Surplus for Swedish central government in March

Swedish central government payments resulted in a surplus of SEK 12.0 billion in March. The Debt Office's forecast was a deficit of SEK 7.4 billion. The difference is mainly due to lower lending to the Riksbank.

The primary balance was SEK 1.0 billion lower than calculated. At the same time, tax income was approximately SEK 4 billion lower than forecast.

The Debt Office's net lending to government agencies etc. was SEK 21.1 billion lower than calculated. This is mainly due to the fact that a loan to the Riksbank that matured in March was refinanced already in February. Thus, it is only a question of a redistribution of net lending between February and March. In addition, deposits from, for example, the Swedish Pensions Agency were somewhat higher than expected.

Interest payments on central government debt were SEK 0.8 billion higher than calculated.

For the twelve-month period up to the end of March 2019, central government payments resulted in a surplus of SEK 85.6 billion.

Central government debt amounted to SEK 1,145 billion at the end of March.

The outcome for April 2019 will be published on 8 May at 9.30 a.m.

Lending to the Riksbank decreases and the budget balance is strengthened

The Riksbank announced March 6 that they will not refinance the foreign currency loans from the Debt Office maturing in May, July and October 2019. The loans amount to approximately USD 8 billion, corresponding to approximately SEK 69 billion, calculated at the original exchange rate. When the loans mature, the budget balance will be strengthened by the corresponding amount. For the Debt Office's this means that loans in USD that the Debt Office has taken up to finance lending to the Riksbank does not need to be refinanced. Otherwise, it does not affect the Debt Office's borrowing. The Debt Office will return with new forecasts on the budget balance and borrowing in the report Central Government Borrowing on 19 June 2019.

Contact

Tord Arvidsson, Analyst [phone]
Press Secretary, [phone]

Central government net borrowing requirement1 (SEK million)
	Outcome March	Forecast March	Deviation March	Acc.  Dev2	Outcome 12-month
Net borrowing requirement	-11 967	7 361	-19 328	-12 456	-85 567
Primary balance3	8 131	7 171	960	-9 790	-93 409
Net lending to agencies etc.4	-23 605	-2 507	-21 098	-3 713	-6 264
Interest payments on central government debt	3 507	2 697	810	1 048	14 106
- Interest on loans in SEK	3 705	3 794	-89	212	14 368
- Interest on loans in foreign currency	-135	-41	-94	-41	-449
- Realised currency gains and losses	-63	-1 056	993	876	187
1 The net borrowing requirement corresponds to the budget balance with opposite sign.
2 Sum of monthly forecast deviations since last forecast (February 2019).
3 Net of the state's primary expenditure and income.
4 The net of government agencies etc. deposits and loans in the state's internal bank. The net lending includes both current government operations and temporary occurrences which can be decided on short notice. The net lending affects the net borrowing requirement and central government debt, but are not covered by the Central government expenditure ceiling