May 19, 2020 / 7:51 AM / a month ago

Swedish budget deficit to balloon to 400 bln crowns as pandemic spending surges

STOCKHOLM, May 19 (Reuters) - Sweden’s government will run a budget deficit of 402 billion Swedish crowns ($41.54 billion) this year, the Debt Office said on Tuesday, as a result of a massive spending boost to support the economy and soften the blow from the coronavirus pandemic.

“The downturn in the economy and the support measures taken lead to a large deficit in the central government budget and to increased government debt,” the Debt Office said in a statement.

“The Debt Office is meeting the deficit by increasing borrowing in all debt instruments.”

In its previous forecast, the Debt Office expected a deficit of 14 billion crowns this year. ($1 = 9.6766 Swedish crowns) (Reporting by Stockholm Newsroom; Editing by Catherine Evans)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below