In 2014, the financial balance of the general government was 3 billion ISK in deficit or 0.2% of GDP, which can be compared with a deficit of 32 billion ISK in 2013 or 1.7% of GDP. The reduced deficit in 2014 can be explained by 13.3% increase in revenue while expenditure increased by 9.3%.

The general government total revenue in 2014 of 903 billion ISK amounted to 45.3% of GDP, compared with 42.4% in 2013. The general government total expenditure of 906 billion ISK amounted to 45.4% of the 2014 GDP, compared with 44.1% in 2013.

Net financial assets to GDP was -47.2% at the end of 2014 and has steadily increased from its lowest value in 2012 when it was -53.4%. Total liabilities of the general government as share of GDP improved the second consecutive year and was 113.2% at the end of the year.

Statistics Iceland releases now a new issue of Statistical Series. This issue presents the preliminary figures for the general government finances in 2014 and its main focus is on the general government. Similar information on its subsectors is available on the Statistics Iceland’s website. 

General Government Finances 2014, preliminary figures - Statistical Series

Statistics