The general government finance surplus corresponded to 0.8 percent of GDP. Central government surplus amounted to SEK 66 billion, which is SEK 9 billion less than the previous year. This result is lower than reported in the April notification, primarily because of a downward revision of household taxes. Local government reported a deficit in 2018. The deficit increased considerably from the previous year, mainly because final consumption expenditure and investments increased while grants received did not increase at the same rate. Social security funds reported a larger surplus in 2018 than a year ago.

General government gross debt decreased

General government consolidated gross debt decreased by SEK 9 billion between 2017 and 2018. In the same period, GDP in current prices increased by SEK 213 billion. Therefore, the debt in relation to GDP decreased from 40.7 percent in 2017 to 38.8 percent in 2018.

Central government debt decreased by SEK 58 billion, while local government and social security fund debt increased by SEK 45 billion and 3 billion respectively. Central government consolidated gross debt in relation to GDP amounted to 28.0 percent at the end of 2018.

In the context of this publication, figures for debt and net lending/borrowing have been revised for all years in the notification period following a benchmark revision of the National Accounts. Such benchmark revisions are typically performed once every five years. In addition, figures for 2017 and 2018 have been revised to include updated data sources.

Sweden complies with EU debt and deficit criteria

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 as required by 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 21 October 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 include equity and investment fund shares or units, other accounts receivable/payable, financial derivatives and occupational pensions.

2020-03-31 at 09:30.