Where does the state's money go?
Short answer: The state spent 1.4 trillion kronor in 2025. Most went to grants to the municipalities, defence and sickness benefits. Below are also the revenues, the taxes, the national debt, the EU, foreign aid, your municipality and a simulator where you can change taxes and interest rates.
Where the money goes.
The whole budget area by area, how it has changed, which agencies pay it out and what your municipality receives.
In, out, balance and debt.
- Revenue
- –
- billion SEK
- Expenditure
- –
- billion SEK
- Balance
- –
- billion SEK, plus is a surplus
- National debt
- –
- billion SEK at year end
Expenditure per day–million SEK
Per resident and year–SEK
Per household and year–SEK
National debt per resident–SEK
How we calculated
Revenue is the state's budget revenue after settlements (Swedish Agency for Public Management, revenue titles, 2025 preliminary). Expenditure is the sum of the 27 expenditure areas. The balance here is revenue minus expenditure on appropriations; the Debt Office's borrowing requirement also includes lending and cash flows and therefore differs somewhat. The national debt is the Debt Office's unconsolidated debt at year end (Statistics Sweden). Per resident and per household divide by Statistics Sweden's population and number of households in 2025.
Euros and dollars are converted at the annual average of the European Central Bank's reference rates (Eurostat, ert_bil_eur_a); before 1999 the euro is the ecu. Kronor per dollar is kronor per euro divided by dollars per euro. The debt at year end is also converted at the annual average, not the rate on 31 December, so it differs slightly from the Debt Office's own figures in foreign currency. The choice applies to the overview, the time series and the debt, and is saved in the link.
Spending, area by area.
Click an area to see its appropriations in millions of kronor. Outturn in current prices. The division is today's: an appropriation sits in the same area every year, so the series can be compared backwards. What culture, sport and adult education in expenditure area 17 receive is shown on Culture and sport.
State, regions, municipalities and social security funds together, by function (COFOG). Current prices.
How it has changed.
Share of GDP is calculated against GDP at market prices in current prices (Statistics Sweden). In euros and dollars each year is converted at that year's average rate (ECB) in current prices; at fixed prices and relative to wages the amounts are first adjusted in kronor and then converted at the latest year's rate.
Which agency pays out.
Click an agency to see which appropriations the money comes from and what it is used for. Billion SEK, current prices.
How we calculated
The Swedish Agency for Public Management's economic breakdown of the appropriations 2009 to 2025 (CC0) ties each payment to the agency that made it and to what it is (wages, grants to municipalities, transfers to households …). An agency can therefore receive money from several appropriations in different expenditure areas. Agencies that pass money on, such as the Social Insurance Agency, carry the full amount even though the money goes to households.
What your municipality gets from the state.
General grants and equalisation
–
SEK per resident, Sweden
Targeted grants
–
SEK per resident, Sweden
Municipal tax
–
SEK per resident, Sweden
The municipality's whole economy
Most general grants, SEK per resident
Least, or pays in
How we calculated
Statistics Sweden's municipal accounts (OE0107), latest year, SEK per resident in current prices. General grants and equalisation are net: municipalities with a high tax base pay into the equalisation, so the figure can be negative. Targeted grants are money for a specific purpose, such as schools or refugee reception. The same figures are on each municipality's page.
The time machine and your tax krona.
The time machine
Expenditure that year–billion SEK
In today's prices–billion SEK
Share of GDP–percent, 2025:
Largest area–
Your tax krona
With the salary above, you and your employer pay – SEK a month in taxes and contributions. Roughly split like this:
Municipalities and regionsAs much as
Per second–SEK
Per resident and month–SEK
Equals the pay of the whole parliament for–years
How we calculated
Today's prices use CPI (Statistics Sweden). The tax krona splits the municipal and regional tax between municipalities and regions, and the rest (state tax, employer contributions, VAT) across the budget's groups in proportion to 2025 expenditure. In reality employer contributions mainly fund pensions and social insurance, so the split is a simplification. Parliament's pay is 349 members with employer contributions, about 0.45 billion SEK a year.
Where the money comes from.
Government revenue, the tax paid on a salary, the taxes that no longer exist and how income has been distributed.
Where the money comes from.
Taxes are shown gross, before the state passes municipal tax on to municipalities and regions and pension contributions on to the pension system. Billions of kronor. Click a row to see its taxes and add it to the chart.
How we calculated
The Swedish Agency for Public Management's annual outturn per revenue title 2006 to 2025 (2025 preliminary). Gross taxes add up to about 2,700 billion SEK. Of that, roughly 1,300 billion goes on to municipalities, regions and the old-age pension system, and the state keeps the rest together with fees, dividends and EU grants. Settlements and accruals are not shown as separate rows.
What a salary pays in tax.
- Left after tax and VAT
- Municipal and regional tax
- State income tax
- Employer contributions
- VAT when the salary is spent
The employer pays – SEK a month. Of that, – goes to taxes and contributions. The earned income tax credit lowers the tax by – SEK.
How we calculated
Rules for 2026 from the Tax Agency's Amounts and percentages (SKV 433): basic allowance and earned income tax credit for someone under 66, average municipal tax 32.38 percent (Statistics Sweden), state tax 20 percent on income above the threshold of 643,000 SEK after the basic allowance, employer contribution 31.42 percent and the public service fee. The general pension contribution of 7 percent is not counted, since an equal tax reduction cancels it. VAT assumes the whole net salary is spent, split like an average household's basket (Statistics Sweden HUT 2021), where rent, health care and insurance carry no VAT. No burial or church fee.
