Statistics Iceland releases now a new issue of Statistical Series. This issue presents the General Government Finances in 2010 and its main focus is on the general government. Similar information is available on its subsectors on the SI website. 

In 2010, the financial balance of the general government was 155 billion ISK in deficit or 10.1% of GDP, which can be compared with a deficit of 10% of GDP for 2009. These unfavorable results can be explained by a drastic decrease in revenue due to a 11% fall in GDP in 2009-2010 in real terms. At the same time, the expenditure increased heavily due to an increase in financial liabilities and unemployment.  

The general government total revenue increased by 3.7% between 2009 and 2010 and amounted to 637 billion ISK in 2010 or 41.5% of GDP, compared with 41.0% in 2009, 44.1% in 2008 and 47.9% in 2007. The general government total expenditure increased as well by 3.7% between years and amounted to 51.5% of GDP in 2010 compared with 51.0% in 2009 and 57.6% in 2008.

In 2010, the total expenditure on health was 9.3% of GDP, of which 80.5% was financed by the general government and the rest by households. The health expenditure per capita was 360 thousand ISK in 2010 a decrease of 24 thousand ISK from 2009. The total expenditure on education was 8.3% of GDP, of which 91% was financed by the general government. Per capita, the expenditure on education was 367 thousand ISK in 2010 and decreased by 13 thousand ISK between years. The total general government expenditure on social protection in 2010 was 172 billion ISK or 11.2% of GDP. Per capita, the total expenditure on social protection amounted to 541 thousand ISK.

About 15.3% of general government total expenditure goes to health affairs, 16.2% to education and 21.7% to social protection. In total, 53.2% of the general government total expenditure goes to these functions or 27.4% of GDP.

The general government net financial assets, i.e. financial assets less liabilities, were negative by 741 billion ISK in 2010 or 48.2% of GDP. The deterioration from 2010 is 144 billion ISK or 8.3% of GDP. The general government total financial asset amounted to 1,181 billion ISK at the end of 2010 (76.8% of GDP) and the total liabilities 1,921 billion ISK (125% of GDP).

General government finances 2010 - Statistical Series