Swedish Current Account Surplus Largest in Almost a Year

Sweden posted a current account surplus of SEK 93.2 billion in Q3 2025, widening from SEK 88.1 billion in the corresponding period of the previous year. The goods account surplus expanded to SEK 90.7 billion from SEK 62.5 billion a year earlier, while the primary income surplus, which mainly includes investment returns and wages, rose to SEK 81.3 billion from SEK 76.2 billion. Meanwhile, the services account deficit grew to SEK 5.3 billion from SEK 28.7 billion, and the secondary income shortfall, which covers international cooperation and EU contributions, increased to SEK 27.5 billion from SEK 22 billion.

Sweden’s current account surplus narrowed to SEK 84.5 billion in the second quarter of 2025 from SEK 136 billion in the corresponding period of the previous year, as all major components weakened, led by a drop in investment returns within the primary income balance. The primary income surplus declined to SEK 71 billion from SEK 97 billion a year ago, while the goods surplus eased to SEK 81 billion from SEK 87.1 billion. At the same time, the services deficit widened to SEK 40.1 billion from SEK 21.5 billion, and the secondary income gap edged up to SEK 27.5 billion from SEK 26.6 billion.

Sweden’s current account surplus widened sharply to SEK 119.3 billion in the first quarter of 2025 from SEK 85 billion in the corresponding period of the previous year. This marked the largest surplus since the second quarter of 2024, primarily driven by an expansion in primary income surplus to SEK 84.5 billion from SEK 53.8 billion a year earlier. Additionally, the goods account surplus increased to SEK 101.7 billion from SEK 88.2 billion. Meanwhile, the services account shortfall rose to SEK 32.3 billion from SEK 30.4 billion, as well as the secondary income gap to SEK 34.6 billion from SEK 26.7 billion.