In 2016, the financial balance of the general government is estimated as 416.8 billion ISK in surplus or 17.2% of GDP, compared with a deficit of 18.5 billion ISK in 2015 or 0.8% of GDP. The revenue increased by 52.0% while the expenditure increased by 5.2%. Included in the revenue of the general government in 2016 is extraordinary revenue of 384.3 billion ISK due to stability contribution from the estates of the fallen banks.
The general government total revenue in 2016 of 1.415 billion ISK amounted to 58.4% of GDP, compared with 42.0% in 2015. The general government total expenditure of 998 billion ISK amounted to 41.2% of the 2016 GDP, compared with 42.9% in 2015.
An assessment based on cash transactions data shows that the general government total financial assets amounted to 51% of GDP at the end of 2016 and the total liabilities 88%. This is the fourth year in a row that the general government total liabilities’ share of GDP has fallen.
Statistics Iceland has released a new issue of Statistical Series. This issue presents the final accounts for the general government finances in 2016 with the main focus on the general government. Similar information on its subsectors is available on the Statistics Iceland’s website.
General government finances 2016, preliminary figures - Statistical Series