Sweden Current Account Surplus at 3-Year Low

Sweden’s current account surplus narrowed to SEK 78.1 billion in the fourth quarter of 2025, from SEK 96 billion in the same period a year earlier. This was the smallest quarterly surplus since Q4 2022, dragged down by a fall in the goods account surplus, which dropped to SEK 67.6 billion from SEK 87.3 billion in Q4 2024, while the services account deficit widened to SEK 27.6 billion from SEK 23.8 billion. In contrast, the primary income surplus increased to SEK 74.4 billion from SEK 69.7 billion, and the secondary income deficit slightly decreased to SEK 36.3 billion from SEK 37.2 billion.

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.