Reduced government revenue
Total revenue in the central government’s fiscal account has decreased by NOK 13 billion from the first quarter of 2014 to the first quarter of 2015. The decrease is due to lower income from petroleum.
|1st quarter 2014||1st quarter 2015||Change in per cent|
|A. TOTAL REVENUE||336 043||323 087||-3.9|
|Operating surplus extraction of petroleum||40 379||29 885||-26.0|
|Tax revenue||188 313||177 894||-5.5|
|Members' and employers' contribution to the National Insurance Scheme||88 549||93 084||5.1|
|Interest and dividends||5 345||8 135||52.2|
|Other revenue||13 457||14 089||4.7|
|B. TOTAL EXPENDITURE||276 959||303 314||9.5|
|Operating costs||32 880||33 977||3.3|
|Total fixed capital formation||15 246||14 546||-4.6|
|Total transfers||228 833||254 791||11.3|
|C. SURPLUS BEFORE NET TRANSFERS TO THE GOVERNMENT PENSION FUND - GLOBAL||59 084||19 773|
Total revenue was NOK 323 billion in the first quarter of 2015. This is a decrease from NOK 336 billion in the first quarter of 2014. Total expenditure has increased by NOK 26 billion in the same period. The surplus before net transfers to the Government Pension Fund Global was NOK 20 billion. This is a decrease of NOK 39 billion from the first quarter of last year.
The decrease in total revenue is mainly due to lower income from petroleum activities. Oil prices and activity in the petroleum sector affect government revenue both through the State’s Direct Financial Interest (SDFI) and through taxes on petroleum extraction. Since the first quarter of last year, the operating surplus of SDFI has decreased by NOK 10 billion. Reduced payments on petroleum taxes have also led to a decrease in total taxes of NOK 10 billion. The decrease in total revenue has been mitigated by an increase in contributions to the National Insurance Scheme of NOK 4.5 billion and an increase in income from interest and dividends of NOK 2.7 billion from the first quarter of last year.
The quarterly figures are subject to random fluctuations, and must be interpreted with caution.