Expense in Iceland
Iceland: Expense was 32.0% in 2023. ▲ Rising
Expense in Iceland, 1972–2023
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of GDP.
Analysis
The most recent figure for expense in Iceland is 32.0%, measured in 2023.
The figure is down 1.6% on the previous year and down 6.8% over ten years.
Over the whole period, expense in Iceland peaked at 50.3% in 2008 and was at its lowest, 21.7%, in 1977.
Iceland ranks 53rd of 157 countries on this measure, in the middle of the range.
The long-run direction has been consistently rising across the 52 years of available data.
Expense in Iceland, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1972 | 22.1% | — |
| 1973 | 22.9% | +3.6% |
| 1974 | 25.9% | +13.3% |
| 1975 | 25.5% | -1.7% |
| 1976 | 21.8% | -14.7% |
| 1977 | 21.7% | -0.0% |
| 1978 | 22.8% | +4.8% |
| 1979 | 23.8% | +4.5% |
| 1980 | 22.1% | -7.2% |
| 1981 | 22.6% | +2.2% |
| 1982 | 23.5% | +4.1% |
| 1983 | 25.0% | +6.2% |
| 1984 | 22.4% | -10.2% |
| 1985 | 24.3% | +8.4% |
| 1986 | 26.9% | +10.9% |
| 1987 | 25.8% | -4.2% |
| 1988 | 28.8% | +11.5% |
| 1989 | 30.3% | +5.2% |
| 1990 | 28.4% | -6.1% |
| 1991 | 29.6% | +4.2% |
| 1992 | 30.0% | +1.4% |
| 1993 | 29.3% | -2.5% |
| 1994 | 29.0% | -0.9% |
| 1995 | 29.2% | +0.6% |
| 1996 | 28.9% | -1.1% |
| 1997 | 26.7% | -7.7% |
| 1998 | 28.9% | +8.1% |
| 1999 | 29.5% | +2.1% |
| 2000 | 29.0% | -1.7% |
| 2001 | 29.3% | +1.0% |
| 2002 | 30.1% | +3.0% |
| 2003 | 31.6% | +4.8% |
| 2004 | 30.2% | -4.3% |
| 2005 | 32.7% | +8.4% |
| 2006 | 32.3% | -1.5% |
| 2007 | 31.9% | -1.1% |
| 2008 | 50.3% | +57.7% |
| 2009 | 41.5% | -17.6% |
| 2010 | 37.5% | -9.6% |
| 2011 | 38.0% | +1.4% |
| 2012 | 36.6% | -3.8% |
| 2013 | 34.4% | -6.0% |
| 2014 | 34.0% | -1.2% |
| 2015 | 31.9% | -6.2% |
| 2016 | 35.0% | +9.8% |
| 2017 | 31.0% | -11.3% |
| 2018 | 30.4% | -2.1% |
| 2019 | 30.7% | +1.0% |
| 2020 | 36.4% | +18.4% |
| 2021 | 34.7% | -4.6% |
| 2022 | 32.6% | -6.1% |
| 2023 | 32.0% | -1.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 23.3% | 21.7% | 25.9% | 8 |
| 1980s | 25.2% | 22.1% | 30.3% | 10 |
| 1990s | 29.0% | 26.7% | 30.0% | 10 |
| 2000s | 33.9% | 29.0% | 50.3% | 10 |
| 2010s | 33.9% | 30.4% | 38.0% | 10 |
| 2020s | 33.9% | 32.0% | 36.4% | 4 |
Countries ranked near Iceland
More economy & growth data for Iceland
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.96 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 2.48 Percent per annum (2029)
- GDP (constant 2015 US$), annual growth rate 1.28 % change on previous year (2025)
- GDP (constant 2015 US$), per unit of GDP 0.5991 constant 2015 US$ per US$ of GDP (2025)
- GDP (constant 2015 US$), per capita 58,910 constant 2015 US$ per person (2025)
- GDP (constant LCU), annual growth rate 1.28 % change on previous year (2025)
- GDP (constant LCU), per unit of GDP 92.99 constant LCU per US$ of GDP (2025)
- GDP (constant LCU), per capita 9.14 million constant LCU per person (2025)
- Gross domestic savings (current US$), annual growth rate 13.17 % change on previous year (2025)
- Gross domestic savings (current US$), per unit of GDP 0.2431 current US$ per US$ of GDP (2025)
Frequently asked questions
- What is expense in Iceland?
- Expense in Iceland was 32.0% in 2023, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest expense recorded in Iceland?
- The highest recorded value was 50.3% in 2008.
- What is the lowest expense recorded in Iceland?
- The lowest recorded value was 21.7% in 1977.
- How does Iceland rank for expense?
- Iceland ranks 53rd out of 157 countries with data for 2023.
- Is expense rising or falling in Iceland?
- Over the last ten years it is down 6.8%. The long-run trend across the full record is rising.
- Where does this Iceland data come from?
- The figures come from Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Expense (% of GDP). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 52 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Expense is a decrease in net worth resulting from a transaction. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.