Iceland sees financial balance of general gov't decrease in Q1
Xinhua, June 9, 2015 Adjust font size:
Iceland's general government saw its financial balance decrease to a 14.9-billion-Icelandic-krona (112.4 million U.S. dollars) deficit in the first quarter of 2015, down from a surplus of 10.1 billion Icelandic krona in the same period of 2014, according to a report published by Statistics Iceland on Tuesday.
The total revenue of the general government, which includes income from the central government, social security funds, and local governments, amounted to 216.1 billion Icelandic krona in the first quarter of 2015. Tax revenue increased by 3.5 percent, but other revenue decreased.
At the same time, the total expenditure increased from 205.9 billion Icelandic krona in 2014 to 231.0 billion Icelandic krona in 2015, mainly due to an increase in wages and salaries, interest, and the government´s debt relief program.
However, the central government's net financial asset position increased by 18.6 billion Icelandic krona between the first quarters of 2014 and 2015, said the report. (1 U.S. dollar = 133 Icelandic krona) Endit