Financial position of general government weakened by EUR 0.3 billion

In the first quarter of 2020, general government's consolidated total revenue grew by EUR 0.3 billion compared with the corresponding quarter of the previous year. Consolidated total expenditure increased by EUR 0.6 billion from the previous year’s corresponding quarter. The difference between revenue and expenditure, that is, the net borrowing of general government rose by EUR 0.3 billion. Total revenue increased by 0.4 per cent from the previous quarter. Total expenditure grew by 2.1 per cent from the previous quarter. In the first quarter of 2020, the general government deficit (net borrowing) stood at EUR 0.9 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 first quarter, central government's total revenue amounted to EUR 14.4 billion and total expenditure was EUR 16.1 billion. Central government's total revenue increased 1,9 per cent from the respective quarter of the year before. Correspondingly, central government's total expenditure increased by 2.0 per cent from the respective quarter of the year before. The difference between revenue and expenditure, that is, the central government deficit was EUR 1.7 billion.

Local government's total revenue was EUR 13.0 billion in the first quarter. Compared to the corresponding quarter of the previous year it grew 1.1 per cent. Of income, most increase was recorded in income transfers from central government. Income taxes diminished most. In the first quarter of 2019, local government's total expenditure was EUR 12.9 billion. It went up by 1.4 per cent. In expenditure, most growth was seen in gross fixed capital formation. The difference between revenue and expenditure, that is, the local government surplus (net lending) went down slightly and amounted to EUR 0.1 billion.

Social security funds include employment pension schemes and other social security funds. In the first quarter, employment pension schemes' total revenue amounted to EUR 7.6 billion and total expenditure to EUR 7.1 billion. Total revenue fell by EUR 0.01 billion or by 0.1 per cent from the corresponding quarter in the year before and total expenditure increased by EUR 0.2 billion or by 2.3 per cent. The revenue items that grew most were social contributions received, and in expenditure, paid pensions. The difference between revenue and expenditure, that is, the surplus (net lending) of employment pension schemes went down by around EUR 0.2 billion from the corresponding quarter in 2018 and amounted to EUR 0.5 billion..

Other social security funds' total revenue was EUR 5.0 billion in the first quarter. Total revenue increased by 3.2 per cent from the corresponding quarter of one year ago. Current transfers received by the sector had most effect on the change in revenue, which grew by EUR 175 million or up by 13.5 per cent from the year before. The expenditure of other social security funds amounted to EUR 4.7 billion and it increased by 4.0 per cent from the quarter last year. Expenditure grew most due to paid social benefits other than social transfers in kind, of which EUR 142 million were paid, or 4.0 per cent less than one year before. The difference between revenue and expenditure, that is, the surplus (net lending) of other social security funds was EUR 243 million in the first quarter.

Changes from the previous quarter

Examinations of changes compared with the previous quarter are made with seasonally adjusted figures. Central government's total revenue decreased by 0.1 per cent from the previous quarter. Central government's total expenditure increased by 2.2 per cent from the previous quarter.

Local government's total revenue went up by 0.1 per cent from the previous quarter. Total expenditure increased by 1.9 per cent.

Employment pension schemes' total revenue went down by 0.4 per cent and total expenditure fell by 0.4 per cent from the previous quarter. Other social security funds' total revenue increased by 2.5 per cent and total expenditure grew by 3.4 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 12 June 2020. The data will be next revised on 18 September 2020.

Source: General government revenue and expenditure,1 th quarter 2020. Statistics Finland

Inquiries: Jouni Pulkka 029 551 3532, Jens Melfsen 029 551 2578, rahoitus.tilinpito@stat.fi

Director in charge: Jan Nokkala

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Appendix tables

Appendix table 1. Change in general government revenue and expenditure 2020/1 (18.6.2020)

Figures

Appendix figure 1. Social benefits other than social transfers in kind (18.6.2020)
Appendix figure 2. Actual social contributions (18.6.2020)
Appendix figure 3.Current Taxes on Income, Wealth, etc., trend (18.6.2020)
Appendix figure 4. Taxes on Production and Imports (18.6.2020)
Appendix figure 5. Total revenue, trend (18.6.2020)
Appendix figure 6. Total expenditure, trend (18.6.2020)
Appendix figure 7. Final Consumption expenditure, trend (18.6.2020)
Appendix figure 8. Gross savings, trend (18.6.2020)

Revisions in these statistics

Revisions in these statistics (18.6.2020)

Updated 18.06.2020

Referencing instructions:

Official Statistics of Finland (OSF): General government revenue and expenditure by quarter [e-publication].
ISSN=1797-9382. 1st quarter 2020. Helsinki: Statistics Finland [referred: 22.11.2024].
Access method: http://www.stat.fi/til/jtume/2020/01/jtume_2020_01_2020-06-18_tie_001_en.html