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269783
Larger fiscal deficit
statistikk
2016-11-08T08:00:00.000Z
Public sector
en
statsregn, Central government revenue and expenditure, duties (for example duties on documents, inheritance tax, VAT), taxes (for example income tax, capital tax, tax to the central government), national budget, financing needs, central government's deficit and surplus, transfers to municipalities and county authorities, revenue from petroleumCentral government finances , Public sector
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The central government’s fiscal account for Q3 2016 shows a decrease in total revenue of NOK 14.7 billion and an expenditure increase of NOK 20 billion.

Central government revenue and expenditure, Q3 2016

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Larger fiscal deficit

The central government’s fiscal account for Q3 2016 shows a decrease in total revenue of NOK 14.7 billion and an expenditure increase of NOK 20 billion.

Central government fiscal account. Quarterly figures. NOK million.Published 8 November 2016
3rd quarter 20153rd quarter 2016Change in per cent
A. TOTAL REVENUE286 731272 071-5.1
Operating surplus extraction of petroleum17 25113 652-20.9
Tax revenue144 816139 563-3.6
Members' and employers' contribution to the National Insurance Scheme96 09298 7162.7
Interest and dividends15 2577 634-50.0
Other revenue13 31512 506-6.1
 
B. TOTAL EXPENDITURE270 616290 9917.5
Operating costs37 34740 0257.2
Total fixed capital formation17 52719 30510.1
Total transfers215 742231 6617.4
 
C. SURPLUS BEFORE NET TRANSFERS TO THE GOVERNMENT PENSION FUND - GLOBAL16 115-18 920

Source: Statistics Norway

Figure 1. Central government fiscal account. Last four quarters average

In the third quarter of 2016, the central government’s total revenue amounted to NOK 272 billion, which equals a reduction of 5.1 per cent compared to the same period last year. A corresponding comparison of total expenditure shows a 7.5 per cent increase, to NOK 291 billion. The fiscal account thus shows a deficit of NOK 19 billion. This is the second consecutive quarter in 2016 that the central government has recorded a deficit.

The reduction in the central government’s total revenue is largely explained by a decrease in revenue from the extraction of petroleum. Operating surplus from petroleum extraction has declined by NOK 3.6 billion compared to Q3 2015. Accumulated tax revenues stemming from oil extraction have been reduced by half from NOK 17.4 billion last year. Total revenue from taxes and fees has declined by NOK 5.3 billion, and interest and dividends have been reduced by NOK 7.6 billion.

The central government’s operating costs have increased by NOK 2.7 billion from last year. Wages and salaries, accounting for about half of these operating costs, have increased by 4.8 per cent. Total fixed capital formation has risen by 10 per cent.

Total transfers have increased by NOK 16 billion from NOK 216 billion last year. Pension benefits etc. under the National Insurance Scheme, which make up half of total transfers, have increased by 4 per cent. The item «Other transfers», accounting for a further 30 per cent of total transfers, has risen from NOK 59 billion by almost NOK 9 billion.

The quarterly figures are subject to random fluctuations, and must be interpreted with caution.

The National Budget proposal for 2017 has been submitted to StortingetOpen and readClose

The proposed National Budget for fiscal year 2017 was submitted on 6 October 2016 to Stortinget. The budget shows a central government deficit of NOK 121 billion.