Central government revenues as a share of GDP in Iceland
Iceland: Central government revenues as a share of GDP was 31.4% in 2023. ▲ Rising
Central government revenues as a share of GDP in Iceland, 1972–2023
Source: International Monetary Fund (IMF) Government Finance Statistics, via World Bank (2026) – processed by Our World in Data. Measured in % of GDP.
Analysis
The most recent figure for central government revenues as a share of gdp in Iceland is 31.4%, measured in 2023.
The figure is up 2.6% on the previous year and down 5.8% over ten years.
Over the whole period, central government revenues as a share of gdp in Iceland peaked at 47.3% in 2016 and was at its lowest, 23.5%, in 1977.
That places Iceland 43rd out of 157 countries with data for 2023, putting it in the middle of the range.
The long-run direction has been consistently rising across the 52 years of available data.
Central government revenues as a share of GDP in Iceland, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1972 | 25.2% | — |
| 1973 | 25.2% | +0.1% |
| 1974 | 26.1% | +3.2% |
| 1975 | 25.8% | -1.0% |
| 1976 | 24.2% | -6.1% |
| 1977 | 23.5% | -3.1% |
| 1978 | 24.4% | +3.7% |
| 1979 | 25.2% | +3.5% |
| 1980 | 24.3% | -3.4% |
| 1981 | 25.3% | +4.1% |
| 1982 | 26.2% | +3.5% |
| 1983 | 24.6% | -6.3% |
| 1984 | 25.1% | +2.2% |
| 1985 | 24.4% | -3.1% |
| 1986 | 24.6% | +0.8% |
| 1987 | 24.4% | -0.8% |
| 1988 | 26.2% | +7.4% |
| 1989 | 27.6% | +5.3% |
| 1990 | 27.4% | -0.4% |
| 1991 | 27.6% | +0.7% |
| 1992 | 28.7% | +4.0% |
| 1993 | 27.9% | -2.7% |
| 1994 | 27.8% | -0.4% |
| 1995 | 28.3% | +1.7% |
| 1996 | 29.3% | +3.6% |
| 1997 | 28.1% | -4.1% |
| 1998 | 30.3% | +7.5% |
| 1999 | 32.5% | +7.4% |
| 2000 | 31.7% | -2.4% |
| 2001 | 29.7% | -6.5% |
| 2002 | 29.2% | -1.4% |
| 2003 | 30.1% | +3.0% |
| 2004 | 31.2% | +3.6% |
| 2005 | 37.9% | +21.4% |
| 2006 | 38.6% | +2.0% |
| 2007 | 37.6% | -2.7% |
| 2008 | 39.8% | +5.8% |
| 2009 | 34.3% | -13.9% |
| 2010 | 31.5% | -8.2% |
| 2011 | 32.8% | +4.1% |
| 2012 | 33.7% | +2.8% |
| 2013 | 33.4% | -0.8% |
| 2014 | 34.8% | +4.3% |
| 2015 | 32.0% | -8.1% |
| 2016 | 47.3% | +47.7% |
| 2017 | 33.3% | -29.5% |
| 2018 | 32.5% | -2.5% |
| 2019 | 30.1% | -7.5% |
| 2020 | 28.9% | -3.8% |
| 2021 | 28.4% | -1.9% |
| 2022 | 30.7% | +8.0% |
| 2023 | 31.4% | +2.6% |
Iceland compared with similar countries
- Iceland's 31.4% is below the median for high income countries, which is 33.0%, 95% of the median. (57 countries reporting)
- Iceland's 31.4% is below the median for Europe & Central Asia, which is 35.0%, 90% of the median. (48 countries reporting)
Biggest year-on-year movements
Years where Central government revenues as a share of GDP 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 |
|---|---|---|---|
| 2016 | +47.7% | 32.0% | 47.3% |
| 2017 | -29.5% | 47.3% | 33.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 24.9% | 23.5% | 26.1% | 8 |
| 1980s | 25.3% | 24.3% | 27.6% | 10 |
| 1990s | 28.8% | 27.4% | 32.5% | 10 |
| 2000s | 34.0% | 29.2% | 39.8% | 10 |
| 2010s | 34.1% | 30.1% | 47.3% | 10 |
| 2020s | 29.9% | 28.4% | 31.4% | 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)
- 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 central government revenues as a share of gdp in Iceland?
- Central government revenues as a share of gdp in Iceland was 31.4% in 2023, according to International Monetary Fund (IMF) Government Finance Statistics, via World Bank (2026) – processed by Our World in Data.
- What is the highest central government revenues as a share of gdp recorded in Iceland?
- The highest recorded value was 47.3% in 2016.
- What is the lowest central government revenues as a share of gdp recorded in Iceland?
- The lowest recorded value was 23.5% in 1977.
- How does Iceland rank for central government revenues as a share of gdp?
- Iceland ranks 43rd out of 157 countries with data for 2023.
- Is central government revenues as a share of gdp rising or falling in Iceland?
- Over the last ten years it is down 5.8%. The long-run trend across the full record is rising.
- Where does this Iceland data come from?
- The figures come from International Monetary Fund (IMF) Government Finance Statistics, via World Bank (2026) – processed by Our World in Data, published as part of Central government revenues as a share of GDP. Statizoid updates them automatically from the source API.
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About this data
Taxes, social contributions, and other revenues such as fines, fees, rent, and income from property or sales included. Grants excluded.