In the 2nd quarter of 2013, the financial balance of the general government (i.e. the central government, the social security funds and the local governments) amounted to 16.3 billion ISK in deficit or 3.8% of quarterly GDP and 8.7% of general government total revenue. This can be compared with 14.4 billion ISK in deficit in the 2nd quarter of 2012 or 3.5% of GDP in that quarter. The first six months the deficit was 2.9% of GDP of the period and 6.8% of its revenue.

The central government total liabilities at the end of the 2nd quarter 2013 amounted to 1,913 billion ISK or 109.1% of the GDP. Taking account of its financial assets, the net financial assets, i.e. the financial assets less liabilities, was negative by 864 billion ISK or 47.5% of the GDP, compared with a negative net financial asset of 47.3% of the GDP in the same period in 2012. Consequently, the central government net financial asset position has deteriorated by 61 billion ISK between the 2nd quarters 2012 and 2013. 

Statistics Iceland releases now a new issue of Statistical Series. This issue presents the main indicators on Government Finances in the 2nd quarter of 2013.

Quarterly government accounts, 2nd quarter 2013 - Statistical Series