Go deeperTaxes side by side · Who pays · Income brackets · Corporate tax
The taxes side by side
Municipal and regional tax
– billion SEK
Paid on salaries and pensions, about 32 percent. Goes to municipalities and regions.
One percentage point: – billion SEK Our estimate
State income tax
– billion SEK
20 percent on the part of the salary above roughly 54,000 SEK a month.
One percentage point: – billion SEK Our estimate
Employer contributions
– billion SEK
31.42 percent on top of the salary. Mostly funds pensions and social insurance.
One percentage point: – billion SEK
VAT
– billion SEK
25, 12 or 6 percent on what is bought. Rent, health care and insurance are exempt.
One percentage point: – billion SEK Our estimate
Corporate tax
– billion SEK
20.6 percent on company profits.
One percentage point: – billion SEK
Capital tax
– billion SEK
30 percent on interest, dividends and gains; a flat rate on investment savings accounts.
Property tax and fee
– billion SEK
0.75 percent of the assessed value, at most 10,425 SEK for a house.
Energy and carbon tax
– billion SEK
On petrol, diesel, electricity and heating.
Alcohol and tobacco
– billion SEK
Excise duty per litre or item.
Revenue 2025 in billion SEK. "One percentage point" is what raising the rate by one percentage point yields statically, before anyone changes their behaviour. Our estimate means we derived the rule of thumb from the Ministry of Finance's tax base; the rest are in Calculation conventions 2026.
Who pays
Direct tax per household|Capital income per householdHow we calculated
Statistics Sweden's income distribution statistics (HE0110) 2024: households are split into ten equal groups by economic standard, and the bars show the average in thousand SEK per household. Direct taxes are taxes on income, capital and property; VAT and employer contributions are not included. The tenth with the most pays roughly 36 percent of the direct taxes and has roughly 78 percent of the capital income.
Income brackets in kronor
Your salary in the calculator
– thousand SEK taxable
That bracket holds – people. Together they pay – per cent of the tax.
Top tenth
– per cent of the tax
Has – per cent of the income. The line is at roughly SEK 600 thousand of taxable income a year.
Top one per cent
– per cent of the tax
Has – per cent of the income. Everyone has more than SEK one million of taxable income a year.
| Income, thousand SEK | People | Share of all | Income, SEK billion | Tax, SEK billion | Share of the tax |
|---|
How we calculated
Statistics Sweden income statistics (HE0110, tables TAB3601 and TAB744) for 2024. The brackets are taxable earned income, that is salary, pension and business income after the basic allowance, and all 11 million taxpayers are counted, including children and people with no income. The tax is the final tax on the tax assessment: municipal and state income tax, the general pension contribution, tax on capital and the property charge, after the earned income tax credit. Statistics Sweden's finer brackets are merged into the ten rows. The calculator subtracts the basic allowance from the salary and looks up the bracket. The top tenth and top one per cent are our own calculation: people are filled in from the top bracket downwards, spread evenly within a bracket and along a Pareto distribution in the bracket above one million. Tax within that bracket is assumed to follow income, so the top one per cent's share is if anything slightly too low. The deciles above count households and only direct taxes, which is why the shares differ.
Households, companies and consumption
Paid in by households|Paid in by companies|Consumption|Other taxesTaxes 2025 in SEK billion, grouped by who hands the money over to the Tax Agency.
Whoever pays a tax in is not always the one who bears it. Employer contributions are paid by the company, but research finds they are mostly borne by employees through lower wages. VAT is reported by the shop but borne by the shopper. Counted that way, households bear almost everything, and corporate tax is the part that is finally shared between owners, employees and customers.
How we calculated
The same 2025 revenue as in the cards above. Households: municipal and state income tax after tax reductions, capital tax, property tax and charge, and the general pension contribution. Companies: employer contributions, special payroll tax and corporate tax. Consumption: VAT, energy tax, carbon dioxide tax and tax on alcohol and tobacco. Other taxes are the rest up to gross taxes, for example vehicle tax and stamp duty. The households' part roughly matches the final tax in the table above.
Corporate tax by industry and size
By industry
C-10-33=Manufacturing|G-45-47=Trade|M-69-75=Legal, accounting, science and engineering|J-58-63=Information and communication|L-68=Real estate|F-41-43=Construction|D-35=Electricity, gas and heating|H-49-53=Transport and storage|N-77-82=Rental and support services|Q-86-88=Health and social care|I-55-56=Hotels and restaurants|B-05-09=Mining and quarrying|A-01-03=Agriculture, forestry and fishing|R-90-93=Arts, entertainment and recreation|S-94-96=Other services|P-85=Education|E-36-39=Water, sewerage and wasteBy number of employees
Booked tax on company profits 2024 in SEK billion, first by industry and then by number of employees.
How we calculated
Statistics Sweden's Business economy statistics (TAB6273) for 2024, the tax item in company income statements. It is the tax companies themselves book on the year's profit, not the corporate tax the Tax Agency levies, so the total is lower than corporate tax in the central government budget. Banks and insurers are not part of the statistics and are therefore missing entirely, as is public administration. Size is the company's number of employees.
The tax burden compared with other countries and the major tax reforms since 1990 are on Taxes.
The wealth tax and the inheritance tax.
Sweden had a wealth tax until 2007 and an inheritance and gift tax until 2005. The bars show what the wealth tax raised, year by year.
If it were reintroduced
Roughly – to – billion SEK a year.
The inheritance tax raised about 2.5 billion SEK in its last year, 2004.
What the tax does to a fortune
The threshold and the tax rate follow the choices above. Everything below the threshold is tax free.
The tax comes to – kr a year, – per cent of the return.
