In 2014, the financial balance of the general government was 1.2 billion ISK in deficit or 0.1% of GDP, compared with a deficit of 1.9% of GDP for 2013. The reduced deficit in 2014 is explained by 14.0% increase in revenue and 9.4% increase in expenditure. The general government total revenue amounted to 45.6% of GDP in 2014 while its total expenditure amounted to 45.7% of GDP.

The general government net financial assets, i.e. financial assets less liabilities, were negative by 1,000 billion ISK in 2014 or 50.3 of GDP, declining by 29.6 billion ISK from 2013. The general government total financial assets amounted to 1,291 billion ISK at the end of 2014 and the total liabilities, 2,291 billion ISK.

Statistics Iceland has released a new issue of Statistical Series. This issue presents the revised figures for the general government finances in 2014 with the main focus on the general government. Similar information on its subsectors is available on the Statistics Iceland’s website.

General Government Finances 2014, revision - Statistical Series