Iceland: Primary budget balance
* indicates monthly or quarterly data series
| Iceland |
Primary budget balance, percent of GDP |
|---|---|
| Latest value | -0.98 |
| Year | 2024 |
| Measure | percent |
| Data availability | 1990 - 2024 |
| Average | 0.34 |
| Min - Max | -13.34 - 15.25 |
| Source | The World Bank |
The latest value from 2024 is -0.98 percent, a decline from 0.58 percent in 2023. In comparison, the world average is -1.04 percent, based on data from 179 countries. Historically, the average for Iceland from 1990 to 2024 is 0.34 percent. The minimum value, -13.34 percent, was reached in 2008 while the maximum of 15.25 percent was recorded in 2016.
See the global rankings or
world map for that indicator or
use the country comparator to compare trends over time.
Select indicator
* indicates monthly or quarterly data series
Recent data
Historical series
Definition: The difference between a government's total revenue and its total expenditure, excluding interest payments on its outstanding debt. Source: Kose, M. Ayhan, Sergio Kurlat, Franziska Ohnsorge, and Naotaka Sugawara. 2022. "A Cross-Country Database of Fiscal Space." Journal of International Money and Finance 128 (November): 102682.
Selected articles from our guide:
Are trade deficits bad for the economy?
Sources of economic growth
Currency values and investment returns
How to write an economics research paper
All articles
| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Government spending, percent of GDP | 25.14 | 2023 | percent |
| Government spending, in dollars | 10.06 | 2025 | billion U.S. dollars |
| Fiscal balance, percent of GDP | -3.51 | 2024 | percent |
| Primary budget balance | -0.98 | 2024 | percent |
| Government expenditure | 336.83 | Q1/2026 | billion |
| Long-term interest rate | 5.87 | 8/2022 | percent |
| Tax revenue | 23.16 | 2023 | percent |
| Commercial tax rate | 31.90 | 2019 | percent |
| Tax preparation time | 140 | 2019 | hours |
| Taxes on goods and services | 35.19 | 2023 | percent |
| Taxes on international trade | 0.45 | 2023 | percent |
| Income and profits taxes | 34.56 | 2023 | percent |
| Government debt | 59.45 | 2024 | percent |
| Sovereign debt average maturity | 6.79 | 2024 | percent |
| Short-term government debt | 7.06 | 2024 | percent |