Increased tax income decreases net borrowing requirement
(Thomson Reuters ONE) -
Increased tax income is expected to reduce the net borrowing requirement this
year and next year. Borrowing in government bonds and inflation-linked bonds
will be unchanged according to the Debt Office's report Central government
borrowing - forecast and analysis 2015:2.
The Debt Office expects Swedish GDP to grow by 2.6 per cent this year and 2.5
per cent next year. That is 0.4 percentage points and 0.1 percentage points
higher than the previous forecast from February. For 2015, it is primarily
private and public consumption that has been revised upward. The net borrowing
requirement is estimated to be SEK 71 billion in 2015. That is 10 billion lower
than in the previous forecast published in February. The decrease is mainly
explained by higher tax income. Net borrowing requirement for 2016 is expected
to be 25 billion, which is SEK 9 billion lower than in the previous forecast.
Tax income increases by SEK 23 billion, mainly due to tax increases. The
increased taxation is however matched by new expenditure reforms in the same
order. In addition taxes increase because the tax bases are growing slightly
faster than previously estimated.
Central government net lending is estimated at -1.4 per cent as a proportion of
GDP in 2015 and -0.6 per cent in 2016.
The central government debt is expected to be SEK 1 476 billion at the end of
2015 and 1 492 billion at the end of 2016. This corresponds to 36 per cent of
GDP in 2015, and 35 per cent in 2016.
+------------------------------------------------------------------------------+
|Net borrowing requirement and debt (SEK billion) |
+----------------------------------------------------------------+------+------+
| | 2015| 2016|
+----------------------------------------------------------------+------+------+
|Net borrowing requirement (budget deficit) | 71| 25|
+----------------------------------------------------------------+------+------+
|Net lending, per cent of GDP |-1,4 %|-0,6 %|
+----------------------------------------------------------------+------+------+
|Central government debt | 1,476| 1,492|
+----------------------------------------------------------------+------+------+
|Central government debt as percentage of GDP | 36 %| 35 %|
+----------------------------------------------------------------+------+------+
|Central government debt including on-lending and money-market | | |
|assets as a percentage of GDP | 29 %| 29 %|
+----------------------------------------------------------------+------+------+
Unchanged auction volume
The auction volume in government bonds remains at SEK 4 billion per auction
during the forecast period. This means that borrowing in government bonds will
amount to SEK 86 billion this year and SEK 88 billion next year, which are the
same levels as in February.
Borrowing in Treasury bills also remains unchanged. The Debt Office expects to
issue an average of SEK 17.5 billion per auction. The stock is expected to grow
to SEK 135 billion at the end of 2016.
The issue volume of inflation-linked bonds is SEK 1 billion per auction, which
is the same level as before. In total the Debt Office will issue SEK 17 and 18
billion respectively in 2015 and 2016.
+-------------------------------------------------------+
| Borrowing (SEK billion) |
+-----------------------------------------+------+------+
| | 2015 | 2016 |
+-----------------------------------------+------+------+
| Government bonds | 86 | 88 |
+-----------------------------------------+------+------+
| Inflation-linked bonds | 17 | 18 |
+-----------------------------------------+------+------+
| T-bills | 125 | 135 |
+-----------------------------------------+------+------+
| Foreign-currency bonds | 93 | 93 |
+-----------------------------------------+------+------+
| * of which on-lending to the Riksbank | 53 | 71 |
+-----------------------------------------+------+------+
Contacts
Thomas Olofsson, Head of Debt Management, +46 8 613 47 82
Linda Rudberg, Public Relations Officer, +46 8 613 45 38
Central government borrowing - forecast and anlysis 2015:2:
http://hugin.info/133745/R/1928733/692641.pdf
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Source: Riksgälden via GlobeNewswire
[HUG#1928733]
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Datum: 16.06.2015 - 09:30 Uhr
Sprache: Deutsch
News-ID 400650
Anzahl Zeichen: 5615
contact information:
Town:
Stockholm
Kategorie:
Business News
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