Quarterly government accounts, 1st quarter 2018
According to preliminary figures in the 1st quarter of 2018, the financial balance of the general government amounted to 9.6 billion ISK surplus or 1.5% of quarterly GDP and 3.5% of general government total revenue. This can be compared with 8.4 billion ISK in surplus in the 1st quarter 2017 or 1.5% of GDP in that quarter. The general government total revenue is estimated 275.0 billion ISK in the 1st quarter 2018, an increase of 5.3% from previous year. The increase is mainly due to increase in tax revenues. The total expenditure increased at the same time by 5.0%. Compensation of employees increased by 7.9% but interest expense decreased by 14.9%.