After 10 years: – million kr with the tax, – without. After 20 years: – against –.
- Without wealth tax
- With wealth tax
The examples are average taxable wealth in 2006, uprated by CPI to today's prices. No official statistics on the richest ten, one or one tenth of a per cent exist after 2007.
How the calculator works
The return is an assumption you choose, in kronor before tax, and the same every year. The tax is levied on the part above the threshold and paid out of the fortune at the end of the year. The threshold is not uprated for inflation. The calculator ignores anyone moving abroad, selling, giving away or reallocating assets to avoid the tax, and other taxes on the return. It shows what the tax does if nothing else changes.
How we calculated
There are no statistics on wealth after 2007, so the estimate starts from 2006. Then 200,788 people paid tax on about 397 billion SEK above the threshold; 54,141 of them had more than 4 million SEK, with about 242 billion above that threshold (SOU 2004:36, Statistics Sweden). The lower figure grows the tax base with prices (CPI), the higher with the size of the economy (nominal GDP). Wealth has probably grown more than that, but research also shows that the richest move or reallocate when the tax rises (Seim 2017, Jakobsen et al. 2020), and unlisted shares were exempt in 2006. The range is therefore a rough picture, not a forecast.
What happened to wealth when these taxes were abolished is on Wealth.
How income has been distributed.
The share of all disposable income going to the bottom 50 per cent, the middle 40 per cent, the top 10 per cent and the top one per cent, year by year since 1991.
- Bottom 50 per cent
- Middle 40 per cent
- Top 10 per cent
- Top 1 per cent
The top 10 per cent received – per cent of income in – and – per cent in –. The bottom 50 per cent received – and – per cent respectively.
The distribution of wealth over time is not shown. Statistics Sweden stopped measuring wealth in 2007, and the only long series available (World Inequality Database) may not be used on a site with advertising.
How we calculated
Income is disposable income per consumption unit (economic standard) including capital gains, for all persons. The shares for 50, 40 and 10 per cent are sums of Statistics Sweden's decile groups, and the top one per cent comes from its indicator table. Up to 2013 the figures come from the Household Budget Survey (HEK), from 2011 from the register based Income and Taxes statistics. The years 2011 to 2013 exist in both, and the gap between the lines there is the series break. Since 2020 Income and Taxes includes wages and pensions from the other Nordic countries, and since 2021 shared residence for children; Statistics Sweden has recalculated 2011 onwards the same way. 1992 to 1994 are missing in the source. Capital gains make the top jumpy: share sales in 2000, 2007 and 2021 show up as peaks.
Change it yourself and see what happens.
A simulator for taxes, interest rates and spending, and what an oil crisis would cost.
Move the sliders and watch the balance change.
Balance 2025–
Change–
New balance–
As share of GDP–
Per resident and year–
The link in the address bar saves your choices.
How we calculated
Everything in billion SEK per year and static: nobody changes their behaviour, and effects on growth and employment are not counted. The taxes follow the Ministry of Finance's rules of thumb for 2026 (Calculation conventions): one percentage point of employer contribution yields 21.6 billion net and one percentage point of corporate tax 11.9. VAT (16 per percentage point) and state income tax (3.6) we derived from the ministry's tax bases. A large cut in state income tax is therefore only approximate.
Interest has no official rule of thumb. We take the debt of 1,244 billion times the change, divided by the average interest-rate fixation of 4.64 years: that much of the debt is refinanced the first year (Debt Office). After a few years the full change applies. The pay covers 349 members of parliament, the prime minister, the speaker and the ministers including employer contributions, about 0.5 billion SEK. The wealth tax is the midpoint of the range further down the page.
The spending slider takes the 2025 outturn for the chosen expenditure area or appropriation and changes it by the percentage; the whole change goes straight into the balance. That the agency hires fewer people, or that those who get the money spend less, is not counted.
The measures show the cost 2026. The reforms are taken from the reform table in the budget bill for 2026 (Bill 2025/26:1, table 1.1), where they are counted as the effect on general government finances, not only the central government budget. The tax expenditures are taken from the Report on tax expenditures 2026 (Comm. 2025/26:98, tables 2.6 and 2.7): what the special rule costs compared with a norm, for example full VAT or the same energy tax as on petrol. Removing a measure here gives back the whole cost at once. In reality it takes time, people change their behaviour, and some measures overlap each other and the expenditure areas above. The total is therefore an upper bound, not a forecast. The budget bill for 2027 comes after the election; the figures will be replaced then.
Inflation has no slider, on purpose. The Ministry of Finance gives only the direction (Calculation conventions 2026, the section on a changed price level): a higher CPI raises the basic allowance, the threshold for state income tax and several excise duties, so taxes bring in less than otherwise, and spending in the social security systems rises. The indirect effects come at the earliest the year after and are not included. No figure per percentage point exists there, in the Debt Office's forecast (Central government borrowing 2026:1) or in the budget bill, and a guess of our own would not be anchored in any official source. How inflation affects the budget is instead described in words further down the page.
What an oil crisis costs, and what the same money buys.
Sweden buys oil and gas from abroad every year. When the price spikes, the country pays more for the same amount, and the state spends money on crisis support. Pick a crisis and a measure: the model works out what the crisis cost, what the same sum would have bought in the green transition, and how much cheaper the crisis would then have been.
The crisis cost–
Enough for–
Less oil per year–
Share of net imports–
Saved per year, at the crisis price–
Paid back after–
billion SEK. All amounts in – prices. The link in the address bar keeps your choices.
years|cubic metres|million cubic metresThe oil and gas bill, year by year
What Sweden paid for imported oil and gas minus what we received for what we exported. The peaks are the oil crises around 1980 and the years after Russia's invasion of Ukraine.
