In the 2nd quarter of 2018, the financial balance of the general government (i.e. the central government, the social security funds and the local governments) amounted to 1.5 billion ISK in surplus or 0.2% of quarterly GDP and 0.5% of general government total revenue. This can be compared with a deficit of 28.4 billion ISK in the 2nd quarter of 2017. The vast difference between 2017 and 2018 can be explained by the 35.0 billion ISK contributions from the local governments to the Municipalities Employees’ Pension Fund Brú, which is included as a capital transfer in the 2nd quarter of 2017.

Due to delays in the publication of the annual State accounts for 2017, the figures for 2017 are still preliminary. For same reason the publication of the General government finances 2017 - revision, scheduled for 14 September, has been postponed until 13 December.

Due to changes in source data that have taken place in connection with the implementation of the Act on Public Finance, uncertainty in public sector accounts is greater now than under normal circumstances. The results of public finances in the 2nd quarter are therefore presented subject to change. 

Quarterly government accounts, 2nd quarter 2018 Statistical Series