Sweden Budget Surplus Exceeds Estimate In May: Debt Office

(RTTNews) - Sweden's budget surplus exceeded estimate in May due to higher tax income, the National Debt Office reported Monday.

The budget surplus totaled SEK 28.9 billion in May compared to the forecast of SEK 23 billion.

The central government's primary borrowing requirement, excluding net lending, was SEK 9.7 billion lower than forecast. The main reason is that tax income was SEK 7.3 billion higher than calculated.

It is mainly due to higher VAT payments and preliminary taxes from companies. Accumulated since the previous forecast in February, tax income has been SEK 5.2 billion higher than calculated.

The Debt Office's net lending to government agencies was SEK 4.5 billion higher than forecast. It is mainly due to higher lending to the Swedish National Grid and lower deposits from the Swedish Pensions Agency.

At the same time, interest payments on central government debt were SEK 0.7 billion lower than forecast, which is explained by higher premiums on issued bonds.

For the twelve-month period up to the end of May, central government payments resulted in a deficit of SEK 25.0 billion.