Treasury finances in February 2002. Report date: March 21, 2002
Treasury Finances in February 2002
Report date March 21, 2002
Figures for Treasury finances in February 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 3.3 billion kronur, compared to 2.2 billion kronur in February 2001. The Treasury's total revenue is 41S billion kronur, which is an increase of about 1S billion kronur from last year, or 3.5 per cent. In comparison, general price changes amount to 9% for this period. Revenue from value added tax remains relatively unchanged in value terms from February last, while excise from automobiles decreases by one third. This large fall in indirect tax revenue suggests that contraction in domestic demand continues. Revenue from personal and corporate income taxes increased considerably in nominal terms from last year. Total tax revenue increased by 3S per cent from February 2001, which equals a 5% contraction in real terms. Revenue proceeds are in line with projections.
The Treasury's total expenditure in February amounted to 38,2 billion kronur, increasing by 0.3 billion kronur from last year, or only 0.8%. Administrative and social affairs expenditure increase by a total of 4.2 billion kronur, which is offset by lower interest expenditure by 3.6 billion kronur as well as a S billion decrease in agriculture expenditure. Since these figures only take stock of two months, any comparison with last year and earlier projections are subject to some uncertainty as expenses are transferable between months.
Domestic borrowing amounted to 1.1 billion kronur, with amortisation of 400 million kronur. Foreign long-term loan was financed by a loan on the foreign short-term market. A 1.5 billion kronur in payments to the Government Employees Pensions fund are meant to lower future liabilities of the Treasury. The overall cash balance was positive by 2.2 billion kronur, compared with 0.9 billion kronur in February 2001.