Statistics Iceland releases now a new issue of Statistical Series. This issue presents the main indicators on Government Finances in the 4th quarter of 2008, the financial balance of the general government (i.e. the central government, the social security funds and the local governments) amounted to 17 billion ISK in deficit or 1.2% of GDP and 10.9% of general government total revenue. This can be compared with a surplus of 1.5% of GDP and 12.2% of general government total revenue in the 4th quarter of 2007. In 2008, the financial balance of the general government was 17.2 billion ISK in deficit or 1.2% of GDP, which can be compared with a surplus of 5.4% of GDP for 2007 or 70.6 billion ISK. Taking account of the central government debt assumption of 192.2 billion ISK in 2008, the financial balance deficit increases to 209.3 billion ISK or 14.3% of GDP.

The financial balance of the central government and the social security funds was in deficit by 14.2 billion ISK in the 4th quarter of 2008 and by 8.1 billion ISK for the whole year. This can be compared with a surplus of 17.9 billion ISK in the 4th quarter of 2007 and 62.7 billion ISK for the year 2007. The financial balance of the local governments was in deficit by 2.9 billion ISK in the 4th quarter of 2008 or by 9 billion ISK for the year 2008.

Quarterly government accounts, 4th quarter 2008 - Statistical Series