General government deficit unchanged in October-December

In the fourth quarter of 2012, consolidated total general government revenue grew by EUR 0.4 billion from the respective quarter of the previous year. Correspondingly, consolidated expenditure increased by EUR 0.4 billion. The difference between revenue and expenditure, that is, the deficit (net borrowing) of general government remained at last year's level. Total revenue increased by 1.0 per cent from the previous quarter. Total expenditure decreased by 1.0 per cent from the previous quarter. In the fourth quarter of 2012, the general government deficit (net borrowing) stood at EUR 4.2 billion. These data derive from Statistics Finland’s statistics on general government revenue and expenditure by quarter. General government is comprised of central government, local government and social security funds.

General governments net lending (+) / net borrowing (-), trend

Changes from the respective quarter of the year before

Examinations of year-on-year changes are made with figures unadjusted for seasonal variation. In the fourth quarter, central government's total revenue amounted to EUR 11.3 billion and total expenditure was EUR 14.4 billion. Central government's total revenue grew by EUR 0.2 billion, or 1.6 per cent from the respective quarter of the year before. Correspondingly, total expenditure contracted by EUR 0.2 billion or 1.2 per cent. The revenue item that grew most was income and wealth taxes received by central government. The expenditure item that decreased most was paid capital transfers. The difference between revenue and expenditure, that is, the deficit (net borrowing) of central government went down by EUR 0.4 billion and amounted to EUR 3.1 billion.

Local government's total revenue was EUR 10.1 billion in the fourth quarter. They grew by EUR 60 million or 0.6 per cent from the respective quarter in the year before. The revenue items that increased most were market output, sales of non-market goods and current transfers received. By contrast, income and wealth taxes received by local government and property income decreased. Local government's total expenditure was EUR 12.0 billion in the fourth quarter. They grew by EUR 0.3 billion or 2.7 per cent. The expenditure items that grew the most were intermediate consumption, compensation of employees and social benefits in kind. The difference between revenue and expenditure, that is, the deficit (net borrowing) of local government increased by EUR 0.3 billion and amounted to EUR 1.9 billion.

Social security funds include employment pension schemes and other social security funds. In the fourth quarter, employment pension schemes' total revenue amounted to EUR 6.0 billion and total expenditure was EUR 5.2 billion. Total revenue grew by EUR 0.2 billion or 2.5 per cent from the corresponding quarter in the year before and total expenditure increased by EUR 0.3 billion or 6.3 per cent. The revenue item that grew the most was social contributions and in expenditure paid social benefits other than social transfers in kind grew the most. The difference between revenue and expenditure, that is, the surplus (net lending) of employment pension schemes went down by EUR 0.1 billion and amounted to EUR 0.8 billion.

Other social security funds' total revenue was EUR 4.3 billion in the fourth quarter. The change in total revenue amounted to 8.8 per cent from the corresponding quarter one year ago. The revenue item that grew most was current transfers received. The expenditure of other social security funds amounted to EUR 4.3 billion, which was 7.2 per cent higher than one year ago. 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 deficit (net lending) of other social security funds went down by EUR 0.1 billion and amounted to EUR 0.0 billion.

Changes from the previous quarter

Examinations of changes from the previous quarter are made with seasonally adjusted figures. Central government's total revenue grew by 2.1 per cent from the previous quarter. Respectively, central government's total expenditure fell by 1.9 per cent. The revenue item that grew most was received income and wealth taxes. The expenditure items that decreased the most were intermediate consumption and gross fixed capital formation.

Local government's total revenue went down by 0.6 per cent from the previous quarter. The revenue items that contracted most were received income and wealth taxes and property income. Local government's total expenditure grew by 0.3 per cent from the previous quarter. The expenditure items that increased most were intermediate consumption and current transfers paid.

Employment pension schemes' total revenue went up by 0.5 per cent and total expenditure by 0.6 per cent from the previous quarter. Other social security funds' total revenue increased by 5.7 per cent and total expenditure by 2.9 per cent from the previous quarter.

The data for the two latest years are preliminary and will become revised as annual national accounts data are revised. Seasonally adjusted and trend time series have been calculated with the Tramo/Seats method. Seasonally adjusted and trend time series always become revised against new observations irrespective of whether the original time series becomes revised or not. Further information on the seasonal adjustment method: http://www.tilastokeskus.fi/til/tramo_seats_en.html As the time series of annual accounts become revised, the time series of this set of statistics will also be revised. These data are based on the data sources available by 25 March 2013. The data will next be revised at the end of June 2013.

Source: General government revenue and expenditure,4th quarter 2012, Statistics Finland

Inquiries: Jouni Pulkka 09 1734 3532, Teuvo Laukkarinen 09 1734 3315, Anu Karhu 09 1734 3325, Jukka Hyt�nen 09 1734 3484, rahoitus.tilinpito@stat.fi

Director in charge: Leena Storg�rds

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Appendix tables

Appendix table 1. Change in general government revenue and expenditure 2012/4 (28.3.2013)

Figures

Appendix figure 1. Social benefits other than social transfers in kind (28.3.2013)
Appendix figure 2. Actual social contributions (28.3.2013)
Appendix figure 3.Current Taxes on Income, Wealth, etc., trend (28.3.2013)
Appendix figure 4. Taxes on Production and Imports (28.3.2013)
Appendix figure 5. Total revenue, trend (28.3.2013)
Appendix figure 6. Total expenditure, trend (28.3.2013)
Appendix figure 7. Final Consumption expenditure, trend (28.3.2013)
Appendix figure 8. Gross savings, trend (28.3.2013)

Revisions in these statistics

Revisions in these statistics (28.3.2013)

Updated 28.3.2013

Referencing instructions:

Official Statistics of Finland (OSF): General government revenue and expenditure by quarter [e-publication].
ISSN=1797-9382. 4th quarter 2012. Helsinki: Statistics Finland [referred: 23.11.2024].
Access method: http://www.stat.fi/til/jtume/2012/04/jtume_2012_04_2013-03-28_tie_001_en.html