After the covid-19 pandemic, general government finances have begun to stabilize. In 2022, financial savings were SEK 66 billion for general government, a surplus corresponding to 1,1 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 25 billion, while local governments and social security funds reported a surplus of SEK 22 and 20 billion, respectively.

Central government 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 35 billion between 2021 and 2022. During the same period, GDP in current prices increased by SEK 493 billion. Consequently, the consolidated gross debt decreased from 36,5 percent of GDP in 2021 to 32,9 percent of GDP in 2022.

Consolidated gross debt for the central government decreased between 2021 and 2022 by SEK 67 billion and amounted to SEK 1 271 billion at the end of 2022. Debt for local governments continued to increase and amounted to SEK 721 billion at the end of 2022. Social security funds' consolidated gross debt decreased by SEK 0,5 billion during the same period and amounted to SEK 27 billion at the end of 2022.

Revisions

In 2022, financial savings have been revised according to normal revision policy. The biggest change was due to revised taxes as a result of the preliminary tax assessment. The years 1998-2021 has also been revised, but with smaller amounts.

The gross debt for local government 2022 has been revised, due to new annual sources.

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.

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 October 23 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 2024-03-28 at 08:00.