Iceland: Fiscal balance, percent of GDP
* indicates monthly or quarterly data series
| Iceland |
Fiscal balance, percent of GDP |
|---|---|
| Latest value | -2.00 |
| Year | 2023 |
| Measure | percent |
| Data availability | 1980 - 2023 |
| Average | -1.47 |
| Min - Max | -12.10 - 12.50 |
| Source | Statistics Iceland |
The latest value from 2023 is -2 percent, an increase from -4 percent in 2022. In comparison, the world average is -2.78 percent, based on data from 138 countries. Historically, the average for Iceland from 1980 to 2023 is -1.47 percent. The minimum value, -12.1 percent, was reached in 2008 while the maximum of 12.5 percent was recorded in 2016.
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Definition: The fiscal (budget) balance is the difference between government revenue and government expenditure. We express the value as percent of GDP to relate it to the size of the economy.
Selected articles from our guide:
What factors determine the exchange rates
International lending and sovereign debt
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Government spending, percent of GDP | 25.67 | 2023 | percent |
| Government spending, in dollars | 7.96 | 2023 | billion U.S. dollars |
| Fiscal balance, percent of GDP | -2.00 | 2023 | percent |
| Government debt | 35.90 | 2018 | percent |
| Government expenditure | 292.12 | Q3/2024 | billion |
| Long-term interest rate | 5.87 | 8/2022 | percent |
| Tax revenue | 22.52 | 2022 | percent |
| Commercial tax rate | 31.90 | 2019 | percent |
| Tax preparation time | 140 | 2019 | hours |
| Number of taxes | 21 | 2019 | taxes |
| Taxes on goods and services | 35.38 | 2022 | percent |
| Taxes on international trade | 0.49 | 2022 | percent |
| Income and profits taxes | 32.91 | 2022 | percent |