Financing of social security benefits in OECD member countries — Tax in Iceland
Iceland: Financing of social security benefits in OECD member countries — Tax was 2.98 Percentage of GDP in 2024. ▲ Rising
Latest (2024)
2.98 Percentage of GDP
Change on year
down 1.1%
World rank
29th
of 33 countries
All-time high
3.74 Percentage of GDP
in 2011
All-time low
0.5526 Percentage of GDP
in 1983
Years of data
48
1965–2024
Financing of social security benefits in OECD member countries — Tax in Iceland, 1965–2024
Source: Organisation for Economic Co-operation and Development. Measured in Percentage of GDP.
Analysis
Iceland recorded 2.98 Percentage of GDP for financing of social security benefits in oecd member countries — tax in 2024.
The figure is down 1.1% on the previous year and down 14.5% over ten years.
Over the whole period, financing of social security benefits in oecd member countries — tax in Iceland peaked at 3.74 Percentage of GDP in 2011 and was at its lowest, 0.5526 Percentage of GDP, in 1983.
Iceland ranks 29th of 33 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 48 years of available data.
Financing of social security benefits in OECD member countries — Tax in Iceland, year by year
| Year | Percentage of GDP | Change |
|---|---|---|
| 1965 | 2.02 Percentage of GDP | — |
| 1970 | 2.17 Percentage of GDP | +7.2% |
| 1975 | 0.7578 Percentage of GDP | -65.0% |
| 1980 | 0.6075 Percentage of GDP | -19.8% |
| 1981 | 0.6241 Percentage of GDP | +2.7% |
| 1982 | 0.5635 Percentage of GDP | -9.7% |
| 1983 | 0.5526 Percentage of GDP | -1.9% |
| 1984 | 0.7078 Percentage of GDP | +28.1% |
| 1985 | 0.6561 Percentage of GDP | -7.3% |
| 1986 | 0.7282 Percentage of GDP | +11.0% |
| 1987 | 0.7743 Percentage of GDP | +6.3% |
| 1988 | 0.7545 Percentage of GDP | -2.6% |
| 1989 | 0.774 Percentage of GDP | +2.6% |
| 1990 | 0.9244 Percentage of GDP | +19.4% |
| 1991 | 2.06 Percentage of GDP | +122.8% |
| 1992 | 2.4 Percentage of GDP | +16.6% |
| 1993 | 2.37 Percentage of GDP | -1.3% |
| 1994 | 2.36 Percentage of GDP | -0.5% |
| 1995 | 2.4 Percentage of GDP | +1.8% |
| 1996 | 2.65 Percentage of GDP | +10.5% |
| 1997 | 2.7 Percentage of GDP | +1.8% |
| 1998 | 2.62 Percentage of GDP | -2.8% |
| 1999 | 2.7 Percentage of GDP | +2.9% |
| 2000 | 2.74 Percentage of GDP | +1.4% |
| 2001 | 2.7 Percentage of GDP | -1.4% |
| 2002 | 2.71 Percentage of GDP | +0.3% |
| 2003 | 2.94 Percentage of GDP | +8.3% |
| 2004 | 2.89 Percentage of GDP | -1.5% |
| 2005 | 3.04 Percentage of GDP | +4.9% |
| 2006 | 3.1 Percentage of GDP | +2.1% |
| 2007 | 2.81 Percentage of GDP | -9.1% |
| 2008 | 2.59 Percentage of GDP | -7.8% |
| 2009 | 2.81 Percentage of GDP | +8.3% |
| 2010 | 3.74 Percentage of GDP | +33.0% |
| 2011 | 3.74 Percentage of GDP | +0.2% |
| 2012 | 3.47 Percentage of GDP | -7.3% |
| 2013 | 3.52 Percentage of GDP | +1.5% |
| 2014 | 3.48 Percentage of GDP | -1.1% |
| 2015 | 3.41 Percentage of GDP | -2.0% |
| 2016 | 3.35 Percentage of GDP | -1.8% |
| 2017 | 3.35 Percentage of GDP | -0.1% |
| 2018 | 3.4 Percentage of GDP | +1.5% |
| 2019 | 3.18 Percentage of GDP | -6.5% |
| 2020 | 2.96 Percentage of GDP | -6.9% |
| 2021 | 2.92 Percentage of GDP | -1.3% |
| 2022 | 2.93 Percentage of GDP | +0.1% |
| 2023 | 3.01 Percentage of GDP | +2.9% |
| 2024 | 2.98 Percentage of GDP | -1.1% |
Iceland compared with similar countries
- Iceland's 2.98 Percentage of GDP is below the median for Europe & Central Asia, which is 11.61 Percentage of GDP, 26% of the median. (25 countries reporting)
- Iceland's 2.98 Percentage of GDP is below the median for high income countries, which is 10.73 Percentage of GDP, 28% of the median. (31 countries reporting)
