Monday - 10 September 2012
General government finances 2011
Statistics Iceland releases now a new issue of Statistical Series. This issue presents the General Government Finances in 2011 and its main focus is on the general government. Similar information is available on its subsectors on the SI website.
In 2011, the financial balance of the general government was 88.5 billion ISK in deficit or 5.4% of GDP, which can be compared with a deficit of 10% of GDP for 2010 or deficit of 6.5% if called guarantees are excluded. The reduced deficit in 2011 can be explained by 6.8% increase in revenue and 2.8% decrease in expenditure. The general government total revenue amounted to 41.9% of GDP in 2011, compared with 41.5% in 2010 and 41.0% in 2009. The general government total expenditure amounted to 47.3% of GDP in 2011 compared with 51.5% in 2010 and 51.0% in 2009. By excluding called guarantees, the total expenditure in 2011 increased by 0.8% of GDP.
The total expenditure on the three main government functions, i.e. health, education and social protection, amounted to 443 billion ISK in 2011 or 57.6 % of the government total expenditure or 27.3% of GDP. Of the total expenditure 16.1% was spend on health, 16.7% on education and 24.8% on social protection.
╣The central government debt assumption of 192 billion ISK in 2008 is excluded from economic affairs.
In 2011, the total expenditure on health was 9.1% of GDP, of which 80.4% was financed by the general government and the rest by households. The health expenditure per capita was 372 thousand ISK in 2011 and has decreased by 43 thousand ISK (2011 prices) since 2008 or by 10%. The total expenditure on education was 128 billion ISK in 2011 or 7.9% of GDP, of which 90.6% was financed by the general government. The expenditure per capita was 365 thousand ISK in 2011 and has decreased by 50 thousand ISK from 2008 in 2011 prices. The total general government expenditure on social protection in 2011 was 191 billion ISK or 11.7% of GDP.
The general government net financial assets, i.e. financial assets less liabilities, were negative by 899 billion ISK in 2011 or 55.3% of GDP. The deterioration from 2010 is 159 billion ISK or 7.1% of GDP. The general government total financial assets amounted to 1,283 billion ISK (78.9% of GDP) at the end of 2011 and the total liabilities, 2,182 billion ISK (134,2% of GDP).
General government finances 2011 - Statistical Series