Landshagir - 01.11.2011, Page 279

Landshagir - 01.11.2011, Page 279
Public finance LANDSHAGIR 2011 STATISTICAL YEARBOOK OF ICELAND 2011 15 279 Statistics Iceland compiles the annual general government, central government, and local government statistics, on an accrual basis, in the context of the national accounts based on the 1995 ESA and the ESA95 Manual on Government Deficit and Debt. The government sector comprises those activities in the economy that are mainly financed by tax revenue. One of the main purposes of keeping accounts of the general government is to give an overview of its revenue, expendi­ ture, assets and liabilities and of its main balances, i.e. the operating balance and net lending/borrowing balance. The accounts are produced in line with the IMF‘s GFSM 2001 standard on the government finances (The Government Finance Statistics Manual, 2001), the European System of Accounts from 1995 (ESA95) and the Clas­ sification of the Functions of Government (COFOG) issued by the United Nations. The accounts are produced for the general government as well as for its subsectors, i.e. budgetary central government, social security funds and local governments. Financial balance of the general government was ISK 155 billion in deficit In 2010, the financial balance of the general government was 155 billion ISK in deficit or 10.1% of GDP, which can be compared with a deficit of 10% of GDP for 2009. These unfavourable results can be explained by a drastic decrease in revenue due to an 11% fall in GDP in 2009­2010 in real terms. At the same time, the expenditure increased heavily due to an increase in financial liabilities and unemployment. The general government total revenue increased by 3.7% between 2009 and 2010 and amounted to 637 billion ISK in 2010 or 41.5% of GDP, compared with 41.0% in 2009, 44.1% in 2008 and 47.9% in 2007. The general government total expenditure increased as well by 3.7% between years and amounted to 51.5% of GDP in 2010 compared with 51.0% in 2009 and 57.6% in 2008. Total expenditure on health was 9.3% of GDP In 2010, the total expenditure on health was 9.3% of GDP, of which 80.5% was financed by the general government and the rest by households. The health expen­ diture per capita was 360 thousand ISK in 2010 a decrease of 24 thousand ISK from 2009. The total expenditure on educa­ tion was 8.3% of GDP, of which 91% was financed by the general government. Expenditure on education was 367 thou­ sand per capita ISK in 2010 and decreased by 13 thousand ISK between years. The total general government expenditure on social protection in 2010 was 172 billion ISK, 11.2% of GDP. Total expenditure on social protection per capita amounted to 541 thousand ISK. About 15.3% of general government total expenditure goes to health affairs, 16.2% to education and 21.7% to social protection. In total, 53.2% of the general government total expenditure goes to these functions or 27.4% of GDP. The general government net financial assets were negative by 741 billion ISK in 2010 The general government net financial assets, i.e. financial assets less liabilities, were negative by 741 billion ISK in 2010 or 48.2% of GDP. The deterioration from 2010 is 144 billion ISK or 8.3% of GDP. The general government total financial asset amounted to 1,181 billion ISK at the end of 2010 (76.8% of GDP) and the total liabilities 1,921 billion ISK (125% of GDP).
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Landshagir 2011 (01.11.2011)

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