Biggest year-on-year movements
Years where Financing of social security benefits in OECD member countries — Tax in Iceland changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 1991 | +122.8% | 0.9244 Percentage of GDP | 2.06 Percentage of GDP |
| 1975 | -65.0% | 2.17 Percentage of GDP | 0.7578 Percentage of GDP |
| 2010 | +33.0% | 2.81 Percentage of GDP | 3.74 Percentage of GDP |
| 1984 | +28.1% | 0.5526 Percentage of GDP | 0.7078 Percentage of GDP |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 2.02 Percentage of GDP | 2.02 Percentage of GDP | 2.02 Percentage of GDP | 1 |
| 1970s | 1.46 Percentage of GDP | 0.7578 Percentage of GDP | 2.17 Percentage of GDP | 2 |
| 1980s | 0.6743 Percentage of GDP | 0.5526 Percentage of GDP | 0.7743 Percentage of GDP | 10 |
| 1990s | 2.32 Percentage of GDP | 0.9244 Percentage of GDP | 2.7 Percentage of GDP | 10 |
| 2000s | 2.83 Percentage of GDP | 2.59 Percentage of GDP | 3.1 Percentage of GDP | 10 |
| 2010s | 3.47 Percentage of GDP | 3.18 Percentage of GDP | 3.74 Percentage of GDP | 10 |
| 2020s | 2.96 Percentage of GDP | 2.92 Percentage of GDP | 3.01 Percentage of GDP | 5 |
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)
- Foreign direct investment, net outflows (BoP, current US$), gaps -851.71 million BoP, current US$ (2025)
- Foreign direct investment, net outflows (BoP, current US$), per unit -0.0221 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net outflows (BoP, current US$), per capita -2,170 BoP, current US$ per person (2025)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled -201.70 million BoP, current US$ (2025)
- Foreign direct investment, net inflows (BoP, current US$), annual -107.12 % change on previous year (2025)
- Foreign direct investment, net inflows (BoP, current US$), per unit -0.0052 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net inflows (BoP, current US$), per capita -514.02 BoP, current US$ per person (2025)
- Total reserves (includes gold, current US$), annual growth rate 20.76 % change on previous year (2025)
Frequently asked questions
- What is financing of social security benefits in oecd member countries — tax in Iceland?
- Financing of social security benefits in oecd member countries — tax in Iceland was 2.98 Percentage of GDP in 2024, according to Organisation for Economic Co-operation and Development.
- What is the highest financing of social security benefits in oecd member countries — tax recorded in Iceland?
- The highest recorded value was 3.74 Percentage of GDP in 2011.
- What is the lowest financing of social security benefits in oecd member countries — tax recorded in Iceland?
- The lowest recorded value was 0.5526 Percentage of GDP in 1983.
- How does Iceland rank for financing of social security benefits in oecd member countries — tax?
- Iceland ranks 29th out of 33 countries with data for 2024.
- Is financing of social security benefits in oecd member countries — tax rising or falling in Iceland?
- Over the last ten years it is down 14.5%. The long-run trend across the full record is rising.
- Where does this Iceland data come from?
- The figures come from Organisation for Economic Co-operation and Development, published as part of Financing of social security benefits in OECD member countries — Tax revenue. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 48 observations, free to reuse under OECD Terms and Conditions (attribution required).
About this data
Compulsory payments conferring entitlement to future social benefits These are usually earmarked to finance social benefits and paid to institutions of general government.