Topic
Public sector: Local government finances
All content for subtopic local government finances
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- Statistics (7)
- Publications and articles (26)
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Government deficit continues
The general government accounts recorded a deficit for the third consecutive quarter in 2020Q4. The accumulated deficit in 2020 is estimated at NOK 115 billion.
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Lower operating profit in 2019 due to declining oil and gas extraction
Public non-financial corporations achieved reduced operating profit in 2019 compared to the previous year. This is mainly due to the drop of the operating income for businesses in the mining and quarry industries as well as manufacturing industries.
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Government deficit persists
The general government accounts recorded a deficit for the second consecutive quarter in 2020Q3. The accumulated deficit in 2020 so far amounts to NOK 75 billion.
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Fiscal consequences of plausible growth in Health- and Long-Term Care towards 2060
Reports 2020/42
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Significant government deficit
For the first time since the mid-1990s, the general government accounts have recorded a deficit. In the second quarter of 2020 general government ran a NOK 64 billion deficit, which corresponds to 8 per cent of GDP.
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Declining surplus
General government surplus is estimated at NOK 36 billion in the first quarter of 2020. This is a reduction of more than 50 per cent compared to the same period in 2019. The decline can be attributed to reduced revenue from the petroleum sector.
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Significant asset gains increase government holdings
At the close of 2019 general government’s net financial assets totaled NOK 11 800 billion, an increase of NOK 1 850 billion since 2018.
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Oil and gas extraction remain the dominant industry
Public non-financial corporations achieved better operating profit in 2018 than in 2017. The good operating income is mainly due to businesses in the mining and quarry industry.
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Pensions dominate – strongest growth in transport
Pensions and other social benefit programs are by far the chief expenditure item in general government. However, the strongest growth in government expenditure can be found in road and rail.
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Revision of government finance statistics
Revised data on general government revenue and expenditure is now available. The purpose and consequence is an extension of the scope of central and local government, and furthermore a reclassification of certain types of revenue and expenditure.
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Decline in government financial assets
General government net financial assets declined by approximately NOK 268 billion in 2018. The reduction is mainly explained by negative returns on the Government Pension Fund’s equity investments.
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Stronger revenue growth
General government revenue grew by about 9 per cent in 2018.
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NOK 147 billion surplus
General government surplus over the last four quarters is estimated at NOK 147 billion, which is an increase of NOK 28 billion from the corresponding period last year.
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Excess of NOK 10 trillion in net assets
General government net financial assets are estimated at NOK 10.2 trillion in 2017. This constitutes an increase of almost 13 per cent compared to 2016.
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First rise in surplus since 2012
General government surplus is estimated at NOK 146 billion in 2017. This is the first time since 2012 that general government surplus grows from one year to the next.
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