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Financial Accounts first quarter 2022

Non-financial corporations’ loans increased sharply

Statistical news from Statistics Sweden 2022-06-16 8.00

During the first quarter of 2022, non-financial corporations borrowed SEK 129 billion from monetary financial institutions, which is the highest measured borrowing since the time series started. Households' net financial wealth fell for the first time in two years, and as the stock market declined, households sold funds but net purchased shares. Local government had strong positive net borrowing, while central government net borrowing was the opposite.

At the end of the first quarter of 2022, non-financial corporations' loans in monetary financial institutions amounted to SEK 2 673 billion. Net borrowing, new loans minus repayments, amounted to SEK 129 billion, which was the single largest increase in a quarter since the time series started in 1996. Since the first quarter of 2021, non-financial corporations' loans have increased by 11 percent. Net emissions of debt securities, new emissions minus maturity, amounted to SEK 14 billion. Non-financial corporations' outstanding debt in debt securities amounted to SEK 1 598 billion.

Non-financial corporations' loans in monetary financial institutions, balances and annual growth rate, SEK billions and percent

Graph: Non-financial corporations' loans in monetary financial institutions, balances and annual growth rate, SEK billions and percent

New emissions of shares were also a common form for the non-financial companies to finance themselves during the quarter. New emissions of both listed and unlisted shares amounted to SEK 93 billion during the first quarter of 2022.

Decline in households’ financial net wealth

During the first quarter of 2022, households’ financial savings remained high and amounted to SEK 136 billion, which was SEK 11 billion higher than the corresponding quarter previous year. In particular, bank deposits, net tax accruals and net savings in occupational pension contributed to the high savings. Historically, there is a seasonal variation in households’ financial savings, with savings having usually been higher in the first two quarters of the year.

Households’ financial net wealth has risen continuously over the past two years, but declined during the first quarter of this year. At the end of the first quarter of 2022, households’ financial net wealth amounted to SEK 14 534 billion, which was SEK 668 billion lower compared to the fourth quarter of previous year. A contributing factor was the stock market contraction which, according to OMX Affärsvärldens Generalindex, fell by 15 percent during the quarter. As the stock market fell, households’ sold net funds worth SEK 19 billion, but bought shares net for SEK 21 billion.

Households’ financial net wealth and savings, outstanding values and transactions, SEK billions
Financial Accounts first quarter 2022

Central government savings considerable negative

During the first quarter 2022 the central government presented a considerable negative financial saving at SEK 35 billion, which was five times as high as the previous quarter. In contrast to the central governments negative financial saving, local government showed a positive result. The local governments’ financial savings amounted to SEK 33 billion. During the last years before the pandemic, the central government had a higher financial saving than the local government. Since the beginning of the pandemic the relation have been the opposite. It mainly depends on the central government support to the local government during the period.

Central and local government financial savings, transactions, SEK billions
Financial Accounts first quarter 2022

The central government debt decreased by SEK 57 billion compared to previous quarter, mainly as a consequence of the quarters’ interest rate. The market valued central government debt amounted to SEK 2236 billion in the end of the quarter.


In conjunction with the production of the first quarter 2022, yearly and quarterly statistics have been revised for the period 2019-2021Q4. Households’ tenant ownership rights have been revised down from 2019 and onwards due to new yearly values of housing stock. New information on purchase price on tenant ownership have been adjusted on a full year basis, and a transition to Valueguard price developing index from fourth quarter 2021 was introduced. Issued dept securities have been revised from first quarter 2019 with statistics from the source Swedish securities database . Furthermore, the Rest of the World sector was revised as from the first quarter of 2019 with new information from the Balance of Payments. For public administration, revisions were made from 2019 primarily related to updated taxes.

Definitions and explanations

The financial accounts aim to provide information about financial assets and liabilities, and about changes in financial savings and financial wealth in different economic sectors.

Financial savings, net lending/net borrowing, in the Financial Accounts is calculated as the difference between transactions in financial assets and transactions in liabilities. Net lending/net borrowing is measured as the difference between income and costs in the non-financial sector accounts, which, like the Financial Accounts, form part of the National Accounts. However, the financial accounts and non-financial sector accounts are based on different sources, which gives rise to differences.

In the Financial Accounts, the national debt calculation is different from the measure of national debt most often reported, which is calculated based on the convergence criteria, also known as the Maastricht debt. The Maastricht debt does not comprise all financial instruments; the instruments are reported at nominal value, and the central government debt is consolidated. In the Financial accounts, the national debt is unconsolidated and includes all financial instruments at market value.

In addition to government agencies, the central government sector also includes certain government foundations and some State-owned enterprises. Central government does not include units in the old-age pension system. Instead, they comprise of the sector social security funds. Local government includes primary municipal authorities, regional authorities (formerly county council authorities), municipal associations, some municipal foundations, and some local government-owned enterprises.

Further information: The National Wealth

The National Wealth, which contains annual data on non-financial and financial assets, is also published in connection with the publication of the Financial Accounts. Financial assets and liabilities are collected from Financial Accounts and are thereby consistent with the values published in Financial Accounts.

For further information, see:

Nationalförmögenheten och nationella balansräkningar (in Swedish) (pdf)

Statistical database

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Swedish Financial Supervisory Authority

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Statistics Sweden


Frida Frånlund

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Filip Grundberg

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Nicolai Nystrand

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