Larger surplus than expected in February

The main reason for the larger surplus was larger tax payments during the second half of February. Tax payments in February are always hard to predict, since both payments of tax arrears and supplementary taxes fall due. In the forecast published in Central Government Borrowing 2003:1, the Debt Office reduced the expected surplus by SEK 9 billion, mainly due to smaller supplementary payments in the first half of February. The adjustment proved to be too big, since payments of tax arrears in the second half of the month were higher than projected. In addition, central government net lending was smaller than predicted which also contributes to the higher surplus. Interest payments were in line with the forecast.

 

The February figures do not lead to any revisions of the full year forecast, which indicates a borrowing requirements of SEK 26 billion. The picture of a slight weakening in central government finances during 2003, reported in February in Central Government Borrowing 2003:1, is thus unchanged.

 

For the twelve-month period ending February 28, the borrowing requirement amounted to SEK 29.4 billion. The central government debt amounted to SEK 1,217 billion at the end of February 2003.

 

The outcome of central government borrowing requirement for March will be published on April 7, 2003, at 9.30 a.m. A revised forecast for 2003 will be published on June 18, 2003, at 9.30 a.m.

For additional information, please contact:

Lars Hörngren, Chief Economist,

tel. +46 8 613 47 36

 

Gunnar Forsling, Senior Economist, 

tel. +46 8 613 45 35