How we calculated
The extra import cost is from Statistics Sweden's foreign trade in mineral oils (SITC 33) and gas (SITC 34): what Sweden paid for imports minus what exports brought in during a crisis year, compared with what the same tonnes would have cost and earned at the unit prices of the year before the crisis. Imports and exports are counted separately, since Sweden buys crude oil and sells refined products. Everything is converted to the latest year's prices with the CPI (Statistics Sweden). The tables start in 1977, so the 1973 crisis cannot be calculated here; 1977 to 1994 and 1995 onwards are two tables and may differ slightly at the join.
Crisis support in 2022 and 2023 is the electricity price compensation to households (8.9 billion kr, appropriation 2022), the gas price support and the electricity support to energy-intensive companies from the central government budget, the temporarily lower tax on petrol and diesel from May to September 2022 (3.9 billion kr in lost revenue, skr. 2022/23:101) and the 2023 electricity support to households (24.5 billion kr) and companies (18.2 billion kr), which was paid from Svenska kraftnät's congestion revenue, outside the budget's appropriations (Annual report of the central government 2023, skr. 2023/24:101). The fuel compensation was voted down by the Riksdag in 2022 and never paid out. The electricity support concerned the power price, not oil, but the power price rose because of the same gas crisis. The crisis around 1980 has no crisis support in the model: we have not found a compilation.
The GDP loss is your own assumption and starts at zero. The National Institute of Economic Research has not stated how much energy prices lowered GDP in 2022, and for the crisis around 1980 we have found no official figure.
Unit prices: an energy renovation of an oil-heated house from the 1940s with an air-to-water heat pump and eight other measures costs 417,000 kr (Swedish Energy Agency house guide, 2023), and an oil-heated house uses 2.1 cubic metres of oil a year on average (Swedish Energy Agency, energy statistics for one- and two-dwelling buildings 2016). Far fewer oil-heated houses remain than the sum would pay for. An electric bus costs 4.9 million kr and a diesel bus 2.5 million kr, and a city bus runs 62,500 km a year at 0.4 litres of diesel per km, about 25 cubic metres (Trivector 2023:9 for the Swedish Transport Administration). New onshore wind power costs 10,911 kr per kW and runs 3,221 full-load hours a year, about 3.4 billion kr per TWh a year (Energiforsk 2021:714). Klimatklivet has granted 19.0 billion kr to measures expected to cut emissions by 3.1 million tonnes of carbon dioxide a year beyond what would have happened anyway (Swedish Environmental Protection Agency, Klimatklivet status report 2026).
Less oil is converted to tonnes at 0.85 tonnes per cubic metre and compared with net imports of mineral oils in the most expensive crisis year. Saved per year is that amount times the import unit price that year. The crisis if the transition had already been made reduces only the import part, by the same share. Unit prices are today's, also for the crisis around 1980. Everything is static: prices, behaviour and what would have happened anyway are not counted. Own scenario raises the latest year's net oil and gas bill by the percentage, for one year.
What the state owes.
The national debt, interest rates, inflation and the National Institute of Economic Research forecast.
What the state owes and what it owns.
Go deeperLoan types · Interest rates · The krona · Who owns the debt
Debt by instrument, billion SEK
Assets|National debt, consolidated|Provisions|Other liabilities|Net worthInterest cost, billion SEK|Average interest rateMarket rates and the state's interest cost
The Riksbank's policy rate is – and government bonds yield – at two years, – at five and – at ten years (–). In – the state paid an average of – on its debt. Interest is fixed for an average of – years, so a higher market rate only feeds into the interest cost as loans mature and are refinanced. The Riksbank's own forecast from monetary policy round – points to a policy rate of around – when the forecast ends in –.
- Policy rate, dashed: the Riksbank's forecast
- Ten-year government bond
- The state's interest rate on its debt
Source: Sveriges Riksbank, –, for today's rates, and monetary policy forecast – for the path. The policy rate and ten-year curves are monthly averages, our own processing of data from Sveriges Riksbank. The state's interest rate on its debt is our own calculation per year (see How we calculated under Inflation); the average rate and the interest rate fixation are the Debt Office's.
The krona and the debt in foreign currency
Part of the debt is borrowed in euros and dollars. When the krona weakens that part grows in kronor, without the state borrowing a single krona more; when the krona strengthens it shrinks. At the end of – , – SEK billion of the debt was bonds in foreign currency. If the krona becomes 10 percent weaker against those currencies, that part grows by roughly – SEK billion. At most it was – SEK billion, –. In the Debt Office's reconciliation of the debt in 2025, exchange rate effects were minus 3 SEK billion.
- Kronor per euro
- Kronor per dollar
A rising line is a weaker krona. Annual average of the ECB's reference rates, before 1999 the ecu (Eurostat). How the debt in foreign currency is split between euros and dollars is not reported in the statistics, and part of it is swapped into kronor with derivatives, so the 10 percent calculation is a rough estimate.
Who owns the national debt
Share of government bonds and treasury bills by who owns them at year end. Individual lenders cannot be seen: the securities are sold through banks and then traded on anonymously, so no register of the owners exists. What can be seen is Statistics Sweden's breakdown by sector.
