Government spending vs. GDP, annual growth rate in Iceland
Iceland: Government spending vs. GDP, annual growth rate was 1.24 % change on previous year in 2025. ◆ Volatile
Government spending vs. GDP, annual growth rate in Iceland, 1971–2025
Source: Statizoid (derived). Measured in % change on previous year.
Analysis
The most recent figure for government spending vs. gdp, annual growth rate in Iceland is 1.24 % change on previous year, measured in 2025.
Compared with earlier readings it is down 29.5% on the previous year and up 10,538.8% over ten years.
Over the whole period, government spending vs. gdp, annual growth rate in Iceland peaked at 14.51 % change on previous year in 1972 and was at its lowest, -3.86 % change on previous year, in 1997.
That places Iceland 112th out of 166 countries with data for 2025, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Government spending vs. GDP, annual growth rate in Iceland, year by year
| Year | % change on previous year | Change |
|---|---|---|
| 1971 | 7.61 % change on previous year | — |
| 1972 | 14.51 % change on previous year | +90.8% |
| 1973 | 8.5 % change on previous year | -41.5% |
| 1974 | 8.47 % change on previous year | -0.2% |
| 1975 | 9.33 % change on previous year | +10.1% |
| 1976 | 5.02 % change on previous year | -46.2% |
| 1977 | 2.16 % change on previous year | -57.0% |
| 1978 | 7.11 % change on previous year | +229.2% |
| 1979 | 5.48 % change on previous year | -22.9% |
| 1980 | 2.11 % change on previous year | -61.5% |
| 1981 | 7.49 % change on previous year | +255.0% |
| 1982 | 5.94 % change on previous year | -20.7% |
| 1983 | 4.68 % change on previous year | -21.1% |
| 1984 | 0.5829 % change on previous year | -87.6% |
| 1985 | 6.49 % change on previous year | +1013.5% |
| 1986 | 7.25 % change on previous year | +11.7% |
| 1987 | 6.54 % change on previous year | -9.8% |
| 1988 | 4.66 % change on previous year | -28.8% |
| 1989 | 3.01 % change on previous year | -35.3% |
| 1990 | 4.35 % change on previous year | +44.4% |
| 1991 | 3.15 % change on previous year | -27.5% |
| 1992 | -0.6353 % change on previous year | -120.1% |
| 1993 | 2.45 % change on previous year | -486.0% |
| 1994 | 4.05 % change on previous year | +65.0% |
| 1995 | 1.66 % change on previous year | -59.0% |
| 1996 | 1.18 % change on previous year | -28.8% |
| 1997 | -3.86 % change on previous year | -426.9% |
| 1998 | 3.5 % change on previous year | -190.6% |
| 1999 | 4.26 % change on previous year | +21.9% |
| 2000 | 4.92 % change on previous year | +15.4% |
| 2001 | 4.57 % change on previous year | -7.0% |
| 2002 | 5.33 % change on previous year | +16.5% |
| 2003 | 1.65 % change on previous year | -69.0% |
| 2004 | 2.13 % change on previous year | +29.0% |
| 2005 | 4.75 % change on previous year | +122.7% |
| 2006 | 4.56 % change on previous year | -4.0% |
| 2007 | 4.08 % change on previous year | -10.5% |
| 2008 | 4.76 % change on previous year | +16.8% |
| 2009 | -3.19 % change on previous year | -167.0% |
| 2010 | -2.95 % change on previous year | -7.7% |
| 2011 | -0.1871 % change on previous year | -93.7% |
| 2012 | -1.85 % change on previous year | +888.4% |
| 2013 | 0.52 % change on previous year | -128.1% |
| 2014 | -0.1688 % change on previous year | -132.4% |
| 2015 | -0.0118 % change on previous year | -93.0% |
| 2016 | 1.03 % change on previous year | -8803.1% |
| 2017 | 2.77 % change on previous year | +168.5% |
| 2018 | 4.25 % change on previous year | +53.8% |
| 2019 | 3.8 % change on previous year | -10.7% |
| 2020 | 4.86 % change on previous year | +27.8% |
| 2021 | 2.45 % change on previous year | -49.5% |
| 2022 | 1.73 % change on previous year | -29.5% |
| 2023 | 2.44 % change on previous year | +41.0% |
| 2024 | 1.75 % change on previous year | -28.1% |
| 2025 | 1.24 % change on previous year | -29.5% |
Iceland compared with similar countries
- Iceland's 1.24 % change on previous year is below the median for high income countries, which is 1.7 % change on previous year, 73% of the median. (60 countries reporting)
- Iceland's 1.24 % change on previous year is below the median for Europe & Central Asia, which is 1.63 % change on previous year, 76% of the median. (48 countries reporting)
Biggest year-on-year movements
Years where Government spending vs. GDP, annual growth rate 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 | +8803.1% | -0.0118 % change on previous year | 1.03 % change on previous year |
| 1985 | +1013.5% | 0.5829 % change on previous year | 6.49 % change on previous year |
| 2012 | -888.4% | -0.1871 % change on previous year | -1.85 % change on previous year |
| 1993 | +486.0% | -0.6353 % change on previous year | 2.45 % change on previous year |
| 1997 | -426.9% | 1.18 % change on previous year | -3.86 % change on previous year |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 7.58 % change on previous year | 2.16 % change on previous year | 14.51 % change on previous year | 9 |
| 1980s | 4.88 % change on previous year | 0.5829 % change on previous year | 7.49 % change on previous year | 10 |
| 1990s | 2.01 % change on previous year | -3.86 % change on previous year | 4.35 % change on previous year | 10 |
| 2000s | 3.36 % change on previous year | -3.19 % change on previous year | 5.33 % change on previous year | 10 |
| 2010s | 0.7206 % change on previous year | -2.95 % change on previous year | 4.25 % change on previous year | 10 |
| 2020s | 2.41 % change on previous year | 1.24 % change on previous year | 4.86 % change on previous year | 6 |
Countries ranked near Iceland
- 109 Montenegro 1.35 % change on previous year compare
- 110 Germany 1.32 % change on previous year compare
- 111 Mexico 1.27 % change on previous year compare
- 113 Russia 1.13 % change on previous year compare
- 114 Slovakia 1.11 % change on previous year compare
- 115 Bermuda 1.1 % change on previous year compare
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 government spending vs. gdp, annual growth rate in Iceland?
- Government spending vs. gdp, annual growth rate in Iceland was 1.24 % change on previous year in 2025, according to Statizoid (derived).
- What is the highest government spending vs. gdp, annual growth rate recorded in Iceland?
- The highest recorded value was 14.51 % change on previous year in 1972.
- What is the lowest government spending vs. gdp, annual growth rate recorded in Iceland?
- The lowest recorded value was -3.86 % change on previous year in 1997.
- How does Iceland rank for government spending vs. gdp, annual growth rate?
- Iceland ranks 112th out of 166 countries with data for 2025.
- Is government spending vs. gdp, annual growth rate rising or falling in Iceland?
- Over the last ten years it is up 10,538.8%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from Statizoid (derived), published as part of Government spending vs. GDP, annual growth rate. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 55 observations, free to reuse under Derived by Statizoid from the sources named on the page.
How this figure is calculated
The year-on-year percentage change in Government spending vs. GDP. Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.
Computed from
- Government spending vs. GDP National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data
Statizoid computes this series; the underlying measurements belong to the publishers named above. The arithmetic is applied to every country and year where both inputs report, and nothing is estimated unless the page says so.
About this data
The year-on-year percentage change in Government spending vs. GDP. Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.