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Small changes in net borrowing requirement


February 19, 2014 - London

The Swedish National Debt Office expects a central government net borrowing requirement of SEK 67 billion for 2014. This is an increase of SEK 6 billion compared with the forecast from October. Next year the gradual improvement of the economy will reduce the net borrowing requirement to SEK 17 billion.

The revision for 2014 is mainly due to lower tax income. It is offset to some extent by lower interest payments on the central government debt.

- The improvement in the international economy will gradually have an effect on the Swedish economy and central government's net borrowing requirement, says Hans Lindblad, Director General of the Swedish National Debt Office.

The Debt Office expects Sweden's GDP to grow by 2.6 per cent in 2014 and 2.7 per cent in 2015, which is in line with the previous forecast.

Net borrowing requirement and central government debt (SEK billion)
2014 2015
Net borrowing requirement[1]
67 17
Central government debt 1 357 1 368
Central government debt, % of GDP 36 % 35 %
Central government debt incl. on-lending and money market assets, % of GDP 30 % 29 %

Borrowing in government bonds will increase to SEK 77 billion as a result of one extra auction per year. The volume offered per auction is unchanged.

Borrowing in inflation-linked bonds will also increase in 2014. With two additional auctions the total volume will amount to SEK 17 billion. This brings forward the planned increase in the issue volume of inflation-linked bonds.

In contrast, borrowing in T-bills will be unchanged compared with the previous forecast.

Borrowing  (SEK billion)
2014 2015
Government bonds 77 77
Inflation-linked bonds 17 18
T-bills 140 150
Foreign currency bonds 69 70
of which to the Riksbank 43 44


For more information, please contact:
Magdalena Belin, investor relations, +46 8 613 52 28
Unni Jerndal, press relations, +46 8 613 45 96

[1] The net borrowing requirement is equal to the budget balance with the opposite sign.

Central Government Borrowing - Forecast and Analysis 2014:1



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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Riksgälden via Globenewswire

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