In the 1st 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 11 billion ISK in surplus or 2.5% of quarterly GDP and 5.1% of general government total revenue. This can be compared with 3.5 billion ISK in deficit in the 1st quarter of 2013 or 1.8% of GDP in that quarter.

The general government total revenue has increased by 12.4% between the 1st quarters of 2013 and 2014, or from 190.4 billion ISK to 213.9 billion ISK. This increase can mainly be explained by increased dividends from Landsbankinn Bank to it’s main owner, the central government. The total expenditure increased at the same time by 4.7%, or from 193.8 billion ISK in 2013 to 202.9 billion ISK in 2014. The main reasons are increase in wages and salaries and gross capital formation.

Quarterly government accounts, 1st quarter 2014 - Statistical Series