In 2017, the financial balance of the general government was 38.7 billion ISK in surplus or 1.5% of GDP, compared with a surplus of 308.4 billion ISK in 2016, 12.6% of GDP. The revenue decreased by 21.8% while the expenditure decreased by 3.5%. Included in 2016 is extraordinary revenue of 384.2 billion ISK due to stability contribution from the estates of the fallen banks.

The general government total revenue in 2017 amounted to 1,109.6 billion ISK, 43.4% of GDP compared with 57.8% in 2016. The general government total expenditure amounted to 1,070.9 billion ISK, 41.9% of the 2017 GDP compared with 45.2% in 2016.

An assessment based on cash transactions data shows that the general government total financial assets was 42.4% of GDP at the end of 2017 and the total liabilities 74.0%. Total liabilities, as a share of GDP, have not been lower since 2007.

Statistics Iceland has released a new issue of Statistical Series. This issue presents the final accounts for the general government finances in 2017 with the main focus on the general government. Similar information on its subsectors is available on the Statistics Iceland’s website.

General government finances 2017, preliminary accounts — Statistical Series
Statistics