In-depth analysis of the outcome in March - lower interest rate payments on central government debt
(Thomson Reuters ONE) -
The net borrowing requirement in March was SEK 1.1 billion lower than our
previous forecast. The difference is mainly explained by lower interest rate
payments on central government debt due to exchange rate gains. The primary
borrowing requirement, i.e. the net borrowing requirement excluding interest
rate payments, developed in line with our forecast.
In this in-depth analysis the outcome for March is compared with our latest
forecast published in Central Government Borrowing - Forecast and Analysis
2012:1 on 6 March.
Tax income was SEK 2.9 billion higher than forecasted for March. This is mainly
due to higher income from taxes on consumption and higher additional taxes from
households and corporations. Taxes on corporate profits and taxes on wages
showed comparatively small deviations.
It is still too early to say whether the forecast deviation is due to a stronger
economic development. The most likely explanation is shifts in payments between
months.
Disbursements from government agencies were higher than forecasted for March.
These were minor differences among a number of authorities which together have
an effect on the borrowing requirement. This cannot be interpreted as a
permanent increase in expenditure related to the underlying economic
development. Probably it is largely due to shifts in payments between months.
The Debt Office's net lending to authorities developed in line with forecast.
Interest rate payments on the central government debt in March were SEK 1.2
billion lower than calculated. This is mainly explained by higher exchange rate
gains due to rollovers with derivatives in our benchmark portfolio.
Differences outcome net borrowing requirement March 2012
All values in SEK billion and in net borrowing requirement
terms.
A positive value means that the government has to borrow more than
expected.
March
-------------------------------------
Tax income -2.9
Wage based taxes -0.4
Consumption based taxes -1.5
Corporate taxes 0.9
Additional taxes -1.8
Transfer payments 0.1
Dividends/Sale of state assets 0.3
Miscellaneous 2.3
Net lending 0.4
Interest rate payments -1.2
-------------------------------------
Sum
-1.1
Further information can be obtained from:
Johan Sandberg, +46 8 613 47 37
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Riksgälden via Thomson Reuters ONE
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Datum: 24.04.2012 - 03:30 Uhr
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