Statistics Iceland releases now a new issue of Statistical Series. This issue presents the main indicators on Government Finances in the 3rd 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 15 billion ISK in deficit or 1.1% of GDP and 9.7% of general government total revenue. This can be compared with a surplus of 1.3% of GDP and 10,8% of general government total revenue in the 3rd quarter of 2007. In the first nine months of 2008, the financial balance of the general government was 2.2 billion ISK in deficit or 0.2% of GDP, which can be compared with a surplus of 4% of GDP for the same period in 2007.
The financial balance of the central government and the social security funds was in deficit by 11 billion ISK in the 3rd quarter of 2008 but in surplus by 3 billion ISK for the first nine months of the year. This can be compared with a surplus of 16 billion ISK in the 3rd quarter of 2007 and 44 billion ISK in surplus for the first nine months of 2007. The financial balance of the local governments was in deficit by 3.9 billion ISK in the 3rd quarter of 2008 and by 5.2 billion ISK for the first nine months of 2008.
Quarterly government accounts, 3rd quarter 2008 - Statistical Series