Swedish current account surplus rose to SEK 62.7 billion in the first quarter of 2019 from SEK 17.6 billion in the corresponding period of the previous year. It was the largest current account surplus since Q3 2008, as the services account recorded a SEK 7.7 billion surplus swinging from a SEK 1.1 billion deficit a year ago while the goods surplus increased to SEK 45.6 billion from SEK 23.5 billion. Also, the primary income surplus widened to SEK 41.5 billion from SEK 21 billion, mainly due to the income on portfolio investments. Meanwhile, the secondary income deficit rose to SEK 32.2 billion from SEK 25.8 billion in Q1 2018. Current Account in Sweden averaged 24.50 SEK Billion from 1982 until 2019, reaching an all time high of 82.30 SEK Billion in the first quarter of 2008 and a record low of -15.90 SEK Billion in the third quarter of 1990.
Current Account in Sweden is expected to be 9.00 SEK Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Sweden to stand at 21.00 in 12 months time. In the long-term, the Sweden Current Account is projected to trend around 28.00 SEK Billion in 2020, according to our econometric models.