Abstract
This 2013 Article IV Consultation highlights Sweden’s economic growth and policies. Sweden’s economy appears to be slowing together with its main Nordic and European trading partners. The IMF report discusses that there is a scope to improve the fiscal framework, by ensuring it remains sufficiently countercyclical. Given the importance of Swedish banks for the region, improving financial stability in Sweden would also contribute to financial stability across the Nordics, as would additional progress toward cross-border burden-sharing agreements. Structural reforms are also expected to add to resilience and growth.
Fund Relations
(As of May 31, 2013)
Mission: May 20–31, 2013 in Stockholm. The concluding statement of the mission is available at http://www.imf.org/external/np/ms/2013/053113b.htm. The staff report will be published.
Staff team: Mr. H. Berger (Head), Ms. N. Batini, Mr. R. Agarwal (all EUR), and Mr. E. Cerutti (RES). Mr. P. de Imus (SPR) joined the mission for one day. Ms. P. Meyersson, Alternate Executive Director, (OEDSWE) attended for the duration of the mission. Ms. L. Christiansen and Mr. T. Dowling provided support from headquarters.
Outreach: The team met with the parliamentary Finance Committee, the parliamentary Committee on Review of Regulatory Framework, representatives of the private sector, several large banks, the Swedish Trade Union Confederation, which represents blue-collar workers, the National Institute of Economic Research, state-owned pension, MoF Committee on Inquiry on Swedish Government Debt Management, academics, and the Fiscal Policy Council. The mission held a press conference at the Riksbank after the concluding meeting.
Fund relations: Discussions for the 2012 Article IV consultation were held in Stockholm during May 3–14, 2012 and the staff report was discussed by the Executive Board on June 18, 2012. The Executive Board’s assessment and staff report (IMF country Report No. 12/154, June 2012) are available at http://www.imf.org/external/pubs/cat/longres.aspx?sk=26019.0. The Article IV discussions with Sweden are on the 12-month consultation cycle.
Membership Status: Joined: August 31, 1951; Article VIII.
General Resources Account:
| SDR Million | Percent of Quota | ||
|---|---|---|---|
| Quota | 2,395.50 | 100.00 | |
| Fund holdings of currency (Exchange Rate) | 1,758.31 | 73.40 | |
| Reserve Tranche Position | 637.19 | 26.60 | |
| Lending to the Fund | |||
| New Arrangements to Borrow | 548.09 | ||
| SDR Million | Percent of Quota | ||
|---|---|---|---|
| Quota | 2,395.50 | 100.00 | |
| Fund holdings of currency (Exchange Rate) | 1,758.31 | 73.40 | |
| Reserve Tranche Position | 637.19 | 26.60 | |
| Lending to the Fund | |||
| New Arrangements to Borrow | 548.09 | ||
SDR Department:
| SDR Million | Percent Allocation | |
|---|---|---|
| Net cumulative allocation | 2,248.96 | 100.00 |
| Holdings | 2,127.32 | 94.59 |
| SDR Million | Percent Allocation | |
|---|---|---|
| Net cumulative allocation | 2,248.96 | 100.00 |
| Holdings | 2,127.32 | 94.59 |
Outstanding Purchases and Loans:
None
Latest Financial Arrangements:
None
Projected Payments to Fund:
(SDR million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2013 | 2014 | 2015 | 2016 | 2017 | |
| Principal | |||||
| Charges/Interest | 0.04 | 0.09 | 0.09 | 0.09 | 0.09 |
| Total | 0.04 | 0.09 | 0.09 | 0.09 | 0.09 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2013 | 2014 | 2015 | 2016 | 2017 | |
| Principal | |||||
| Charges/Interest | 0.04 | 0.09 | 0.09 | 0.09 | 0.09 |
| Total | 0.04 | 0.09 | 0.09 | 0.09 | 0.09 |
Exchange Rate Arrangements:
The Krona has been floating freely since November 19, 1992. Sweden has accepted the obligations of Article VIII (sections 2(a), 3 and 4) and maintains an exchange system free of restrictions on payments and transfers for current international transactions, apart from those imposed for security reasons, as notified to the Fund by the Riksbank (EBD/06/79, June 23, 2006) in accordance with Executive Board Decision No. 144-(52/51).
Resident Representative:
None
Statistical Issues
(As of July 9, 2013)
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision is adequate for surveillance. The country has a full range of statistical publications, many of which are on the internet. The quality and timeliness of the economic database are generally very good. | |
| II. Data Standards and Quality | |
| Subscriber to the Fund’s Special Data Dissemination Standard (SDDS) since May 31, 1996. Uses an SDDS flexibility option for timeliness on the data category production index. The authorities have expressed initial interest to adhere to the Special Data Dissemination Standard Plus. | A data ROSC was published in September 2001, followed by an update in November 2002. |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision is adequate for surveillance. The country has a full range of statistical publications, many of which are on the internet. The quality and timeliness of the economic database are generally very good. | |
| II. Data Standards and Quality | |
| Subscriber to the Fund’s Special Data Dissemination Standard (SDDS) since May 31, 1996. Uses an SDDS flexibility option for timeliness on the data category production index. The authorities have expressed initial interest to adhere to the Special Data Dissemination Standard Plus. | A data ROSC was published in September 2001, followed by an update in November 2002. |
Sweden: Table of Common Indicators Required for Surveillance
(As of July 9, 2013)
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), weekly (W), monthly (M), quarterly (Q), annual (A), irregular (I); and not available (NA).
