Swedish Q1 current account surplus up to 55.8 billion kronor

Sweden's current account balance rose to a surplus of 55.8 billion kronor in the first quarter, an increase of 5.1 billion from the same period in 2004, according to the Riksbank.

The surplus on trade in goods amounted to 42.3 billion kronor, down 3.6 billion compared with the corresponding period in 2004. Trade in services showed a surplus of 10 billion kronor, up 2.7 billion; and the income balance (compensation to employees and investment income) a surplus of 11.2 billion kronor, a rise of 5 billion compared with the previous year.

The net sum of current transfers and the capital balance gave a deficit of 7.4 billion during Q1 2005. Compared with the corresponding period in 2004, this entails a decline of 1.5 billion kronor.

Net direct investment amounted to a net outflow of 59.7 billion kronor, compared with a net outflow of 42 billion for the period last year.

Portfolio investment income showed a deficit of 4.8 billion kronor during the first quarter, almost halving the deficit of the same period last year.