It is estimated that total revenues and total expenditure of the general government was in balance in the first quarter of 2024. The financial balance of the general government (i.e. the central government, the social security funds and the local governments) is estimated at 0.7 billion ISK in surplus. This is the second quarter in a row, where preliminary figures suggest a positive financial balance for the general government.

Overall, general government revenues are estimated to have increased by 9.5% compared with last year’s corresponding quarter. Increase in tax revenues are significant, with revenues due to taxes on income, profits and capital gains growing by 18.8% and revenues due to social security contributions growing by 11.3%.

Total expenditure is estimated to have increased by 3.9% from last year’s corresponding quarter. Expenditure due to government final consumption continued to grow, with an increase in compensation of employees by 9,5% and use of goods and services by 10.7%. Preliminary figures suggest there was an increase in subsidies by 25.9%. On the other hand, interest payments of the general government are estimated to have decreased by 26.7% from the first quarter of 2023.

The scope of the general government sector, as according to European System of Accounts (ESA2010), include housing- and student loan funds owned by the central government. These funds have a substantial impact on interest income and interest expenditure of the general government. In an explanatory report published on the 30 November 2020, which is available on Statistics Iceland’s website, the methodological basis for the sector classification is explained.


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