After the covid-19 pandemic, general government finances have begun to stabilize. In 2022, financial savings were SEK 44 billion for general government, a surplus corresponding to 0.7 percent of GDP. For the year 2021, general government finances were in balance, while a large deficit was reported in 2020 due to the covid-19 pandemic.

The central government reported a surplus in 2022 of SEK 1.9 billion, while local governments and social security funds reported a surplus of SEK 22 and 19 billion, respectively.

Both central government and social security funds have strengthened financial savings between the years 2021 and 2022. For local governments, the opposite applies, where financial savings instead have decreased. Municipalities and regions received government financial support during the covid-19 pandemic, which positively affected savings. These supports have been scaled down in the past year, having a negative effect on savings.

General government gross debt decreased

The general government consolidated gross debt decreased by SEK 41 billion between 2021 and 2022. During the same period, GDP in current prices increased by SEK 464 billion. Consequently, the consolidated gross debt decreased from 36.5 percent of GDP in 2021 to 33.0 percent of GDP in 2022.

Consolidated gross debt for the central government decreased between 2021 and 2022 by SEK 68 billion and amounted to 21.5 percent of GDP at the end of 2022. Debt for local governments continued to increase and amounted to SEK 709 billion at the end of 2022. Social security funds' consolidated gross debt decreased by SEK 0.6 billion during the same period and amounted to SEK 27 billion at the end of 2022.

EU convergence requirements

According to the EU convergence requirements, the government deficit cannot be higher than 3 percent of GDP and gross debt is not allowed to be more than 60 percent of GDP.

In 2021, financial savings have been revised according to normal revision policy. The biggest change was due to revised taxes as a result of the assessment outcome.

The gross debt for local government has been revised, mainly due to the municipalities' leasing debt.

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 April 21 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 nominal value which is the amount that must be paid on maturity. In the financial accounts, gross debt is calculated at market value. The gross debt comprises only certain financial instruments such as currency, deposits, debt securities and loans while the financial accounts also include equity and investment fund shares or units, other accounts receivable/payable, financial derivatives and occupational pensions.

On 2023-09-29 at 08:00.