These columns should only be included for countries for which Data ROSC (or a Substantive Update) has been published.
This reflects the assessment provided in the data ROSC or the Substantive Update (published on …, and based on the findings of the mission that took place during…) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).
Same as footnote 9, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
Sweden: Table of Common Indicators Required for Surveillance
(As of July 9, 2013)
| Date of latest observation | Date received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | Memo Items:8 | ||
|---|---|---|---|---|---|---|---|
| Data Quality – Methodological soundness9 | Data Quality Accuracy and reliability10 | ||||||
| Exchange Rates | 2013/06 | 2013/07 | M | M | M | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 2013/05 | 2013/06 | M | M | M | ||
| Reserve/Base Money | 2013/04 | 2013/06 | M | M | M | LO, O, O, LO | O, O, O, NA |
| Broad Money | 2013/04 | 2013/06 | M | M | M | ||
| Central Bank Balance Sheet | 2013/04 | 2013/06 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | 2013/04 | 2013/06 | M | M | M | ||
| Interest Rates2 | 2013/05 | 2013/06 | M | M | M | ||
| Consumer Price Index | 2013/05 | 2013/06 | M | M | M | O, O, O, O | O, O, O, NA |
| Revenue, Expenditure, Balance and Composition of Financing3—General Government4 | 2012 Q4 | 2013/05 | Q | Q | Q | LNO, LO, O, O | O, O, O, NO |
| Revenue, Expenditure, Balance, and Composition of Financing3—Central Government | 2011 | 2012/12 | A | A | A | ||
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 2011 | 2012/12 | A | A | A | ||
| External Current Account Balance | 2012 Q4 | 2013/06 | Q | Q | Q | O, O, O, O O, O, O, O | O, O, O, LO O, O, O, O |
| Exports and Imports of Goods and Services | 2013/04 | 2013/07 | M | M | M | ||
| GDP/GNP | 2013 Q1 | 2013/06 | Q | Q | Q | O, O, O, O | O, O, O, LNO |
| Gross External Debt | |||||||
| International Investment Position6 | 2012 Q4 | 2013/06 | Q | Q | Q | ||
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), weekly (W), monthly (M), quarterly (Q), annual (A), irregular (I); and not available (NA).
These columns should only be included for countries for which Data ROSC (or a Substantive Update) has been published.
This reflects the assessment provided in the data ROSC or the Substantive Update (published on …, and based on the findings of the mission that took place during…) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).
Same as footnote 9, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
Sweden: Table of Common Indicators Required for Surveillance
(As of July 9, 2013)
| Date of latest observation | Date received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | Memo Items:8 | ||
|---|---|---|---|---|---|---|---|
| Data Quality – Methodological soundness9 | Data Quality Accuracy and reliability10 | ||||||
| Exchange Rates | 2013/06 | 2013/07 | M | M | M | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 2013/05 | 2013/06 | M | M | M | ||
| Reserve/Base Money | 2013/04 | 2013/06 | M | M | M | LO, O, O, LO | O, O, O, NA |
| Broad Money | 2013/04 | 2013/06 | M | M | M | ||
| Central Bank Balance Sheet | 2013/04 | 2013/06 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | 2013/04 | 2013/06 | M | M | M | ||
| Interest Rates2 | 2013/05 | 2013/06 | M | M | M | ||
| Consumer Price Index | 2013/05 | 2013/06 | M | M | M | O, O, O, O | O, O, O, NA |
| Revenue, Expenditure, Balance and Composition of Financing3—General Government4 | 2012 Q4 | 2013/05 | Q | Q | Q | LNO, LO, O, O | O, O, O, NO |
| Revenue, Expenditure, Balance, and Composition of Financing3—Central Government | 2011 | 2012/12 | A | A | A | ||
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 2011 | 2012/12 | A | A | A | ||
| External Current Account Balance | 2012 Q4 | 2013/06 | Q | Q | Q | O, O, O, O O, O, O, O | O, O, O, LO O, O, O, O |
| Exports and Imports of Goods and Services | 2013/04 | 2013/07 | M | M | M | ||
| GDP/GNP | 2013 Q1 | 2013/06 | Q | Q | Q | O, O, O, O | O, O, O, LNO |
| Gross External Debt | |||||||
| International Investment Position6 | 2012 Q4 | 2013/06 | Q | Q | Q | ||
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), weekly (W), monthly (M), quarterly (Q), annual (A), irregular (I); and not available (NA).
These columns should only be included for countries for which Data ROSC (or a Substantive Update) has been published.
This reflects the assessment provided in the data ROSC or the Substantive Update (published on …, and based on the findings of the mission that took place during…) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).
Same as footnote 9, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.