(MENAFN) According to a report by Statistics Iceland, the country's government posted a deficit of USD267 million, which meant 1.7 percent of GDP in 2013, lower than 2012's 3.7 percent, Xinhua reported.
The report attributed the reduction of the deficit in 2013 to a 7.4 percent increase in revenue and a 2.7 percent in spending, as the revenue accounted for 42.5 percent of GDP last year and spending 44.2 percent.
The government's total financial assets amounted to USD10 billion at the end of 2013 and the total liabilities reached USD18.1 billion, which meant that net financial assets of the government dipped by USD8.1 billion in 2013.
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