Reduced government revenue
The central government’s fiscal account, including the National Insurance Scheme, shows revenue of NOK 352 billion and expenditure of NOK 299 billion in the second quarter of 2014.
|2nd quarter 2013||2nd quarter 2014||Change in per cent|
|A. TOTAL REVENUE||375 173||352 349||-6.1|
|Operating surplus extraction of petroleum||33 782||28 532||-15.5|
|Tax revenue||249 472||228 983||-8.2|
|Members' and employers' contribution to the National Insurance Scheme||50 007||52 499||5.0|
|Interest and dividends||30 139||30 495||1.2|
|Other revenue||11 773||11 840||0.6|
|B. TOTAL EXPENDITURE||266 606||299 134||12.2|
|Operating costs||36 062||38 753||7.5|
|Total fixed capital formation||14 649||18 789||28.3|
|Total transfers||215 895||241 592||11.9|
|C. SURPLUS BEFORE NET TRANSFERS TO THE GOVERNMENT PENSION FUND - GLOBAL||108 567||53 215|
Total revenue has decreased by NOK 23 billion compared to the second quarter of 2013. This is mainly due to a decrease in tax income from the extraction of petroleum. Total tax revenue has decreased by NOK 20 billion, from NOK 249 billion to NOK 229 billion, from the second quarter of 2013. Taxes account for most of the transfers to the central government and the total sum of transfers is reduced by almost NOK 18 billion. Other significant transfers are contributions to the National Insurance Scheme of NOK 52 billion and interest and dividends of NOK 30 billion. These transfers have increased by a total of NOK 3 billion from the second quarter of last year.
Besides transfers, the central government had sales revenue of NOK 5 billion and income from petroleum extraction of NOK 34 billion in the second quarter of this year. These sums have also decreased, by a total of NOK 5 billion.
Total government expenditure was NOK 299 billion in the second quarter. Transfers account for NOK 242 billion, operating expenses account for NOK 39 billion and fixed capital formation account for NOK 19 billion of this sum. Total expenditure has increased by NOK 33 billion from the second quarter of 2013. Part of this increase is due to different periodization of the expenses in 2013 and 2014.
The quarterly figures are subject to random fluctuations, and must be interpreted with caution.