General government deficit increased by EUR 0.5 billion in October to December

In the fourth quarter of 2014, consolidated total general government revenue grew by EUR 0.6 billion from the respective quarter of the previous year. Correspondingly, consolidated expenditure increased by EUR 1.1 billion. The difference between revenue and expenditure, that is, the deficit (net borrowing) of general government rose by EUR 0.5 billion. Total revenue increased by 1.6 per cent from the previous quarter. Total expenditure grew by 1.2 per cent from the previous quarter. In the fourth quarter of 2014, the general government deficit (net borrowing) stood at EUR 4.8 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 government’s 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 12.8 billion and total expenditure was EUR 15.6 billion. Central government's total revenue went up by 5.6 per cent from the respective quarter of the year before. Correspondingly, total expenditure grew by 2.9 per cent. The difference between revenue and expenditure, that is, the deficit (net borrowing) of central government went down by EUR 0.2 billion. The deficit totalled EUR 2.8 billion.

Local government's total revenue was EUR 11.1 billion in the fourth quarter. It diminished by EUR 0.2 billion or by 1.5 per cent from the respective quarter of the year before. Of revenues, other direct taxes and market output increased. The revenue items that decreased most were income taxes received. Local government's total expenditure was EUR 13.4 billion in the fourth quarter. They grew by EUR 0.3 billion or 2.6 per cent. The expenditure items that grew most were intermediate consumption and purchases of natural resources. The difference between revenue and expenditure, that is, the local government deficit (net borrowing) went up from the previous year and amounted to EUR 2.3 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 6.3 billion and total expenditure was EUR 5.8 billion. Total revenue grew by EUR 0.1 billion or 1.6 per cent from the corresponding quarter in the year before and total expenditure increased by EUR 0.2 billion or 2.8 per cent. The revenue item that grew most was social contributions and in expenditure paid social benefits other than social transfers in kind. 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 0.5 billion.

Other social security funds' total revenue was EUR 4.6 billion in the fourth quarter. The change in total revenue amounted to 1.9 per cent from the corresponding quarter of one year ago. The revenue growth was mainly caused by the increase in other current transfers. The expenditure of other social security funds amounted to EUR 4.8 billion, which was 5.7 per cent higher than one year ago. The expenditure item that grew most was 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 221 million.

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 3.6 per cent from the previous quarter. Correspondingly, central government's total expenditure increased by 0.6 per cent from the previous month.

Local government's total revenue was on the same level as in the previous quarter. Local government's total expenditure grew by 1.3 per cent from the previous quarter.

Employment pension schemes' total revenue went up by 0.7 per cent and total expenditure grew by 0.9 per cent from the previous quarter. Other social security funds' total revenue increased by 0.1 per cent and total expenditure grew by 2.4 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 national 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 20 March 2015. The data will be next revised on 24 June 2015.

Source: General government revenue and expenditure,4th quarter 2014. Statistics Finland

Inquiries: Jouni Pulkka 0295513532, Teuvo Laukkarinen 0295513315, Anu Karhu 0295513325, Kirsi Peltonen 0295513464, 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 2014/4 (26.3.2015)

Figures

Appendix figure 1. Social benefits other than social transfers in kind (26.3.2015)
Appendix figure 2. Actual social contributions (26.3.2015)
Appendix figure 3.Current Taxes on Income, Wealth, etc., trend (26.3.2015)
Appendix figure 4. Taxes on Production and Imports (26.3.2015)
Appendix figure 5. Total revenue, trend (26.3.2015)
Appendix figure 6. Total expenditure, trend (26.3.2015)
Appendix figure 7. Final Consumption expenditure, trend (26.3.2015)
Appendix figure 8. Gross savings, trend (26.3.2015)

Revisions in these statistics

Revisions in these statistics (26.3.2015)

Updated 26.03.2015

Referencing instructions:

Official Statistics of Finland (OSF): General government revenue and expenditure by quarter [e-publication].
ISSN=1797-9382. 4th quarter 2014. Helsinki: Statistics Finland [referred: 23.11.2024].
Access method: http://www.stat.fi/til/jtume/2014/04/jtume_2014_04_2015-03-26_tie_001_en.html