In the 4th quarter of 2012, the financial balance of the general government (i.e. the central government, the social security funds and the local governments) amounted to a deficit of 33.5 billion ISK or 7.7% of the GDP in that quarter. This can be compared with a 47 billion ISK deficit in the 4th quarter of 2011, or 11.3% of GDP of that quarter. For the whole year 2012, the deficit was 3.4% of GDP compared with 5,6% of GDP in 2011.
Quarterly government accounts, 3rd quarter 2011 - Statistical Series