May 14, 2020 / 8:24 AM / 16 days ago

Swedish budget watchdog sees large deficit in public finances in 2020

STOCKHOLM, May 14 (Reuters) - Sweden will run a large deficit in 2020 as the effects of the government’s measures to fight the outbreak of the novel coronavirus hit public finances, the ESV budget watchdog said on Thursday.

It forecast a deficit in public finances of 7.3% of gross domestic product for 2020. In March it estimated the shortfall would be between 0.5% and 3.3%, depending the duration of the current crisis.

“Increased expenditure and shrinking tax receipts will lead to a shortfall in public sector finances of 350 billion crowns ($35.53 billion),” the ESV said. “Public sector gross debt - the Maastricht debt - is expected to increase to 43% of GDP.” ($1 = 9.8495 Swedish crowns) (Reporting by Simon Johnson; editing by Johan Ahlander)

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