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Iceland sees decrease in general gov't deficit in 2014

Xinhua, March 13, 2015 Adjust font size:

Iceland saw its financial balance in 2014 decreased to 3 billion Icelandic krona (21.54 million U.S. dollars) or 0.2 percent of GDP, down from 32 billion Icelandic krona or 1.7 percent of GDP in 2013, Statistics Iceland said Thursday.

Preliminary figures show the reduced deficit in 2014 can be explained by 13.3 percent increase in revenue and 9.3 percent increase in expenditure.

The general government total revenue in 2014 of 903 billion Icelandic krona amounted to 45.3 percent of GDP, registering a year-on-year increase of 2.9 percentage point.

The general government total expenditure of 906 billion Icelandic krona amounted to 45.4 percent of the 2014 GDP, compared with 44.1 percent in 2013.

In 2014, the total expenditure on health was 8.8 percent of GDP, of which 81.1 percent was financed by the general government. The total expenditure on education was 7.8 percent of GDP in 2014, of which 90 percent was financed by the general government.

The general government total financial assets amounted to 66 percent of GDP at the end of 2014. Total liabilities of the general government as share of GDP improved the second consecutive year and were 113.2 percent at the end of the year. (1 Icelandic krona = 0.00718 U.S. dollars) Enditem