In 2016, the financial balance of the general government was 309.5 billion ISK in surplus or 12.6% of GDP, compared with a deficit of 0.8% of GDP in 2015. The revenue increased by 51,8% while the expenditure increased by 16,3%. Revenue of 384.2 billion ISK, due to stability contribution from the estates of the fallen banks, is included in 2016. Expenditure of 105.1 billion ISK, due to contribution to the Government Employees Pension Fund, is included in 2016 as capital transfer.

The general government total revenue in 2016 of 1.413,3 billion ISK amounted to 57.7% of GDP, compared with 42.0% in 2015. The general government total expenditure of 1.103,8 billion ISK amounted to 45.1% of the 2016 GDP, compared with 42.9% in 2015.

An assessment based on cash transactions data shows that the general government net financial assets were negative by 34.6% of GDP at the end of 2016 and the total liabilities amounted to 87.0% of GDP.

Statistics Iceland has released a new issue of Statistical Series. This issue presents the final accounts for the general government finances in 2016 with the main focus on the general government. Similar information on its subsectors is available on the Statistics Iceland’s website.

General government finances 2016, revision - Statistical Series

Statistics