Statistics Iceland releases now a new issue of Statistical Series. This issue presents the main indicators on Government Finances in the 1st quarter of 2008. In that quarter, the financial balance of the general government (i.e. the central government, the social security funds and the local governments) amounted to 16.2 billion ISK in surplus or 1.2% of GDP and 10.2% of general government total revenue. This can be compared with a surplus of 1.7% of GDP and 14.2% of general government total revenue in the 1st quarter of 2007. The financial balance of the central government and the social security funds was in surplus by 14.9 billion ISK in the 1st quarter of 2008, which can be compared with a surplus of 23 billion ISK in the 1st quarter of 2007. The financial balance of the local governments was in surplus by 1.3 billion ISK in the 1st quarter of 2008 and a surplus of 2.6 billion in the 1st quarter of 2007 (see table 3).

On average, the general government total revenue and total expenditure have increased by 3.2% and 2.4%, respectively, between quarters in the period from 2004 to 2008 (see Figure 2). At the same time, the consumer price index has increased by 1.4% between quarters on average. From 2006, the total revenue has increased by 1.5% between quarters on average and the total expenditure by 2.8%.    

Quarterly government accounts, 1st quarter 2008 - Statistical Series

Statistics