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Home BUSINESSGeneral govt deficit falls by EUR 0.9b in Q1
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Thu, 23 Jun, 2016 12:07:46 AM
FTimes Report, Jun 23
 
General government’s net lending (+) / net borrowing (-), trend. Source: General government revenue and expenditure,1st quarter 2016. Statistics Finland.
Consolidated general government revenue grew by EUR 0.9 billion in the first quarter of 2016 from the respective quarter of the previous year.
 
Correspondingly, consolidated expenditure decreased by EUR 0.1 billion, according to Statistics Finland’s statistics on general government revenue and expenditure by quarter.
 
The difference between revenue and expenditure, that is, the deficit (net borrowing) of general government improved by EUR 0.9 billion.
 
The total revenue decreased by 0.4 per cent from the previous quarter while total expenditure declined by 1.4 per cent from the previous quarter.
 
The general government deficit stood at EUR 0.7 billion in the first quarter.
 
In the first quarter, central government's total revenue amounted to EUR 12.6 billion and total expenditure was EUR 14.4 billion.
 
The central government's total revenue went up by 3.7 per cent from the respective quarter of the year before.
 
Correspondingly, total expenditure decreased by 3.4 per cent. The difference between revenue and expenditure, that is, the deficit went down by EUR 1.0 billion and amounted to EUR 1.8 billion.
 
Local government's total revenue was EUR 12.3 billion in the first quarter. It decreased by 0.7 per cent from the respective quarter of the year before.
 
The revenue items that grew most were income taxes received and sales of non-market products. In turn, current transfers and capital transfers received decreased among revenue items.
 
Local government's total expenditure was EUR 11.8 billion in the first quarter. It went up by 0.7 per cent. The expenditure items that grew most were social transfers in kind purchased from the market and gross fixed capital formation.
 
The difference between revenue and expenditure, that is, the local government surplus (net lending) went down from the previous year EUR 0.2 billion to EUR 0.5 billion as per the data.
 
Social security funds include employment pension schemes and other social security funds. In the first quarter, employment pension schemes' total revenue amounted to EUR 6.9 billion and total expenditure was EUR 6.2 billion.
 
Total revenue decreased by EUR 0.02 billion or by 0.3 per cent from the corresponding quarter in the year before and total expenditure increased by EUR 0.04 billion or by 0.6 per cent.
 
The revenue item that decreased most was actual received interest and the expenditure item that grew the most was paid social benefits other than social transfers in kind.
 
The difference between revenue and expenditure, that is, the surplus of employment pension schemes went down by EUR 0.06 billion from one year back and amounted to EUR 0.7 billion.
 
Other social security funds' total revenue was EUR 4.8 billion in the first quarter. The total revenue increased by 4.7 per cent from the corresponding quarter of one year ago.
 
The expenditure of other social security funds amounted to EUR 4.8 billion, which was 0.8 per cent higher than one year ago.
 
The revenue items that grew most were social contributions received, and in expenditure, paid social benefits other than social transfers in kind. The difference between revenue and expenditure, that is, the deficit (net borrowing) of social security funds was EUR eight million in the first quarter.
 
The central government's total revenue went down by 2.0 per cent from the previous quarter. Respectively, the central government's total expenditure fell by 2.2 per cent from the previous quarter.
 
The local government's total revenue went down by 0.1 per cent from the previous quarter. Its total expenditure decreased by 0.6 per cent from the previous quarter.
 
General government is comprised of central government, local government and social security funds.
 
Employment pension schemes' total revenue went down by 0.7 per cent and total expenditure by 1.6 per cent from the previous quarter. The current transfers within general government diminished most among expenditure items.
 
Other social security funds' total revenue rose by 1.8 per cent and total expenditure decreased by 1.5 per cent from the previous quarter.
 
 
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