In 2017, the financial balance of the general government was 13.9 billion ISK in surplus or 0.5% of GDP, compared with a surplus of 12.4% of GDP in 2016. The revenue decreased by 19.2% while the expenditure increased by 2.2%. Revenue of 384.2 billion ISK, due to stability contribution from the estates of the fallen banks, is included in 2016.
The general government total revenue in 2017 of 1,146.5 billion ISK amounted to 43.8% of GDP, compared with 56.7% in 2016. The general government total expenditure of 1,132.6 billion ISK amounted to 43.3% of the 2017 GDP, compared with 44.3% in 2016.
Notes: Revenue due to stability contribution for 384.2 billion ISK are included in 1st quarter 2016, when excluding the stability contribution the deficit is estimated to be 1.7% of quarterly GDP. The central government's 105.1 billion ISK contribution to the A-part of the State Pension Fund has been included as an expense in 4th quarter 2016. The local government's 32.0 billion ISK contribution to the Pension Fund Brú has been included as an expense in 2nd quarter 2017.
An assessment based on cash transactions data shows that the general government net financial assets were negative by 20.1% of GDP at the end of 2017, compared with 34.0% at the end of 2016. Total assets of general government amounted to 56.4% of GDP in 2017, while total liabilities amounted to 76.5% of GDP.
Statistics Iceland has released a new issue of Statistical Series. This issue presents the final accounts for the general government finances in 2017 with the main focus on the general government. Similar information on its subsectors is available on the Statistics Iceland’s website.
General government finances 2017, revision - Statistical Series