Abstract
Sweden is enjoying robust growth aided by supportive macroeconomic policies. Growth is heading for about 31/2 percent in 2016 helping bring unemployment down to about 7 percent. Domestic demand is the key growth driver, boosted by the stimulatory monetary policy along with higher government spending related to migration in 2015-16. Growth is expected to moderate to a still solid 21/2 percent in 2017.
Fund Relations
(As of September 30, 2016)
Membership Status: Joined: August 31, 1951; Article VIII.
| General Resources Account: | SDR Million | Percent of Quota | |
|---|---|---|---|
| Quota | 4,430.00 | 100.00 | |
| Fund holdings of currency (Exchange Rate) | 4,348.81 | 98.17 | |
| Reserve Tranche Position | 81.20 | 1.83 | |
| Lending to the Fund | |||
| New Arrangements to Borrow | 391.35 | ||
| General Resources Account: | SDR Million | Percent of Quota | |
|---|---|---|---|
| Quota | 4,430.00 | 100.00 | |
| Fund holdings of currency (Exchange Rate) | 4,348.81 | 98.17 | |
| Reserve Tranche Position | 81.20 | 1.83 | |
| Lending to the Fund | |||
| New Arrangements to Borrow | 391.35 | ||
| SDR Department: | SDR Million | Percent Allocation |
|---|---|---|
| Net cumulative allocation | 2,248.96 | 100.00 |
| Holdings | 1,964.95 | 87.37 |
| SDR Department: | SDR Million | Percent Allocation |
|---|---|---|
| Net cumulative allocation | 2,248.96 | 100.00 |
| Holdings | 1,964.95 | 87.37 |
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 | |||||
|---|---|---|---|---|---|
| 2016 | 2017 | 2018 | 2019 | 2020 | |
| Principal | |||||
| Charges/Interest | 0.04 | 0.22 | 0.22 | 0.22 | 0.22 |
| Total | 0.04 | 0.22 | 0.22 | 0.22 | 0.22 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2016 | 2017 | 2018 | 2019 | 2020 | |
| Principal | |||||
| Charges/Interest | 0.04 | 0.22 | 0.22 | 0.22 | 0.22 |
| Total | 0.04 | 0.22 | 0.22 | 0.22 | 0.22 |
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 notified to the Fund pursuant to Decision No. 144-(52/51).
Resident Representative: None
Article IV Consultation:
Sweden is on the 12-month consultation cycle.
FSAP Participation:
A mandatory FSAP has been conducted in time for the 2016 Article IV consultation, in line with the five-year cycle for members or members’ territories with financial sectors that are determined to be systemically important pursuant to Decision No. 15495-(13/111), adopted December 6, 2013.
Statistical Issues
(As of October 12, 2016)
| 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. |
National Accounts: Sweden publishes the national accounts according to the European System of Accounts (ESA) 2010 since September 2014.
Government Finance Statistics: Government finance statistics were published based on ESA 2010 methodology in September 2014.
External Sector Statistics: Sweden publishes external sector statistics based on the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) format since December 2014.
Monetary and Financial Statistics: Monetary data reported for International Financial Statistics are based on the European Central Bank’s (ECB) framework for collecting, compiling, and reporting monetary data.
Sweden: Table of Common Indicators Required for Surveillance
(As of October 12, 2016)
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).
Sweden: Table of Common Indicators Required for Surveillance
(As of October 12, 2016)
| Date of latest observation | Date received | Frequen cy of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | Current | Current | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 2016/10/07 | 2016/10/11 | W | W | W |
| Reserve/Base Money | 2016/10/07 | 2016/10/11 | W | W | W |
| Broad Money | 2016/10/07 | 2016/10/11 | W | W | W |
| Central Bank Balance Sheet | 2016/10/07 | 2016/10/11 | W | W | M |
| Consolidated Balance Sheet of the Banking System | 2016/09 | 2016/10 | M | M | M |
| Interest Rates2 | Current | Current | D | D | D |
| Consumer Price Index | 2016/09 | 2016/10 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3—General Government4 | 2014 | 2016/10 | A | A | A |
| Revenue, Expenditure, Balance, and Composition of Financing3—Central Government | 2014 | 2016/10 | A | A | A |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 2014 | 2016/10 | A | A | A |
| External Current Account Balance | 2016 Q2 | 2016/09 | Q | Q | Q |
| Exports and Imports of Goods and Services | 2016 Q2 | 2016/09 | Q | Q | Q |
| GDP | 2016 Q2 | 2016/09 | Q | Q | Q |
| Gross External Debt | |||||
| International Investment Position6 | 2016 Q2 | 2016/09 | 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).
Sweden: Table of Common Indicators Required for Surveillance
(As of October 12, 2016)
| Date of latest observation | Date received | Frequen cy of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | Current | Current | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 2016/10/07 | 2016/10/11 | W | W | W |
| Reserve/Base Money | 2016/10/07 | 2016/10/11 | W | W | W |
| Broad Money | 2016/10/07 | 2016/10/11 | W | W | W |
| Central Bank Balance Sheet | 2016/10/07 | 2016/10/11 | W | W | M |
| Consolidated Balance Sheet of the Banking System | 2016/09 | 2016/10 | M | M | M |
| Interest Rates2 | Current | Current | D | D | D |
| Consumer Price Index | 2016/09 | 2016/10 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3—General Government4 | 2014 | 2016/10 | A | A | A |
| Revenue, Expenditure, Balance, and Composition of Financing3—Central Government | 2014 | 2016/10 | A | A | A |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 2014 | 2016/10 | A | A | A |
| External Current Account Balance | 2016 Q2 | 2016/09 | Q | Q | Q |
| Exports and Imports of Goods and Services | 2016 Q2 | 2016/09 | Q | Q | Q |
| GDP | 2016 Q2 | 2016/09 | Q | Q | Q |
| Gross External Debt | |||||
| International Investment Position6 | 2016 Q2 | 2016/09 | 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).