4. English Summary

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The Danish economy is affected by the international financial crisis and the following weak cyclical conditions, cf. Economic Survey, May 2009. The unemployment is rising and the general government finances are weakened.

The previous years’ surpluses on the general government budget balance are now expected to turn into deficits at DKK 22½bn in 2009 (-1.3 per cent of GDP) and DKK 60 bn in 2010 (-3.3 per cent of GDP). Also the central government finances are estimated to decline. The projections of the balance on the current, investment and lending account (the CIL-account) and the central government net balance show deficits in 2009.

Compared to the December projections the government finances are weakened in 2009 and 2010 which primarily reflects lower revenues from taxes and duties as well as higher unemployment expenses.

From 2007 to 2010, the general government finances is estimated to decline by DKK 135bn corresponding to 7¾ per cent of GDP. The considerable shift reflects that the Danish government finances are highly sensitive towards cyclical conditions, the financial markets and the oil prices. At the same time the general government finances are weakened by discretionary fiscal policy measures including lower tax revenues in 2010 following the personal income tax cuts etc. in the Spring package 2.0.

4.1 General government finances

The estimates for the general government finances in 2009 and 2010 are based on short term projections for the Danish economy, cf. Economic Survey, May 2009.

Furthermore, the estimates are based on the central government budget for 2009, an updated status for the central government spending in 2009 and the local government budgets for 2009. For both 2009 and 2010 the estimates are also based on the political agreements on infrastructure investments, municipal investments in 2009, and the Spring package 2.0. Furthermore, the estimate for 2010 relies on technical assumptions and the 2015-plan, as the fiscal policy priorities for 2010 will be determined later.

According to preliminary data from Statistics Denmark the general government surplus amounted to DKK 63¼bn in 2008, cf. table 4.1, which is DKK 11bn. higher than the estimate in the December projection. This primarily reflects increased revenues from pension yield taxation and personal taxes, cf. Annex 1.

Table 4.1
General government budget balance, 2003-2010
		2003	2004	2005	2006	2007	2008	2009	2010
	DKK bn, current prices
	December 2008	-1.4	27.3	77.1	81.5	75.1	52.2	-0.3	-22.9
	May 2009	-1.4	27.3	77.1	81.5	75.1	63.2	-22.5	-60.1
	- Central government	-1.7	27.6	81.8	88.6	78.6	70.3	-	-
	- Local governments	0.1	-0.4	-5.1	-7.4	-3.4	-7.1	-	-
	- Social funds	0.2	0.2	0.4	0.3	0.0	0.0	-	-
	May 2009 (per cent of GDP)	-0.1	1.9	5.0	5.0	4.5	3.6	-1.3	-3.3
	Note: The specification of the central and local government budget balances do not fully reflect that the central government through transfers to local governments bears the risk of fluctuations in expenditures and revenues due to the business cycles.

For the first time since 2003 deficits on the general government budget balance are estimated for 2009 and 2010. The deficits of DKK 22½bn in 2009 and DKK 60bn in 2010 are projected, which corresponds to -1.3 per cent of GDP in 2009 and -3.3 per cent of GDP in 2010. The estimated deficits reflect the weak cyclical conditions as well as the discretionary fiscal policy, including tax cuts and increased public investments.

Compared to the December projection the general government surplus has been revised up by DKK 11bn in 2008, but adjusted downwards by DKK 22¼bn in 2009 and DKK 37¼bn in 2010, cf. table 4.2.

The upward revision in 2008 is due to higher income from pension yield taxation and personal income taxes. The downward revisions in 2009 and 2010 are mainly due to increased expenses on income transfers, lower revenues from vehicle registration tax and VAT. In 2010 considerably lower revenues from personal taxes are estimateed in light of the agreed tax cuts in the Spring package 2.0.

Table 4.2
Revision of the general government budget balance from December to May
		2008	2009	2010
	DKK bn, current prices
	North Sea oil and gas exploration activities	1.1	-1.5	1.3
	Corporate taxes excluding North Sea oil and gas exploration activities	0.0	-2.1	-1.7
	Pension yield taxation	6.1	5.0	3.1
	Personal taxes etc. and labour market contributions	6.1	3.0	-22.0
	Value Added Tax	-0.9	-5.7	-3.4
	Vehicle registration tax	-2.6	-5.3	-2.1
	Other taxes and duties	0.4	-1.3	2.6
	Public consumption expenditures	-1.0	0.0	1.1
	Public investment expenditures	0.7	-3.3	-2.8
	Income transfers	-0.7	-6.7	-12.7
	Subsidies	-0.3	1.1	2.2
	Net interest expenditures and dividends	0.9	-3.5	-4.1
	Other expenditures and revenues	1.1	-1.8	1.3
	Total revision of general government budget balance	11.0	-22.2	-37.2
	Note: Negative numbers imply reductions of the surplus due to reduced revenues or increased expenditures, and positive numbers imply increases in the surplus due to increased revenues or decreased expenditures.

