In 2015, the financial balance of the general government was 18.5 billion ISK in deficit or 0.8% of GDP, which can be compared with a deficit of 1.2 billion ISK in 2014 or 0.1% of GDP. The revenue increased by 2.6% while the expenditure increased by 4.5%. The general government total revenue in 2015 of 931 billion ISK amounted to 42.1% of GDP, compared with 45.2% in 2014. The general government total expenditure of 949 billion ISK amounted to 42.9% of the 2015 GDP, compared with 45.3% in 2014.
An assessment based on cash transactions data shows that the general government total financial assets amounted to 51.6% of GDP at the end of 2015 and the total liabilities 99.7%. This is the fourth year in a row where the general government total liabilities’ share of GDP has fallen.
Statistics Iceland has released a new issue of Statistical Series. This issue presents the final accounts for the general government finances in 2015 with the main focus on the general government. Similar information on its subsectors is available on the Statistics Iceland’s website.
General government finances 2015 — revision - Statistical Series