- Foreign investors
- Insurance and pensions
- Banks
- The Riksbank
- AP funds
- Investment funds
- Others
The owners , share of the debt
How we calculated
Central government debt at year end 1970 to 2025 (Statistics Sweden, Debt Office statistics), split by instrument from 2001. The share of GDP is calculated from 1970. The balance sheet is from the Annual Report for Central Government 2025 (Govt. Comm. 2025/26:101): there the debt is consolidated, that is without government bonds owned by other government agencies, and therefore lower. Interest cost and average rate are the Debt Office's. Euros and dollars are converted at the year's average rate (ECB), so the series starts in 1975.
The owners come from Statistics Sweden's financial accounts (FM0103, stocks): interest bearing securities issued by the government, split by the holder's sector. The values are market values, and loans that are not securities are excluded, so the total is not exactly the national debt. Insurance companies and pension funds are merged because Statistics Sweden moved occupational pensions between them 2015. The AP funds are the social security funds sector. Others are companies, municipalities and regions, households, non profit organisations, other financial companies and government agencies that hold government securities themselves.
What rising prices do to the budget.
Inflation makes a debt in kronor worth less. The debt in constant prices shows what it is worth in today's money; the share of GDP shows how heavy it is compared with the whole economy, which also grows with prices. The debt in constant prices peaked in – at – SEK billion and is now –. As a share of GDP it peaked in – at – and is now –. In – inflation reduced the value of the debt by roughly – SEK billion.
Debt in constant prices, SEK billion
Debt as a share of GDP
Go deeperReal interest rate · How inflation hits the budget
The real interest rate on the debt
The interest the state pays minus inflation. When inflation is higher than the interest rate, as in 2022 and 2023, the debt shrinks in constant prices even though the state pays interest on it. In the latest year the interest rate was –, inflation – and the real interest rate –.
- Interest rate on the debt
- Inflation, CPI
- Real interest rate
How inflation affects the budget
Revenue keeps up
VAT is charged on the price, so when prices rise VAT grows at almost the same pace. Income tax follows wages. But the basic allowance is indexed to the price base amount and the threshold for state income tax to the CPI plus 2 percentage points, so part of the increase is given back. Excise duties on petrol, diesel, electricity, other fuels, tobacco and a few more are indexed to the CPI every year. Taxes in kronor per litre or kilo that are not indexed lose value instead.
Spending follows
The price base amount is set from how the CPI changed from June to June the year before. It drives, among other things, the guarantee pension, student aid and the ceiling in sickness and parental benefit, so that spending rises with a lag of about a year. Agencies' administrative appropriations are adjusted for prices and wages. Other appropriations stay fixed in kronor and lose value unless parliament decides on more.
The debt shrinks, interest rises
Part of the debt is inflation-linked government bonds that are indexed to the CPI: at the end of 2025 the debt included 55 SEK billion in accrued inflation compensation (Debt Office). The rest is fixed in kronor and eroded by inflation. High inflation tends to bring higher interest rates, and they feed into the interest cost as the debt is refinanced.
Net: worse in the short term
According to the Ministry of Finance, a higher CPI makes taxes bring in less than otherwise and spending in the social security systems higher, so weaker public finances over the coming year. The ministry does not say how much per percentage point, which is why the simulator above has no inflation slider.
How we calculated
Constant prices is the debt at year end converted with the CPI annual average (Statistics Sweden, 1980=100) to the latest year's prices. The share of GDP is the debt divided by GDP at market prices in current prices (Statistics Sweden), both from 1970. Before 1980 the CPI is Statistics Sweden's long cost of living index series, rebased to 1980=100. The erosion by inflation is each year's debt at the end of the previous year times that year's CPI inflation, summed.
The interest rate on the debt is our own calculation: outturn for expenditure area 26 Interest on central government debt divided by the average of the debt at the end of the previous and the current year. The outturn is cash based and includes premiums and discounts at issue and exchange rate losses, so it jumps more than the Debt Office's average rate in the table above, which is calculated on the book value of the debt. The real rate is (1 + interest rate) / (1 + inflation) minus 1. On how inflation affects the budget: the Ministry of Finance's Calculation conventions 2026 (the section on a changed price level and appendix 1 on indexed excise duties), the Social Insurance Code chapter 2 section 7 on the price base amount, and the Debt Office, Central government borrowing 2026:1 table 19.
Where the economy is heading, according to the National Institute of Economic Research.
The National Institute of Economic Research's (Konjunkturinstitutet) latest forecast for the economy and public finances. Outcomes for the last two years and forecasts for the coming ones; forecast years are in italics. Net lending and debt cover the whole public sector, that is central government, municipalities, regions and the pension system, and the debt is Maastricht debt, not central government debt.
Source: Konjunkturinstitutet (National Institute of Economic Research), forecast database, published –. Outcomes are Statistics Sweden data as published in the institute's database.
Sweden next to other countries.
The EU, foreign aid, NATO and how Sweden compares with Europe and the OECD.
What the countries pay in and get back.
Net per resident in SEK: what the EU pays out in the country minus what the country pays in. Minus means the country pays more than it gets.
What the EU pays out in Sweden, billion SEK
By region , billion SEK
How we calculated
The European Commission's EU spending and revenue 2000 to 2025 (CC BY 4.0), converted to SEK at the year's average rate. The payment is the country's own resources including customs duties, which the country collects but which belong to the EU; 2025 is budgeted. Population is Eurostat's. The regions are the Commission's regionalisation of the cohesion funds and the rural development programme (cohesiondata, last seven years); direct payments to farmers are not included there.
What the EU pays out in Sweden and who decides what is on Sweden in the EU.
Where Sida's aid goes.
Total – billion SEK
Countries and regions, million SEK
Purpose, million SEK
How we calculated
Sida's disbursements by country and purpose from Sida's IATI reporting (iati.openaid.se) 1998 to 2025. Sida handles about half of expenditure area 7; the rest is mainly core support to the UN and the World Bank, which cannot be tied to a country. The latest year may grow as late reports come in.