The revenues from the North Sea activities have been downward adjusted by DKK 1½bn in 2009, but upward adjusted by approx. DKK 1¼bn in 2010 compared to the projection in December. The adjustments are mainly due to adjustments of the oil price of -6 per cent in 2009 and 12 per cent in 2010.

The corporate tax revenues excluding the North Sea activities are adjusted downwards by approx. DKK 2bn in 2009 and DKK 1¾bn in 2010. The downward adjustments are to be seen in connection with lower earnings in the financial sector.

The revenues from the pension yield taxation have been upward adjusted by DKK 5bn in 2009 and approx. DKK 3bn in 2010 primarily due to an estimated reduction of losses in 2008 that are deductable the following years.

Higher revenues from personal taxes etc. and labour market contributions are expected in 2009 which among other things is due to increased tax revenues from withdrawal from the special pension scheme (SP). In 2010, the estimated downward adjustment by DKK 22bn primarily reflects the agreed tax cuts in the Spring package 2.0.

The downward adjustments of the revenues from the VAT by DKK 5¾bn in 2009 and DKK 3½bn in 2010 are due to downward adjustments of expected private consumption, including car purchases. In addition, revenues from the vehicle registration tax are downward adjusted by DKK 5¼bn in 2009 and DKK 2bn in 2010.

Compared with the December projection lower revenues on other taxes and duties of about DKK 1¼bn are expected in 2009, where higher revenues of about DKK 2½bn are expected in 2010. In 2009 the adjustment primarily reflects lower revenues from excise duties as the production and the private consumption decreases, while the estimate in 2010 follows the discretionary increases of duties agreed in the Spring package 2.0.

Public consumption expenditures are unchanged in 2009 compared to the December projection, but have been downward adjusted by approx. DKK 1bn in 2010 mainly due to an expected lower public sector wage increase. The public sector wage increase depends on the private sector wage increase, which has been downward adjusted.

Higher public investment expenditure of DKK 3¼bn in 2009 and DKK 2¾bn in 2010 is expected due to the agreements on infrastructure investments and municipal investments in 2009.

The expenditures for income transfers have been upward adjusted by DKK 6¾bn in 2009 and DKK 12¾bn in 2010. The upward adjustments are primarily due to the expected increase in unemployment compared to the December projection.

The subsidies have been downward adjusted by approx. DKK 1bn in 2009 and DKK 2¼bn in 2010 primarily due to a technical correction of the investments in railways. Higher subsidies of DKK 1.5bn are expected in 2009 from the agreed repair and maintenance scheme for private households.

The estimated net interest expenditures and dividends are upward adjusted by DKK 3½bn in 2009 and approx. DKK 4bn in 2010, which among other things is due to lower interest revenues in light of lower monetary-policy interest rates.

The expenditure burden, i.e. the ratio of government expenditure to GDP, is estimated to 54.8 per cent of GDP in 2010, which reflects an increase of 4 percentage points from 2008, cf. table 4.3. The increase is primarily due to an increase in public consumption in per cent of GDP and a higher public investment to GDP ratio, cf. Annex 2.

Table 4.3
Expenditure, tax and revenue burden, 2003-2010
		2003	2004	2005	2006	2007	2008	2009	2010	Diff. 2003-2010
	Per cent of GDP
	Expenditure burden1)	54.2	53.7	51.9	50.7	50.0	50.8	53.4	54.8	0.6
	Tax burden	48.1	49.2	51.0	49.8	48.8	48.5	46.6	45.9	-2.2
	Revenue burden1)	54.1	55.6	56.9	55.7	54.5	54.4	52.1	51.4	-2.6
	1) The specification of total public expenditures and revenues deviates from the specification from Statistics Denmark. Total public expenditures reflect public consumption, which includes revenues from sales and calculated depreciation expenditure, and total revenues include calculated depreciation. The specification of public expenditure from Statistics Denmark does not include public sales, which are included in total revenues, and calculated depreciation is not included in public expenditures and revenues in the specification from Statistics Denmark. Thus, the expenditure and revenue burden differ from the ascertained burdens based on the specifications according to Statistics Denmark.

