Treasury finances in March 2002. Report date: April 24, 2002.
Treasury finances in March, April 24, 2002 (PDF 15K).
Figures for Treasury finances in March 2002 are now available. They are on a cash basis and therefore not comparable to the Treasury accounts or the fiscal budget, both of which are presented on an accruals basis.
According to these figures, cash from operations amounted to about 1/2 billion krónur, compared to 1.5 billion kronur in March 2001. The net financial balance was about even compared to a negative position of almost 4 billion kronur in March last year.
The Treasury’s total revenue is 55½ billion kronur, which is an increase of about 1½ billion kronur from last year, or almost 3 per cent. The Treasury’s tax revenue increased by a similar percentage. In comparison, general price changes amount to 9% for this period and it is therefore clear that the economy is still going through a downturn. This can also be seen from the fact that revenue from value-added tax remains relatively unchanged in value terms from March of last year, while excise taxes on automobiles decreases by one third. Revenue from personal and corporate income taxes increased considerably however in nominal terms from last year.
The Treasury’s total expenditure in March amounted to 55.9 billion krónur, increasing by close to 1/2 billion kronur from last year, or only 0.8%. Administrative and social affairs expenditure increase by a total of 5.1 billion krónur, which is offset by lower interest expenditure by 4.6 billion kronur as well as a decrease in agriculture expenditure. Since these figures only take stock of three months, any comparison with last year and earlier projections are subject to some uncertainty as expenses are transferable between months.
Domestic borrowing amounted to 5.5 billion kronur. A foreign long-term loan was financed by a loan on the foreign short-term market. A payment of 2.3 billion kronur to the Government Employees Pensions fund is meant to lower future liabilities of the Treasury. The overall cash balance was positive by 2.7 billion krónur, compared with 0.8 billion kronur in March 2001.
Treasury finances in March 2002
(Millions of krónur, cash basis)
|
1998 |
1999 |
2000 |
2001 |
2002 |
|
|
Revenue...............................…………........ |
35,467 |
44,271 |
49,704 |
54,010 |
55,454 |
|
- Asset sale |
-42 |
-383 |
-343 |
-73 |
-31 |
|
Expenditure......................…………............ |
35,781 |
40,910 |
45,210 |
55,485 |
55,945 |
|
Cash from operations.............................. |
-356 |
2,978 |
4,151 |
-1,548 |
-522 |
|
Financial transactions.............................. |
330 |
-6,962 |
2,280 |
-2,203 |
588 |
|
Net financial balance……......................... |
-26 |
-3,984 |
6,431 |
-3,751 |
66 |
|
Debt redemption........................................ |
-2,064 |
-16,142 |
-18,356 |
-6,400 |
-10,753 |
|
Domestic…............................................... |
-1,890 |
-6,490 |
-9,566 |
-6,355 |
-613 |
|
Foreign...................................................... |
-174 |
-9,652 |
-8,790 |
-45 |
-10,140 |
|
Pension fund prepayments………........... |
0 |
-500 |
-1,500 |
-3,750 |
-2,250 |
|
Gross borrowing requirement.…............. |
-2,090 |
-20,626 |
-13,425 |
-13,902 |
-12,938 |
|
New borrowing.......................................... |
1,618 |
10,092 |
12,604 |
13,113 |
15,634 |
|
Domestic…............................................... |
5,145 |
751 |
5,234 |
9,433 |
5,515 |
|