More on aid, the one percent target, the deductions and the comparison with other donor countries on Social assistance.
What has NATO membership cost?
Sweden applied for membership on 18 May 2022 and became a member on 7 March 2024. The cost has two parts: the fees to NATO's common budgets, which follow directly from membership, and the defence appropriations, which have grown for several reasons and largely under decisions taken before Sweden applied.
The fees to NATO
Each member pays a share of the civil budget, the military budget and the NATO Security Investment Programme (NSIP), based on gross national income. The government budgeted the fees like this in the budget bill for 2024. For 2025 that is about – kronor per inhabitant, or – per cent of expenditure area 6.
Budgeted, not outturn: the annual outturn does not report the fees separately. Military part on appropriation 6 1:2, civil part on appropriation 5 1:1. On top of that, 44 million SEK a year to the NATO Innovation Fund (NIF), which is voluntary.
Defence as a share of GDP
By NATO's definition, Sweden was at – per cent of GDP in 2021 and at – per cent in – according to NATO's estimate. Expenditure area 6 Defence and civil preparedness was – billion SEK in 2021 (– per cent of GDP) and – billion SEK in – (– per cent).
- Sweden
- Denmark
- Finland
- Norway
- NATO Europe and Canada
- NATO total
At the Hague summit in 2025, the members committed to spending 5 per cent of GDP on defence and security by 2035: 3.5 per cent on core defence and 1.5 per cent on things such as protecting infrastructure, cyber defence and preparedness. In 2026, NATO Europe and Canada were at – plus – per cent according to NATO's estimate. The government expects 3.1 per cent of GDP in 2030 and aims to reach 3.5 per cent that year (Govt. bill 2025/26:1).
Go deeperDecisions before and after applying · The Nordics · One percent of GDP
What was decided before and after the application
Before the application
- 2015. The defence decision after the annexation of Crimea: 10.2 billion SEK more for defence in 2016 to 2020 (Govt. bill 2014/15:109).
- 2020. The defence decision for 2021 to 2025: the budget frame for the military defence rises step by step to 22 billion SEK more in 2025 than in 2021 (Govt. bill 2020/21:30).
- 16 March 2022. After Russia's full-scale invasion of Ukraine, the parties in the Riksdag agreed that defence appropriations should reach 2 per cent of GDP as soon as practically possible (Govt. bill 2024/25:34).
- 8 April 2022. Commissioned by the government, the Swedish Armed Forces assessed that 2 per cent could be reached by 2028 at the latest.
After the application
- 19 May 2022. The day after the application, the Swedish Armed Forces were told to plan for 2 per cent of GDP in 2028.
- 2023. The fees to NATO are budgeted from 2024 (Govt. bill 2023/24:1).
- 2024. The defence decision for 2025 to 2030: 2.2 per cent of GDP in 2024 and about 2.6 per cent in 2028 (Govt. bill 2024/25:34).
- 2025. The Hague commitment to 3.5 plus 1.5 per cent by 2035. The government aims for 3.5 per cent as early as 2030 (Govt. bill 2025/26:1).
How much Sweden would have spent on defence without membership cannot be known, and we do not calculate any such figure. What can be said is that the increase began before the application, that the 2 per cent target was set before the application, and that it is the Hague commitment that pulls towards 3.5 per cent. Part of appropriation 6 1:2 is also support to Ukraine and the European Peace Facility, which are not NATO costs.
The Nordics and NATO
Per cent of GDP by NATO's definition. Iceland has no armed forces and is not reported.
What is a per cent of GDP?
That is–billion SEK a year
Per inhabitant–kronor a year
Compared with expenditure area 6–billion SEK
How we calculated
The shares of GDP are NATO's, from Defence Investment of NATO Countries (2014 to 2026), table 3, published in July 2026. NATO's definition is broader than expenditure area 6: it includes, among other things, defence pensions and parts of other expenditure areas, and it bases 2025 and 2026 on estimates. That is why NATO's percentage differs from expenditure area 6 divided by GDP, which is our own calculation from the Swedish Agency for Public Management's annual outturn and Statistics Sweden's GDP.
The fees are the government's budgeted amounts in Govt. bill 2023/24:1, expenditure area 6 table 4.13 and expenditure area 5 table 2.11: military part 600, 761 and 1,038 million SEK and civil part 145, 101 and 108 million SEK for 2024, 2025 and 2026. The civil part for 2024 includes one-off costs for access to NATO premises. In the spring amending budget for 2024, 50 million SEK was added, partly so that the fee for 2024 would include a quarter of the fee for 2025. Later bills do not state the fees separately. Per inhabitant, the fees for 2025 are divided by the population.
The slider multiplies the share by GDP in – and divides by the population the same year.
Conscription, total defence and the emergency stockpiles are on Defence.
How big the public sector is.
Percent of GDP, latest year, stacked by function and sorted by the sum of those selected. The whole public sector: central government, regions, municipalities and social security funds.
How we calculated
Eurostat, general government expenditure by function (gov_10a_exp, COFOG), percent of GDP, CC BY 4.0. Countries report under the same rules, but what counts as public differs: where pensions or health insurance are run privately, public expenditure is lower.
Equality and taxes next to the neighbours.
How evenly incomes are spread in Sweden compared with the EU and the Nordic neighbours, how much taxes and benefits even them out, and how much tax is collected compared with the OECD.
Inequality year by year
- Sweden
- EU
- Denmark
- Finland
- Norway
In the latest year, –, the value was – in Sweden and – in the EU as a whole.