The tax burden, i.e. the ratio of aggregate tax revenues to GDP, is estimated to decrease by 2.6 percentage points from 2008 to 2010. The decreasing tax burden reflects among other things the reduction of personal income taxes to GDP due to the tax freeze and the tax cuts in 2008-2009 and in 2010 due to the Spring package 2.0.

The revenue burden, i.e. the ratio of general government revenues to GDP, is expected to decrease by 3 percentage points from 2008 to 2010 primarily due to the reduced tax burden and lower revenues to GDP.

Detailed information about the expenditure, tax and revenue burden can be found in Annex 2.

4.2 Fiscal stance

The fiscal effect is an indicator of the fiscal policy stance. The fiscal effect measures the impact of fiscal policy changes on economic activity – measured by the estimated impact on GDP.

Based on the revised estimates for the general government finances including the agreements on infrastructure investments and the Spring Package 2.0 the fiscal effect is estimated to 0.8 per cent of GDP in 2009, cf. table 4.4.

Table 4.4
Fiscal effect, 2004-2010
		2004	2005	2006	2007	2008	2009	2010
	Per cent of GDP
	Expenditures	0.4	0.2	0.3	-0.1	-0.1	0.6	0.2
	Revenues	0.4	0.1	0.1	0.0	0.0	0.2	0.3
	Fiscal effect	0.8	0.3	0.4	-0.2	-0.2	0.8	0.5
	Special Pension scheme (SP)	0.1	-	-	-	-	0.3	-0.0

Compared with the December projection the fiscal effect has been upward adjusted by 0.4 per cent of GDP in 2009. This is mainly due to increased investment in infrastructure in the municipalities and higher subsidies in light of the repair and maintenance scheme.

Furthermore, the withdrawal of special pension (SP) funds is estimated to stimulate activity corresponding to 0.3 per cent of GDP in 2009. Based on a survey spending on private consumption and investments from withdrawals of SP funds are estimated to DKK 7½bn in 2009 and 1½bn in 2010.

The economic activity is estimated to be further stimulated by 0.5 per cent of GDP in 2010 primarily due to the agreed tax cuts in the Spring package 2.0.

Detailed information about the political agreements entered in the spring 2009 can be found in box 4.1.

4.3 Structural budget balance

The structural balance is the general government budget balance adjusted for the estimated impact on the budget from the cyclical position of the economy and some special factors. Thus, the structural balance is determined mainly by fiscal policy and structural changes in the economy, including changes in the structural rate of unemployment and the underlying growth of the labour force.

The structural budget balance is estimated at 2½ per cent of GDP in 2008 and approx. 1 per cent of GDP in 2009. For 2010 a deficit of ¼ per cent of GDP is estimated on the structural budget balance, cf. figure 4.1. The reduction in the structural budget balance from 2008 to 2010 is primarily due to the discretionary financial policy including agreed tax cuts in the Spring package 2.0. The uncertainty connected with the estimate of the structural budget balance is bigger than usual due to the major reductions in GDP, rising unemployment, changes in oil prices, etc.

In the years 2004-2008 actual general budget surpluses have been larger than the estimated structural budget balance surpluses. This primarily reflects extraordinarily large revenues from the pension yield taxation in 2004 and 2005, the strong cyclical position of the economy in 2006-2008 and high revenues from North Sea oil and gas activities in 2005-2008.

In 2009 and 2010 the structural budget balance is estimated to exceed the general budget balance, which in part owes to declining cyclical conditions and estimated pension yield taxation revenues below the estimated normal level.

The structural budget balance is estimated to decline by 2¾ percentage points from 2008 to 2010, cf. table 4.5.