Foreign..................................................... |
-3,527 |
9,341 |
7,370 |
3,680 |
10,119 |
|
Overall cash balance………..................... |
-472 |
-10,534 |
-821 |
-789 |
2,696 |
Treasury revenue in March 2002
(Millions of krónur, cash basis)
|
% increase from previous year |
|||||||||
|
2000 |
2001 |
2002 |
1999 |
2000 |
2001 |
2002 |
|||
|
Total tax revenue....................... |
46,030 |
50,066 |
51,516 |
23.1 |
13.4 |
8.8 |
2.9 |
||
|
Taxes on income and profit...... |
15,799 |
18,912 |
20,483 |
15.9 |
20.7 |
19.7 |
8.3 |
||
|
Personal income tax................. |
10,552 |
11,970 |
13,645 |
15.2 |
12.4 |
13.4 |
14.0 |
||
|
Corporate income tax |
1,479 |
2,235 |
1,161 |
20.1 |
9.6 |
51.1 |
-48.1 |
||
|
Other taxes on income and profit |
3,768 |
4,707 |
5,677 |
16.7 |
59.8 |
24.9 |
20.6 |
||
|
Social Security taxes................... |
4,613 |
4,929 |
5,505 |
11.7 |
6.3 |
6.9 |
11.7 |
||
|
Net wealth taxes.......................... |
2,155 |
2,602 |
2,146 |
28.7 |
11.4 |
20.7 |
-17.5 |
||
|
Taxes on goods and services |
23,361 |
23,485 |
23,281 |
30.5 |
10.3 |
0.5 |
-0.9 |
||
|
Value added tax |
13,978 |
14,302 |
14,302 |
33.5 |
13.9 |
2.3 |
0.0 |
||
|
Other indirect taxes |
9,383 |
9,183 |
8,979 |
26.5 |
5.3 |
-2.1 |
-2.2 |
||
|
Of which: |
|||||||||
|
Excise tax on motor vehicles |
1,191 |
833 |
571 |
59.5 |
-7.2 |
-30.1 |
-31.5 |
||
|
Excise tax on petrol............ |
1,768 |
1,608 |
1,556 |
-5.1 |
13.8 |
-9.0 |
-3.2 |
||
|
Diesel weight tax................ |
1,491 |
1,668 |
1,573 |
22.0 |
13.7 |
11.9 |
-5.7 |
||
|
Tobacco and liquor taxex.... |
1,979 |
1,814 |
1,803 |
15.6 |
9.3 |
-8.3 |
-0.6 |
||
|
Other indirect taxes.............. |
2,954 |
3,260 |
3,476 |
50.4 |
0.1 |
10.4 |
6.6 |
||
|
Other taxes................................... |
102 |
138 |
101 |
-12.7 |
112.5 |
35.3 |
-26.8 |
||
|
Other revenue............................... |
3,674 |
3,943 |
3,938 |
59.9 |
0.1 |
7.3 |
-0.1 |
||
|
Total revenue................................. |
49,704 |
54,010 |
55,454 |
25.5 |
12.3 |
8.7 |
2.7 |
||
Treasury expenditure in March 2002
(Millions of krónur, cash basis)
|
% increase from last year |
||||||||||||
|
2000 |
2001 |
2002 |
1999 |
2000 |
2001 |
2002 |
||||||
|
Administration........................... |
5,350 |
5,256 |
6,418 |
14.9 |
17.2 |
-1.8 |
22.1 |
|||||
|
General administration............. |
3,226 |
2,880 |
3,798 |
10.8 |
18.4 |
-10.7 |
31.9 |
|||||
|
Justice and law enforcement..... |
2,125 |
2,377 |
2,620 |
21.5 |
15.4 |
11.9 |
10.2 |
|||||
|
Social affairs............................... |
25,134 |
30,327 |
34,305 |
10.2 |
5.1 |
20.7 |
13.1 |
|||||
|
Of which: Education and culture… |
6,148 |
7,044 |
8,107 |
28.4 |
6.5 |
14.6 |
15.1 |
|||||
|
Health........................…… |
10,126 |
12,011 |
14,220 |
8.0 |
6.4 |
18.6 |
18.4 |
|||||
|
Social security……............ |
7,486 |
9,699 |
10,085 |
0.7 |
1.6 |
29.6 |
4.0 |
|||||
|
Economic affairs......................... |
6,422 |
8,403 |
8,069 |
15.9 |
7.4 |
30.8 |
-4.0 |
|||||
|
Of which: Agriculture.............…… |
2,503 |
3,433 |
3,017 |
9.6 |
6.7 |
37.2 |
-12.1 |
|||||
|
Communications.......… |
2,169 |
2,783 |
3,019 |
8.6 |
0.5 |
28.3 |
8.5 |
|||||
|
Interest expenditure................... |
6,434 |
8,868 |
4,282 |
34.4 |
27.5 |
37.8 |
-51.7 |
|||||
|
Other expenditure..................... |
1,868 |
2,630 |
2,871 |
17.2 |
31.6 |
40.8 |
9.2 |
|||||
|
Total expenditure....................... |
45,210 |
55,486 |
55,945 |
14.3 |
10.5 |
22.7 |
0.8 |
|||||