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230670
Sharp decline in petroleum revenues
statistikk
2016-02-26T10:00:00.000Z
Public sector;Public sector
en
offinnut, General government revenue and expenditure, central government, local government, taxes, duties, national insurance contributions, pension premiums, revenue by type (for example fines, fees, tolls), expenditure by type (for example disability pension, child benefit, subsidies), expenditure by function (for example health care, environmental protection, culture), public deficit, municipal accounts, municipal economy, municipal finances, net financial investments.Local government finances , General government , Central government finances , Public sector
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Government revenue and expenditure. Taxes, petroleum revenue, social benefits, public road and railway investments. Government revenue from the petroleum sector declined by NOK 100 billion in 2015.

General government revenue and expenditure, 2015

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The statistics describe government revenue and expenditure. Together with financial assets and liabilities, they give a comprehensive overview of the sector’s finances.

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Sharp decline in petroleum revenues

General government surplus is estimated at NOK 180 billion in 2015. Due to a substantial decrease in petroleum revenues, this is close to NOK 100 billion lower than the previous year.

General government. Revenue, expenditure and net lending/borrowing. Accrued values. NOK millionPublished 26 February 2016
20112012201320142015
General government revenue1 580 5951 664 6771 662 5781 691 8641 678 239
General government expenditure1 205 1221 254 1271 331 2461 416 5841 498 669
Net lending/borrowing (-)375 474410 551331 332275 280179 570
 
Central government net lending/borrowing394 979427 676354 512298 629201 527
Local government net lending/borrowing-19 505-17 126-23 180-23 349-21 958

Source: Statistics Norway

Petroleum revenues totalled NOK 184 billion in 2015, according to preliminary figures. This is more than 100 billion lower than in 2014 – and can be attributed to decreased taxes from companies engaged in petroleum extraction. Petroleum taxes dropped from NOK 146 billion in 2014 to NOK 75 billion in 2015 – a decrease of almost 50 per cent. This is mainly explained by falling oil prices in recent years.

Growth in property income and taxes from Mainland Norway

General government revenue excluding petroleum is calculated at slightly less than NOK 1 500 billion in 2015 – an increase of almost 7 per cent from 2014. Income from interest and dividends in the Government Pension Fund Global, as well as taxes from households and companies in Mainland Norway, were contributing factors to this.

Increased benefits to disabled and unemployed persons

General government’s social benefits to households amounted to approximately NOK 460 billion in 2015 – which corresponds to an increase of 7 per cent from 2014. The increase can partly be explained by the fact that new regulations regarding disability pensions were introduced in 2015. Compared to the previous regime, a larger portion of the disability benefits is now subject to income taxation. To compensate for this, the gross disability benefits were adjusted upwards, in order for the net benefits (gross benefits less taxes) to remain the same as before 2015.

In addition, unemployment benefits have risen as a consequence of the increasing number of unemployed persons in Norway.

Prolonged deficit in the local government sector

In 2015, revenues rose slightly more than expenditures in the local government sector, compared to the previous year. Preliminary figures indicate a deficit of NOK 22 billion in 2015, according to book values. This is the ninth year in a row with local government deficit in excess of NOK 10 billion. Considerable growth in expenditure related to fixed capital formation has contributed to the prolonged deficit.

New quarterly figures for general governmentOpen and readClose

From this release onwards, quarterly general government revenue and expenditure are available. Figures are based on collected accounts for large parts of the central and local government, in addition to estimations made in the quarterly national accounts. Quarterly data are consistent with annual data.

Data and uncertaintyOpen and readClose

The published figures are based on preliminary accounts for central government, municipalities and county authorities. There is considerable uncertainty regarding these figures and they should be used with caution.