The financial balance of the general government (i.e. the central government, the social security funds and the local governments) amounted to 8.2 billion ISK in deficit or 1.9% of quarterly GDP and 4.5% of general government total revenue in the first quarter of 2013. This can be compared with 6.7 billion ISK in deficit in the 1st quarter of 2012.
The general government total revenue has increased by 3.1% between the 1st quarters of 2012 and 2013. This increase can mainly be explained by increased revenue from income taxes and taxes on goods and services. The total expenditure increased at the same time by 3.8%. The main reasons are increase in wages and salaries and interest cost.
The central government total liabilities at the end of the 1st quarter 2013 amounted to 1,958 billion ISK or 107.2% of the GDP. The financial assets less liabilities was negative by 848 billion ISK or 46,4% of the GDP, compared with a negative net financial asset of 43.7% of the GDP in the same period in 2012.
Statistics Iceland releases now a new issue of Statistical Series. This issue presents the main indicators on Government Finances in the 1st quarter of 2013.
Quarterly government accounts, 1st quarter 2013 - Statistical Series