A budget surplus, asset sales AND top notch crumpet

ᔥ The Local

So much for sweden being socialist. It seems they have it all.

Sweden’s national debt office (Riksgälden) stated on Tuesday that the country’s budget surplus from 2011 stood at 68 billion kronor ($9.85 billion).

“Despite increased concerns about the debt situation in the world and an expected slowdown in the economy during the second half, Swedish government finances developed strongly in 2011,” the debt office said in a statement.

While Sweden, with its heavily export reliant economy was hard-hit during the 2008-2009 financial crisis, its recovery “continued to be strong in 2011, which generated higher tax income,” the office said.

The debt office pointed out that the government during the year had also sold off shares worth 23 billion kronor in the Nordic region’s biggest bank, Nordea, and in Swedish-Finnish telecom giant Telia Sonera.

Sweden’s central government debt meanwhile stood at 1,108 billion kronor at the end of 2011, which corresponds to 32 percent of the non-euro-member’s gross domestic product (GDP), far below the 60-percent level allowed within the eurozone.

  • Le Sphincter

    So their current centre right coalition can run a surplus in a country with a large welfare budget in spite of the GFC ?

    Oops they have got Sk 23 bill from selling of shares in the telecom company and largest bank.

    That helps. But is a ‘oncer’

  • Rocky

    Maybe they could bail out their neighbour Denmark which reportedly is going broke.

    • Le Sphincter

      Denmarks deficit is still half  the % GDP that English is managing in NZ

  • Richard McGrath

    English needs to go, so that Key can initiate some free market reforms and possibly save the economy… if he really wants to. If he doesn’t, he will go down in the history books as just another Tory Labour-lite state-tit-sucker.

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