Go deeperPoverty by region · Equalisation · Tax wedge · Tax mix
Risk of poverty by region
Stockholm|East Middle Sweden|Småland and the islands|South Sweden|West Sweden|North Middle Sweden|Central Norrland|Upper NorrlandPer cent of the population, year –. Source: Eurostat (EU-SILC), CC BY 4.0, own processing. Eurostat is not responsible for the processing.
How much taxes and benefits even things out
- Market incomes, before
- Disposable incomes, after
Taxes and benefits lower the Gini coefficient by this many per cent, latest year for each country:
Source: OECD (Income Distribution Database), CC BY 4.0, own processing.
The tax wedge on a wage
Income tax and social contributions minus benefits, as a percentage of what the employer pays for the wage, year –. A low wage is 67 per cent of the average wage, a high wage 167 per cent. The single parent has a low wage; the couple with two wages earns 100 and 67 per cent. Source: OECD (Taxing Wages), CC BY 4.0, own processing.
Which taxes are collected
In total Sweden collects – per cent of GDP in –, against – per cent in the OECD average.
- Sweden
- OECD average
Per cent of GDP, whole public sector. Source: OECD (Revenue Statistics), CC BY 4.0, own processing.
How we calculated
The Gini coefficient, the ratio between the top and bottom fifths and the risk of poverty come from Eurostat's income survey EU-SILC (ilc_di12, ilc_di11, ilc_li02 and ilc_li41 by region) and are based on disposable income per consumption unit. The year is the survey year; the incomes refer to the year before. The poverty measure is relative: it shows how many have much less than the middle in their own country, not how many lack the basic necessities. The redistribution figures come from the OECD Income Distribution Database and compare the Gini coefficient for market incomes (wages, self-employment and capital) with the one for disposable incomes, for the whole population. The OECD changed its income definition in 2012, so the lines before and after are not fully comparable. The tax wedge comes from OECD Taxing Wages and the tax mix from OECD Revenue Statistics; the OECD average is an unweighted average of the member countries. The figures differ slightly from Statistics Sweden's own because the definitions are harmonised across countries.
Low debt, a new target and borrowing for defence.
Sweden has one of the lowest public debts in the EU. General government debt was 35 percent of GDP in 2025, about half the level of 1996. Behind this is the fiscal framework built after the crisis of the early 1990s: a target for net lending and a ceiling on central government spending, and since 2019 also a debt anchor of 35 percent of GDP. Parliament has decided that the surplus target will be replaced by a balance target from 2027. Revenue and spending must then be equal on average over a business cycle, instead of producing a small surplus.
Right now the budget is heading the other way. In 2025 the parliamentary parties agreed to borrow temporarily for higher defence spending and support to Ukraine from 2026 to 2034. According to the Fiscal Policy Council, the budget for 2026 gives the largest deficit in 30 years, apart from the pandemic year 2020. In February 2026 the council made its sharpest criticism yet: defence could have been paid for without borrowing, and the budget gives extra stimulus to an economy already expected to recover. For the target to be met in 2028, the council sees practically no room for unfinanced measures in 2027 and 2028.
The neighbouring countries are in very different positions. Norway saves its oil revenue in the Government Pension Fund Global, which is several times larger than the country's GDP. The fiscal rule says that in a normal year the state should spend roughly the expected return, 3 percent of the fund. Denmark has a surplus and shrinking debt. Finland has gone the opposite way: debt rose from 77 to 88 percent of GDP between 2023 and 2025, and the government is trying to turn this around with savings and higher VAT. Iceland also has a deficit, and its debt is reported in a way that is hard to compare with the others.
Debt, net lending and taxes in the Nordics
| Country | Gross government debt 2025, percent of GDP | Net lending 2025, percent of GDP | Taxes 2024, percent of GDP |
|---|---|---|---|
| Sweden | 35.1 | −1.6 | 41.4 |
| Norway | 54.4 | +10.5 | 40.2 |
| Denmark | 27.2 | +2.9 | 45.2 |
| Finland | 88.4 | −3.8 | 42.2 |
| Iceland | No comparable figure | −2.6 | 36.9 |
Sources: Eurostat (debt by the EU's debt measure and net lending, updated 21 October 2026; Norway's debt refers to the fourth quarter of 2025) and OECD Revenue Statistics 2025 (taxes and social contributions, preliminary figures for 2024). The EU average was debt of 81.5 percent and net lending of −3.1 percent of GDP in 2025; taxes in OECD countries averaged 34.1 percent of GDP in 2024. Norway's gross debt says little about its economy, since the oil fund gives the state far larger assets than debts. Statistics Iceland reports gross debt of 84 percent of GDP for 2025, but it counts all liabilities and is therefore not comparable with the others.
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Why is Sweden's government debt so low?
After the crisis of the 1990s, when deficits were very large, reforms and budget rules were introduced that most parties supported. Researchers point to that broad support and to the rules having been followed. While crises have raised debt in many rich countries, Sweden's public finances have strengthened over time, and Sweden came through the financial crisis, the euro crisis and the pandemic without breaking the EU's budget rules.
Calmfors (2012), CESifo Working Paper 3790. Swedish Fiscal Policy Council (2025), consultation response on SOU 2024:76.
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Has the surplus target been too tight?
The inquiry modelled targets from a surplus of 1 percent to a deficit of 1 percent of GDP and found all of them sustainable. The Fiscal Policy Council judges that even debt of up to 50 percent of GDP would be sustainable. But the council points out that a lower target shifts costs to future generations, and that it should be justified by temporarily large investments or the costs of an ageing population. This time, population trends rather argue for a higher target, because fewer children are being born.
