General government has had a substantial increase in surplus in the first two quarters of 2022. The accumulated surplus is estimated at NOK 648 billion and is mainly due to increased petroleum revenue.
Updated figures from General government revenue and expenditure show a large increase in revenue, while the expenditure has a moderate increase. This contributes to a substantial surplus in general government.
Figure 1. Net lending/borrowing in NOK billion
Bar chart with 81 bars.
The chart has 1 X axis displaying Quarter.
The chart has 1 Y axis displaying NOK billion. Data ranges from -57.493 to 342.272.
The increased revenues so far in 2022 are mainly due to an increase in petroleum revenue. Petroleum tax revenues are now at an all-time high. Dividends and withdrawals from petroleum companies owned by the state are also rising, contributing to the increase in surplus.
Expenditure
Total expenditure has had an increase of 5.2 per cent from 2021Q2 to 2022Q2. Compensation of employees, social benefits and use of goods and services are the biggest components of expenditure. Spending on social benefit has contributed most to the increase, which in large parts is due to an electricity support package towards households. On the other hand, subsidies and current transfers have decreased, which lessens the expenditure growth.
