 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 value must be paid on maturity. In the financial accounts valuation, gross debt is calculated at 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 occupational pensions.

Government net lending and borrowing and gross debt according to the EU convergence criteria
SEK billions 2013 2014 2015 2016
GDP 3 769.9 3 936.8 4 181.1 4 378.6
Net lending/borrowing ‑51.1 ‑61.0 11.6 39.2
Percentage of GDP (%) ‑1.4 ‑1.5 0.3 0.9
Gross debt 1 524.3 1 780.8 1 836.9 1 820.3
Percentage of GDP (%) 40.4 45.2 43.9 41.6

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2017-09-29 at 09:30.

Feel free to use the facts from this statistical news but remember to state Source: Statistics Sweden.

Statistical agency and producer

Statistics Sweden, National Accounts



Katarina Johansson

+46 10 479 44 77