• Statistical Series
• 10. September 2012
• Vol 97, Issue 29
• ISSN: 1670-4665



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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 (see figure 2). 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.