Table 4.5
Structural budget balance (per cent of GDP), 2002-2010
		Structural Balance (corrected for SP)		Change due to
		Level	Yearly change	Fiscal policy1)	Pension yield taxation	Net interest	North Sea oil and gas	Special items2)	Demand3)	Other
	2002	0.9
	2003	1.2	0.3	0.1	0.0	0.3	0.2	0.0	0.1	-0.5
	2004	1.0	-0.2	-1.3	0.0	0.3	0.2	0.0	0.4	0.3
	2005	1.8	0.8	-0.3	0.1	0.3	0.1	0.0	0.2	0.6
	2006	1.7	-0.1	-0.5	0.1	0.2	0.1	-0.1	0.2	-0.2
	2007	1.6	-0.1	0.4	0.0	0.2	0.1	-0.1	0.2	-0.8
	2008	2.5	0.9	-0.1	0.0	0.1	0.0	-0.1	0.2	0.8
	2009	0.9	-1.6	-1.5	-0.1	0.1	-0.1	-0.1	0.3	0.0
	2010	-0.3	-1.2	-0.9	0.0	0.1	-0.2	0.0	0.3	-0.6
	Total		-1.2	-4.1	0.1	1.6	0.4	-0.4	1.9	-0.4
	1) Due to different methods of calculation the fiscal policy effects differ from the effects used in the calculation of the fiscal effect. 2) Special items include among other things various net current and capital transfers. 3) Changes in the demand influence the structural budget balance due to changes in revenue from the indirect taxes among other things.

4.4 Central government finances

The final account for the central government for 2008 reflects a surplus on the current, investment and lending account, i.e. the CIL-account^[1], of DKK 72¼bn or 4.2 per cent of GDP, cf. table 4.6. The surplus is approx. DKK 13bn higher than estimated in December due to higher revenues than expected from personal taxes and pension yield taxation.

Table 4.6
CIL-account, 2008-2009
		2008			2009
		December	Final	Diff.	December (budget)	May	Diff.
	DKK bn, current prices
	Total revenues	630.3	639.4	9.1	621.6	606.4	-15.2
	Total expenditures	571.2	567.2	-4.0	617.1	627.9	10.8
	CIL-account	59.1	72.3	13.1	4.6	-21.5	-26.1
	CIL-account(per cent of GDP)	3.4	4.2	0.8	0.3	-1.2	-1.5

The CIL-account is sensitive to the cyclical conditions including changes in private consumption, unemployment and fluctuations in financial markets. After a period of high CIL-account surpluses a significant deficit is estimated in 2009.

The CIL-account for 2009 is estimated at DKK -21½bn, which corresponds to 1.2 per cent of GDP. The estimate in 2009 is revised downwards by approx. DKK 26bn since the December projection mainly due to higher unemployment expenditures and lower tax revenues following the weak cyclical conditions.

The CIL-account is to a varying degree affected by one-off measures from year to year, cf. figure 4.2.

Excluding one-off measures the CIL-account surplus is estimated at approx. DKK 85¾bn in 2008 while a deficit is estimated at DKK 6½bn in 2009. In both years the corrected CIL-account is higher than the actual CIL-account. This is mainly due to lower revenues from pension yield taxation than in years with normal yields.

4.5 Central government financing requirement and debt

Central government debt measured as a percentage of GDP is estimated to increase by 4.8 percentage points from 2008 to 2009, cf. table 4.7. Hence central government debt is estimated to increase for the first time since 2002.

Between 2001 and 2009 the total decrease in central government debt is estimated at 22.3 percentage points of GDP. Corrected for relending in relation to the financial crises the decrease from 2001 to 2009 is estimated at 26 percentage points.

Measured in nominal terms the central government debt is estimated to increase from DKK 196¼bn in 2008 to DKK 282¾bn in 2009 corresponding to DKK 86½bn. The estimated increase in debt is mainly due to estimated increases in lending in relation to the financial crisis as well as the projected deficit on the CIL-account.

Table 4.7
Central government debt, 2001-2009
		2001	2007	2008	2009	Diff. 2001- 09
	End of year, nominal value
	Central government debt, DKK bn	514.1	246.4	196.2	282.7	-231.4
	Relending to infrastructure entities etc.1)	5.8	26.4	28.4	30.1	24.3
	Relending related to the financial crisis2)	-	-	4.4	63.6	63.6
	Central government debt, per cent of GDP	38.5	14.6	11.3	16.1	-22.3
	Central government debt, adjusted for relending to infrastructure entities etc., per cent of GDP	38.1	13.0	9.6	14.4	-23.6
	Central government debt, adjusted for relending related to the financial crisis, per cent of GDP	38.5	14.6	11.0	12.5	-26.0
	1) Relending to Udviklingsselskabet By og Havn I/S, A/S Storebælt and A/S Øresund. 2) Relending to Iceland, the Credit Package, Eksport Kredit Fonden and Finansiel Stabilitet A/S.

In 2008 the increase in liquidity, measured as the net balance, is estimated at DKK 48¼bn, cf. table 4.8.

