The error is explained almost entirely by higher net lending from the Debt Office than projected. First, some of the government agencies that since midyear invest in regular government bonds withdrew funds from their cash account with the Debt Office to buy additional bonds. Since the agencies buy bonds in the secondary market, these transactions increase the central government borrowing requirement. The consolidated government debt is unaffected, however. Second, certain other agencies have increased their borrowing from the Debt Office.
Interest payments on the central government debt were in line with the forecast.
For the twelve-month period ending November 30, the budget surplus amounted to SEK 6.2 billion. The central government debt was SEK 1,152 billion at the end of November 2002.
The outcome of central government borrowing requirement for December will be published on January 9, 2003, at 9.30 a.m. A revised forecast for 2003 will be published on February 19, 2003, at 9.30 a.m.
For additional information, please contact:
Peter Lundkvist, Senior Economist,
Peter Lundkvist, Senior Economist,
tel. +46 8 613 47 84.
Attachment with tables to press release can be found on www.rgk.se