Statistics Iceland releases now an aggregated overview of the quarterly central and local government non-financial accounts for the 2nd quarter of 2006. The figures are on accrual basis. These quarterly overviews are published within 90 days after the end of the respected quarter and they are now available back to the 1st quarter of 2004.

The accounts for the central government are based on information from the Government Financial Management Authority, but the data for local governments are based on a sample of accounts from 12 municipalities with 66% of the population in Iceland. These have been grossed up to total by Statistics Iceland. So far the breakdown of the data shows only the total revenue and expenditure, the investment and the net lending/net borrowing or in other words the financial balance, but there are plans for providing more detailed data in the near future.

The central government
According to the preliminary figures, the central government revenue  for the 2nd quarter amounted to 98.4 billion ISK and the financial balance was positive by 17.5 billion ISK, an improvement from previous year. For the first half of 2006, the preliminary figures show that both the total revenue and the total expenditure have increased from the same period in previous year, or by 11,7% and 3.6% respectively. The central government financial balance was positive by 36 billion ISK in that period, which corresponds to 3.2 per cent of GDP and 18.4 per cent of the central government total revenue. The investment in that period was at the lowest level compaired with previous years and amounted to 5.4 billion ISK.   

In accordance with new annual figures for the central government revenue and expenditure, the quarterly figures for 2005 have been revised. Similar revision is made for 2004 and the results are shown in the following table.

The local governments
The total revenue and expenditure of local governments in the 2nd quarter of 2006 are estimated 34.7 billion ISK and 37.6 billion ISK, respectively. Their financial balance deficit is therefore estimated to have been 2.9 billion ISK or 0.3 per cent of GDP. In the same period previous year, the deficit was measured 2.2 billion ISK. For the first half of the year, the estimated figures show that both the total revenue and the total expenditure have increased from the same period in the previous year, or by 11.1% and 11.9% respectively. The financial balance deficit in the period is estimated 2.4 billion ISK. The total investment is estimated as 10 billion ISK in January-June 2006 compared with 8 billion ISK in same period last year.

In accordance with new annual figures for the central government revenue and expenditure, the quarterly figures for 2005 have been revised. Similar revision is made for 2004 and the results are shown in the following table.

The general government
The total revenue of the general government, i.e. the central government, the social security funds and the local governments, is estimated as 131.2 billion ISK in the 2nd quarter of 2006,  and its financial balance surplus is estimated to have been to 14.7 billion ISK, which correspond to 1.3 per cent of GDP or 11.2 per cent of its total revenue. The financial balance surplus was measured 8.7 billion ISK in the 2nd quarter last year or 0.9 per cent of GDP. In the first half of the year, the general government revenue increased by 11.7% from the same period in previous year and the total expenditure increased by 6.1 per cent. The financial balance surplus is therefore estimated as 35 billion ISK or around 3 per cent of GDP. According to these estimates, the general government investment amounted to 15.2 billion ISK in January-June compared to 12.8 billion ISK in same period last year.  

In accordance with new annual figures for the central government revenue and expenditure, the quarterly figures for 2005 have been revised. Similar revision is made for 2004 and the results are shown in the following table.

The revenue and expenditure figures for the general government and its subsectors are presented on an accrual basis and in line with national accounts principles whereas the monthly figures on central government published by the Government Financial Authority are on cash basis. Accrual basis means that flows are recorded when they are established regardless of when the actual payments are made. The data presented here, both for the central and local governments, are preliminary. In particular, the information on investment of the local governments is sketchy. In some cases these figures are recorded on a net basis in local government accounts, but here an attempt has been made to record these figure gross in line with national accounts principles. 

Statistics (See "Quarterly non-financial accounts for general government 2004-2006")