Norway - First deficit in 25 years

The last figures from Statistics Norway (SSB) shows that central government's total revenues in the second quarter of this year was 328 billion,

which is 2.3 percent less than in the same quarter last year. In 2015, total revenue of 336 billion.Main reason beeing lower revenues from the petroleum activities on the continental shelf. Lower tax income and withdrawals from the state's direct financial interest (SDFI) explains the decline in total revenues, SSB writes. Tax revenues from petroleum has more than halved in the quarter compared to Q2 2015 from 46 billion to 23 billion. Total tax revenue in government accounts fell by 8.3 percent, writes SSB. In combination with the lower income, the  total government expenditure has  increased sharply, which has led to a loss of about 5 billion during the first four months. In 2'nd quarter 2015 expenses amounted 308 billion, compared to 333 billion for 2'nd quarter 2016. There is an increase of 8 percent.

Norway earns far less on their own holdings in oil and gas fields on the Norwegian shelf. According to the quarterly report of the State's Direct Financial Interest (SDFI), which was submitted in August, the fall is significantly. During first half of 2016 a total of NOK 38.7 billion was transferred to the state, while the transfer for the same period in 2015 amounted to NOK 54.9 billion, - despite the fact that production rate in the first half year 3.5 percent higher than in the first half last year