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. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent data
Iceland - Fiscal balance, percent of GDP - Recent values chart

Historical series
Iceland - Fiscal balance, percent of GDP - historical chart - 1980-2023




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

All articles



 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
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