RTTNews - Monday, the Statistics Iceland said in a report that the general government deficit stood at 6.9% of GDP in the first quarter, compared with a surplus of 5.5% GDP in the same period of the previous year.

The general government total revenue decreased 7% year-on-year to ISK 153 billion in the first quarter. This was mainly due to large decrease in revenue from taxes on goods and services, the statistical office said.

At the same time, the total expenditure increased 21% to ISK 177 billion, compared with 146 billion in the previous year.

Meanwhile, the central government net financial assets stood at 17.4% of GDP in the first quarter, compared with a 3.1% of GDP last year.

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