The net balance is estimated to DKK -85¾bn in 2009 and is thereby adjusted downwards by approx. DKK 86bn compared to the December projection. The downward adjustment follows from deficit on the CIL-account and expected higher lending in relation to the financial crisis including injections through the Credit package and relending to Finansiel Stabilitet A/S, Iceland, and export loans through Eksport Kredit Fonden. Since the budget in December the relending in 2009 is adjusted up by approx. DKK 62bn.

Table 4.8
CIL-account and net financing requirement, 2008-2009
		2008		2009
		December	Final	December (budget)	May
	DKK bn
	CIL-account	59.1	72.3	4.6	-21.5
	Total relending1)	-15.5	-13.5	-4.7	-66.8
	Differences between posted revenues andexpenditures and cash flow	-4.7	-10.4	0.3	2.5
	Net financing requirement (-net balance)	-39.0	-48.3	-0.2	85.8
	1) Including relending to infrastructure entities, Iceland, the Credit Package, Eksport Kredit Fonden and Finansiel Stabilitet A/S.

The central government gross financing requirement was DKK 14½bn in 2008, cf. table 4.9. The borrowing requirement was DKK 180½bn in 2008.

For 2009 the central government gross financial requirement is estimated to DKK 179¾bn while the borrowing requirement is estimated at approx. DKK 119bn. Compared to the projection in December the requirement has doubled. The increase in the requirement is primarily due to higher net financing requirement and lower reductions of the central government’s account in Danmarks Nationalbank. The two effects more than outweigh the lower redemption of central government debt.

Table 4.9
Gross financing requirement and state borrowing, 2008-2009
		2008		2009
		December	Final	December (budget)	May
	DKK bn
	Net financing requirement (-net balance)	-39.0	-48.3	-0.2	85.8
	- Redemption of central government debt1)	74.5	62.7	131.9	93.9
	Gross financing requirement	35.5	14.4	131.7	179.7
	- Payments from/to the central government incurrency swaps	6.4	5.6	7.7	11.1
	- Reductions of the central government’s accountin Danmarks Nationalbank	-122.5	-171.8	63.7	49.7
	Borrowing requirement2)	151.6	180.6	60.4	118.9
	1) Long term debt, i.e. debt with initial maturities that are longer than 1 year incl. payments from the central government in currency-swaps. 2) Domestic and foreign borrowing requirements.

Annex 1

Table 1
General government finances, 2008-2010
		2008			2009			2010
		Dec.	May	Diff.	Dec.	May	Diff.	Dec.	May	Diff.
	DKK bn, current prices
	Public consumption	460.2	461.2	1.0	485.9	485.9	0.0	505.0	503.9	-1.1
	Income transfers	262.6	263.3	0.7	275.1	281.8	6.7	292.6	305.2	12.7
	Investment	31.8	31.1	-0.7	32.9	36.2	3.3	34.9	37.7	2.8
	Interest expenditure	29.8	31.5	1.8	35.4	36.6	1.2	34.7	39.6	5.0
	Subsidies	38.8	39.1	0.3	42.0	40.9	-1.1	43.5	41.3	-2.2
	Other expenditures1)	58.5	57.7	-0.8	51.7	54.0	2.3	67.5	63.7	-3.8
	Total expenditure	881.7	883.9	2.2	923.0	935.5	12.5	978.2	991.5	13.3
	Personal incometaxes2)	369.8	375.2	5.4	364.9	368.7	3.8	374.6	354.7	-19.9
	Labour marketContributions	79.9	80.7	0.8	82.5	81.6	-0.8	84.3	82.3	-2.1
	Corporate taxes	58.4	58.3	0.0	43.8	40.7	-3.1	48.1	47.3	-0.8
	Pension yield taxation	0.1	6.2	6.1	1.6	6.6	5.0	10.6	13.7	3.1
	VAT	181.3	180.4	-0.9	185.3	179.5	-5.7	189.7	186.2	-3.4
	Vehicle registration tax	22.2	19.6	-2.6	21.3	16.0	-5.3	20.2	18.1	-2.1
	Other duties	102.1	102.7	0.6	102.7	101.3	-1.4	104.8	107.6	2.9
	Other taxes3)	17.3	17.3	0.0	17.9	17.9	0.0	18.2	18.0	-0.2
	Interest revenues	24.7	27.3	2.6	27.4	25.1	-2.3	27.6	28.4	0.8
	Gross operatingsurplus	30.4	31.9	1.5	31.0	32.2	1.1	31.8	32.9	1.2
	Other revenues4)	47.7	47.4	-0.3	44.4	43.4	-1.0	45.5	42.1	-3.4
	Total revenue	933.9	947.1	13.2	922.7	913.0	-9.7	955.2	931.3	-23.9
	General government budget balance	52.2	63.2	11.0	-0.3	-22.5	-22.2	-22.9	-60.1	-37.2
	Net interestExpenditure	5.1	4.2	-0.9	8.0	11.5	3.5	7.1	11.2	4.1
	General government primary balance5)	57.2	67.4	10.1	7.7	-11.0	-18.7	-15.9	-48.9	-33.1
	Note: The specification of total public expenditures and revenues deviates from the specification from Statistics Denmark. Total public expenditures reflect public consumption, which includes revenues from sales and calculated depreciation expenditure, and total revenues include calculated depreciation. The specification of public expenditure from Statistics Denmark does not include public sales, which are included in total revenues, and calculated depreciation is not included in public expenditures and revenues in the specification from Statistics Denmark. 1) Other expenditures include capital transfers, transfers to the Faroe Islands and Greenland and Danish EU-contributions. 2) Personal income taxes include withholding taxes, tax on imputed income from owner occupied dwellings, specific taxes from households, tax on estates of deceased persons and other personal taxes. 3) Other taxes include social security contributions (labour market supplementary pension scheme contributions, unemployment insurance contributions and early retirement contributions). 4) Other revenues include profits from public enterprises, current and capital transfers from other domestic sectors and EU, and imputed (calculated) revenues such as contributions to civil servants’ earned pension. 5) The general government primary balance states the balance of the general government finances before net interest expenditures.

