The 2025 Spring Budget in five minutes
Published
On 15 April, the Government presented its Spring Amending Budget. In the Budget, the Government intends to utilise the strength of the Swedish economy to enhance its growth and offset the negative effects of the prevailing economic uncertainty.
There is a great deal of uncertainty around the world. The announcement of significantly increased US tariffs has raised concerns. This has resulted in increased uncertainty regarding global economic growth, which in turn has caused turbulence in financial markets. Nevertheless, Sweden is on stable economic ground and able to take further action should the need arise. The Swedish Government’s fiscal policy aims to prioritise the finances of the Swedish people.
Key indicators forecast 15 april 2025
Outcome 2024, forecast 2025–2028
| 2024 | 2025 | 2026 | 2027 | 2028 | |
| GDP | 1.0 | 2.1 | 2.8 | 2.4 | 1.4 |
| Employment, aged 15–74 | -0.5 | 0.2 | 1.1 | 1.1 | 0.6 |
| Unemployment, % of labour force aged 15–74 | 8.4 | 8.6 | 8.2 | 7.8 | 7.6 |
| CPI | 2.8 | 0.7 | 1.8 | 1.9 | 2.1 |
| CPIF | 1.9 | 2.5 | 1.9 | 2.0 | 2.0 |
| General government net lending, % of GDP | -1.5 | -1.3 | -0.6 | 0.2 | 0.4 |
| General government gross debt, % of GDP | 33.6 | 34.3 | 33.4 | 32.4 | 31.0 |
Note: Based on published statistics up to and including 6 March 2025 resp. 10 March 2025 for general government net lending and structural balance and 2025-03-31 for gross debt. GDP and expenditure components refer to constant prices.
Sources: Statistics Sweden, Macrobond and own calculations
A more prosperous and secure Sweden
The Government’s fiscal policy focuses on three areas: strengthening households and supporting recovery, reinstating the work-first principle and reducing unemployment, and increasing growth and investment in Sweden.
- Strengthening household purchasing power. Despite increased real earnings, more needs to be done to strengthen and restore household purchasing power. That is why taxes have been reduced for everyone who works and has worked. Lowering fuel taxes and reduction obligation levels makes a major difference in many people’s wallets, as does the reduced tax on savings interest. The Government sides with households.
- Reinstating the work-first principle and reducing unemployment and social exclusion. Demand for labour remains weak and unemployment is higher than it was a year ago. Cyclical unemployment is best managed by supporting economic activity and stimulating growth.
- Facilitating investment and increasing growth in Sweden. A growing economy is a prerequisite for good economic development and for funding the defence build-up that Sweden is facing. Higher US tariffs and the risk of increased protectionism make it all the more important – for both Sweden and the EU – to strengthen competitiveness and increase productivity.
A Spring Budget that supports the economy and increases security
In the 2025 Spring Budget, the Government proposes measures totalling SEK 11.5 billion*, including investments in the following areas:
- Measures to navigate Sweden through the weakened state of the economy. The Swedish economy is below trend. For this reason, the Government proposes measures to stimulate demand, counteract unemployment and accelerate industrial climate transition.
- Law enforcement and improved safety and security. Organised crime is a systemic and serious threat to our open society, individual liberty and the foundations of the rule of law. It continues to claim lives throughout the entire country. To reverse this trend, the Government has launched the largest offensive against organised crime in Swedish history. Sweden will be a safer place to live.
- Enhanced Swedish defence capability and continued support to Ukraine. The security situation has continued to deteriorate in Sweden’s neighbourhood and globally. This situation calls for substantial but necessary expenditures to enhance Sweden’s defence capability. Sweden will also continue to support Ukraine for as long as necessary.
* The SEK 11.5 billion include proposals in the 2025 Spring Amending Budget (Govt Bill 2024/25:99) and the additional 2025 amending budget on temporarily increased subsidisation for the tax credit for building repairs, maintenance and improvement (Govt Bill 2024/25:156).
