208062_not-searchable
/en/offentlig-sektor/statistikker/offinnut/aar
208062
Reduced petroleum revenues
statistikk
2015-02-26T10:00:00.000Z
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
false
Government revenue and expenditure. Taxes, petroleum revenue, social benefits, public road and railway investments. Government revenue from the petroleum sector declined by 50 billion in 2014.

General government revenue and expenditure, 2014

Variants of the statistics:

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

Content

Published:

This is an archived release.

Go to latest release

Reduced petroleum revenues

Government revenue from petroleum activities is estimated at NOK 297 billion in 2014. This is a decline of NOK 50 billion compared to 2013.

General government. Revenue, expenditure and net lending/borrowing. Accrued values. NOK millionPublished 26 February 2015
20102011201220132014
General government revenue1 433 2831 580 5951 664 6771 679 3271 704 145
General government expenditure1 148 1341 205 1221 254 1271 331 6571 418 697
Net lending/borrowing (-)285 149375 474410 551347 670285 448
 
Central government net lending/borrowing307 581394 979427 676371 209310 545
Local government net lending/borrowing-22 432-19 505-17 126-23 539-25 098

Source: Statistics Norway

General government surplus is estimated at NOK 285 billion in 2014, which is a decline of NOK 62 billion from 2013. The decline is mainly due to a reduction in government revenues from petroleum extraction. In 2014, the petroleum-related revenues amounted to NOK 297 billion, which is approximately NOK 50 billion less than in 2013. The decline in revenues started in 2013, and is explained by reduced production and prices of oil and gas compared to the previous levels.

Excluding the petroleum revenues, there was an increase of NOK 76 billion in general government’s revenues from 2013 to 2014. Increased tax payments in mainland Norway, in addition to interests and dividends in the Government Pension Fund Global were among the contributing factors to the increase.

Increased expenditure

General government expenditure is estimated at NOK 1 419 billion in 2014, which is NOK 87 billion more than in 2013. Social benefits to households was the largest expenditure group in general government, totalling NOK 430 billion in 2014. This accounts for approximately one third of total expenditure. Social benefits include pensions and other payments through the National Insurance Scheme, child benefits, cash benefits for parents, education benefits, municipal social assistance benefits and housing allowances.

The general government’s investments in fixed assets totalled NOK 145 billion in 2014, which is an increase of 11 per cent compared to 2013. Central government made investments for NOK 84 billion, or 58 per cent of the total, while the remaining investments were made by local government.

Local government

According to preliminary figures, local government had a deficit of approximately NOK 25 billion in 2014, which is NOK 3.5 billion more than in 2013. Grants from the central government are local government’s largest source of income, and these increased by almost 7 per cent from 2013 to 2014. The second largest income generator is tax revenues, which increased by roughly 2 per cent from the previous year. The third largest source of income is administration fees and charges, which increased by approximately 5 per cent. These three sources of income represent 90 per cent of local government’s total income. Investment in fixed assets was the fastest growing expenditure in local government, increasing by 9 per cent from 2013 to 2014.

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.