Fiscal Target Committee (2024), SOU 2024:76 From a surplus target to a balance target. Swedish Fiscal Policy Council (2025), consultation response on SOU 2024:76.
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Does defence have to be paid for with loans?
No, according to the Swedish Fiscal Policy Council. Defence spending is to stay at a higher level for good, and should then be paid for with taxes or lower spending elsewhere. The council notes that the government is cutting income tax by about as much as the extra defence spending costs, so the borrowing is a political choice. The result is higher interest costs and less room for future governments.
Swedish Fiscal Policy Council (2026), Swedish Fiscal Policy 2026.
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How much of a tax cut comes back through more work?
It depends on who gets the cut. Swedish tax reforms in the 1980s show that men's labour income responded fairly little to lower marginal tax, while women's responded more. Whether the earned income tax credit from 2007 got more people into work cannot be said for sure, because the differences in the credit between groups were too small and possibly not random. The Fiscal Policy Council calls the expanded earned income tax credit of 2026 an inefficient way to raise employment that permanently weakens public finances.
Blomquist and Selin (2010), Journal of Public Economics. Edmark, Liang, Mörk and Selin (2016), FinanzArchiv. Swedish Fiscal Policy Council (2026), Swedish Fiscal Policy 2026.
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Who really pays corporate tax?
Largely the employees. A study of about 6,800 changes in local business tax in German municipalities shows that roughly half of the tax is borne by employees through lower wages. The low-skilled, the young and women bear a larger share.
Fuest, Peichl and Siegloch (2018), American Economic Review.
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Does public spending do more good in a downturn?
Researchers disagree. A US study found that government spending lifts the economy considerably more in recessions than in expansions. A later study using over a hundred years of US data found that each dollar of spending raised output by less than a dollar, regardless of the state of the economy, except possibly when interest rates were near zero.
Auerbach and Gorodnichenko (2012), American Economic Journal: Economic Policy. Ramey and Zubairy (2018), Journal of Political Economy.
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What do municipalities do with money from the state?
They mostly spend it on services. A study of Swedish municipalities, where a rule in the grant system gave some municipalities more money than others, shows that the grants led to higher spending rather than lower local tax. The money sticks where it lands, something researchers call the flypaper effect.
Dahlberg, Mörk, Rattsø and Ågren (2008), Journal of Public Economics.
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What do higher interest rates mean for the budget?
As long as the interest rate on government debt is lower than economic growth, debt shrinks as a share of GDP by itself, and the debt costs little in practice. In the United States this has historically been the normal situation. If the rate rises above growth, that advantage disappears, and interest costs must be paid with taxes or cuts. The Fiscal Policy Council warns that borrowing for defence gives future generations higher interest costs.
Blanchard (2019), American Economic Review. Swedish Fiscal Policy Council (2026), Swedish Fiscal Policy 2026.
Where the figures come from.
- Swedish Agency for Public Management (formerly ESV), annual outturn of the state budget per appropriation 1997 to 2025. Open data, CC0.
- Eurostat, general government expenditure by function (gov_10a_exp), Sweden 1995 to 2024. CC BY 4.0.
- Riksdag open data, the budget bill for each year.
- SCB, consumer price index (CPI) and GDP at market prices, for real kronor and share of GDP. CC0.
- Swedish Agency for Public Management, economic breakdown of the appropriations per agency 2009 to 2025 and state revenue per revenue title 2006 to 2025. CC0.
- Swedish National Debt Office via SCB, the national debt 1970 to 2025, and the Debt Office's evaluation of debt management (interest cost, fixation).
- SCB, financial accounts (FM0103), who owns the government's interest bearing securities 1995 to 2025. CC BY 4.0.
- Riksdag open data, budget bill for 2026 (Bill 2025/26:1, the reform table) and Report on tax expenditures 2026 (Comm. 2025/26:98).
- Annual report for the central government 2025 (skr. 2025/26:101), the state's balance sheet.
- Swedish Tax Agency, Amounts and percentages 2026 (SKV 433), and Ministry of Finance, Calculation conventions 2026.
- The Riksdag's remuneration board and regeringen.se, pay 2026.
- Statistics Sweden, income distribution by decile (HE0110, CC BY 4.0), household expenditure (HUT 2021) and municipal accounts (OE0107). SOU 2004:36 for the wealth tax.
- European Commission, EU spending and revenue 2000 to 2025 (CC BY 4.0), and cohesiondata, EU money by region.
- Eurostat, EU-SILC: Gini (ilc_di12), the S80/S20 ratio (ilc_di11) and risk of poverty (ilc_li02, ilc_li41), Sweden, the EU and the Nordics 2005 to 2025. CC BY 4.0, own processing. Eurostat is not responsible for the processing.
- OECD, Income Distribution Database, Taxing Wages and Revenue Statistics. CC BY 4.0, own processing.
- Page, aid by country and purpose from the IATI reporting.
- NATO, Defence Investment of NATO Countries (2014 to 2026), defence expenditure as a share of GDP. Used with attribution under NATO's terms.
- Riksdag open data, the government bills on defence and the NATO fees: 2014/15:109, 2020/21:30, 2022/23:99, 2023/24:1, 2023/24:99, 2024/25:34 and 2025/26:1.
- Sveriges Riksbank, the policy rate and government bond yields (SWEA) and the monetary policy forecast for the policy rate. Free to reuse with the source stated.
- Konjunkturinstitutet, forecast database: GDP, CPIF, unemployment, net lending and public debt. Free to reuse with the source stated.