Reduced government revenue
The central government’s fiscal account for the second quarter of 2015 shows a decrease in revenue of 4.7 per cent. The surplus before transfers to the Government Pension Fund Global has been reduced by almost 50 per cent.
|2nd quarter 2014||2nd quarter 2015||Change in per cent|
|A. TOTAL REVENUE||352 349||335 887||-4.7|
|Operating surplus extraction of petroleum||28 532||24 738||-13.3|
|Tax revenue||228 983||214 380||-6.4|
|Members' and employers' contribution to the National Insurance Scheme||52 499||55 772||6.2|
|Interest and dividends||30 495||17 822||-41.6|
|Other revenue||11 840||23 175||95.7|
|B. TOTAL EXPENDITURE||299 134||308 348||3.1|
|Operating costs||38 753||41 332||6.7|
|Total fixed capital formation||18 789||18 990||1.1|
|Total transfers||241 592||248 026||2.7|
|C. SURPLUS BEFORE NET TRANSFERS TO THE GOVERNMENT PENSION FUND - GLOBAL||53 215||27 539|
Total revenue has decreased from NOK 352.3 billion in the second quarter of 2014 to NOK 335.9 billion in the second quarter of this year. Sales revenue, transfers and the operating surplus from petroleum activities have all been reduced from the second quarter of 2014. The decrease in total transfers is due to lower tax revenue and decreased income from interest and dividends. Tax revenue has decreased by NOK 14.6 billion and interest and dividend has decreased by NOK 12.7 billion from the second quarter of 2014 to the second quarter of 2015.
Total expenditure was NOK 308.3 billion in the second quarter of this year. This is NOK 9.2 billion more than in the second quarter of last year. Operating costs have increased by NOK 2.6 billion and purchases of goods and services account for most of this increase. While investments in central government petroleum activities have been reduced by NOK 1.5 billion, total fixed capital formation has increased by 1.1 per cent. Pensions and benefits paid through the National Insurance Scheme have increased by NOK 8.8 billion from the second quarter of 2014 to the second quarter of this year.
The quarterly figures are subject to random fluctuations, and must be interpreted with caution.