Excessive Deficit Procedure 2024
Public finances had a deficit of SEK 100 billion
Statistical news from Statistics Sweden 2025-09-30 8.00
In 2024, public finances net lending/net borrowing amounted to a deficit of SEK 100 billion, which corresponds to 1.6 percent of GDP. Compared to the previous year, public finances deteriorated by about SEK 45 billion. The consolidated gross debt amounted to SEK 2 170 billion, which is 34.0 percent of GDP. Thus, Sweden meets the EU convergence requirements.
Central and local government reported deficit in 2024, while the social security funds reported a surplus. The central government showed a deteriorated net lending/net borrowing compared to the previous year.
Increase in public finances gross debt
The consolidated gross debt increased by SEK 204 billion from year 2023 to 2024. During the same period, GDP at current prices increased by SEK 237 billion, resulting in an increase of the consolidated gross debt from 32.0 percent to 34.0 percent of GDP. This figure is well below the EU convergence requirement of 60 percent of GDP.
Additionally, the central government’s consolidated gross debt increased by SEK 106 billion in 2024, totaling SEK 1,288 billion at the end of the year.
Revisions
The time series from 1995 has been revised mainly due to updated data sources, reclassifications, and methodological changes.
None of the revisions changed the general summary of public finances or caused the convergence criteria not to be met.
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 21 by both Statistics Sweden and Eurostat.
Government net lending and borrowing and gross debt according to the EU convergence criteria
| SEK billions | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| GDP | 5 417.8 | 5 816.4 | 6 143.2 | 6 379.8 |
| Net lending/borrowing | -11.1 | 57.6 | -54.9 | -100.1 |
| Percentage of GDP (%) | -0.2 | 1.0 | -0.9 | -1.6 |
| Gross debt | 2 017.7 | 1 985.6 | 1 965.4 | 2 169.9 |
| Percentage of GDP (%) | 37.2 | 34.1 | 32.0 | 34.0 |
Definitions and explanations
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.
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. Also, the gross debt comprises only certain financial instruments.