In the 2nd quarter of 2014, the financial balance of the general government (i.e. the central government, the social security funds and the local governments) amounted to 1.8 billion ISK in deficit or 0.4% of quarterly GDP and 0.9% of general government total revenue. This can be compared with 5.7 billion ISK in deficit in the 2nd quarter of 2013 or 2.4% of GDP in that quarter. In the first half of the year there is a surplus of 10.9 billion ISK in the balance that can mainly be explained by increased dividends from Landsbankinn Bank to it’s main owner, the central government.

The general government total revenue has increased by 11.3% between the first half of year 2013 to the same period in 2014. The total expenditure increased at the same time by 3.8% mainly owing to increase in wages and salaries and gross capital formation.

Quarterly government accounts, 1st quarter 2014 - Statistical Series