Annex 2

Table 2
Expenditure, tax and revenue burden, 2003-2010
		2003	2004	2005	2006	2007	2008	2009	2010	Diff. 2003- 2010
	Per cent of GDP
	Public consumption	26.5	26.5	26.0	25.9	26.0	26.5	27.8	27.8	1.3
	Income transfers	17.4	17.1	16.5	15.6	15.3	15.1	16.1	16.9	-0.5
	Investment	1.6	1.8	1.8	2.0	1.7	1.8	2.1	2.1	0.5
	Interest expenditure	3.4	3.1	2.6	2.2	2.0	1.8	2.1	2.2	-1.2
	Other expenditure	5.2	5.2	5.0	5.0	5.0	5.6	5.4	5.8	0.6
	Expenditure burden1)	54.2	53.7	51.9	50.7	50.0	50.8	53.4	54.8	0.6
	Personal income taxes	21.8	21.2	21.2	21.1	21.4	21.6	21.1	19.6	-2.2
	Labour marketContributions	4.4	4.4	4.4	4.4	4.5	4.6	4.7	4.5	0.1
	Pension yield taxation	0.4	1.6	2.4	0.8	0.3	0.4	0.4	0.8	0.3
	Corporate taxes	2.9	3.2	3.9	4.4	3.6	3.4	2.3	2.6	-0.3
	Value added tax	9.6	9.8	10.1	10.3	10.4	10.4	10.3	10.3	0.6
	Other duties	7.8	7.8	7.9	7.8	7.6	7.3	6.9	7.2	-0.6
	Other taxes	1.2	1.2	1.1	1.0	1.0	1.0	1.0	1.0	-0.2
	Tax burden	48.1	49.2	51.0	49.8	48.8	48.5	46.6	45.9	-2.2
	Interest revenue	1.5	1.5	1.3	1.3	1.4	1.6	1.4	1.6	0.1
	Other non-tax revenue	4.6	5.1	4.8	4.8	4.5	4.6	4.3	4.1	-0.5
	Tariffs etc. to the EU	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	0.0
	Revenue burden1)	54.1	55.6	56.9	55.7	54.5	54.4	52.1	51.4	-2.6
	1) The specification of total public expenditures and revenues deviates from the specification from Statistics Denmark. Total public expenditures reflect public consumption which includes revenues from sales and calculated depreciation expenditure and total revenues include calculated depreciation. The specification of public expenditure from Statistics Denmark does not include public sales which are included in total revenues and calculated depreciation is not included in public expenditures and revenues in the specification from Statistics Denmark. Thus the expenditure and revenue burden differ from the ascertained burdens based on the specifications according to Statistics Denmark.

---

[1] The CIL-account differs from the central government balance in the national accounts with respect to the accruals concept (e.g. taxes), the treatment of financial transactions etc. In addition, some institutions that are part of the central government accounts are not considered part of the central government sector in the national accounts, and some institutions that are not part of the central government accounts are considered part of the central government sector.