The surplus of 1.3 percentage points in relation to GDP in 2017 is mainly due to a strong increase in income from taxes. Taxes and social contributions increased by SEK 83 billion between 2016 and 2017. Central government surplus amounted to SEK 72 billion, which was almost the same as the previous year. The other two sub-sectors, local government and social security funds, reported deficits in 2017. For local government, the deficit decreased, compared with the previous year. In the same period, net lending/net borrowing changed from a surplus to a minor deficit for social security funds.

General government consolidated gross debt was more or less unchanged between 2016 and 2017. The debt decreased marginally, by SEK -1 billion in 2017, while GDP in current prices increased by SEK 199 billion. Therefore, in relation to GDP, the debt decreased from 42.1 percent in 2016 to 40.3 percent in 2017.

Central government and social security funds debt decreased by SEK -8 billion and SEK -21 billion respectively, while local government debt increased by SEK 28 billion.

In the context of this publication, the debt has been updated for 2012 and onwards. The revisions are minor, for example due to the introduction of foreign currency revaluation of the local government debt.

According to the EU convergence requirements, the government deficit must not be more than 3 percent and gross debt must not exceed 60 percent in relation to GDP, which means that Sweden has met the requirements.

The calculations for the Excessive Deficit Procedure are submitted by Statistics Sweden to Eurostat in accordance with the EU Stability and Growth Pact under Council Regulation (EC) No 479/2009, as amended by 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 23 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.

Comparison 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.

2018-09-28 at 09:30.