Public budgets

Iceland: public budget

What Iceland's government raised and what it spent it on, from the figures its own budget laws or a statistics office publish. Solon places every figure on the same international classification, so it can be compared with any other place.

General government, 2020

Outturn: what came in and was spent

General government: central, state and local government and social security funds together, consolidated so that money passed between them is counted once, as Eurostat's government finance statistics (ESA 2010) count it.

Amounts in USD, converted from EUR at 2020's average rate (Eurostat).

Revenue
$9.17B · 41.6% of GDP
Spending
$11.12B · 50.4% of GDP
Surplus (+) or deficit (−)
-$1.94B · -8.8% of GDP

What the money is spent on

Iceland, 2020: spending by function, as a share of all spending
Iceland, 2020: spending by function, as a share of all spending
RowValue (%)ShareNote
Social protection27.2$3.03B
Health16.9$1.87B
Education15.8$1.76B
General public services14.7$1.64B
Economic affairs12.3$1.37B
Recreation, culture and religion6.7$748.37M
Public order and safety3$330.78M
Environmental protection1.6$173.96M
Housing and community amenities1.3$146.32M
Defence0.4$48.77M
Social protection$3.03B
Social protection, in detail, as a share of it
Social protection, in detail, as a share of it
RowValue (%)ShareNote
Sickness and disability25.4$768.7M
Old age24.6$744.37M
Unemployment20$606.85M
Family and children18.4$557.85M
Social exclusion n.e.c.4.8$143.92M
Social protection n.e.c.3.8$115.48M
Housing2.8$85.89M
Survivors0.2$5.94M
R&D Social protection0$0
Health$1.87B
Health, in detail, as a share of it
Health, in detail, as a share of it
RowValue (%)ShareNote
Hospital services66.6$1.25B
Outpatient services22.6$423.3M
Medical products, appliances and equipment7.3$136.15M
Health n.e.c.3.3$61.91M
Public health services0.3$5.37M
R&D Health0$0
Education$1.76B
Education, in detail, as a share of it
Education, in detail, as a share of it
RowValue (%)ShareNote
Pre-primary and primary education43.3$761.39M
Secondary education29.3$515.93M
Tertiary education21.1$371.44M
Subsidiary services to education2.8$48.77M
Education n.e.c.1.9$33.69M
Education not definable by level1.5$26.61M
Post-secondary non-tertiary education0$228.44K
R&D Education0$114.22K
General public services$1.64B
General public services, in detail, as a share of it
General public services, in detail, as a share of it
RowValue (%)ShareNote
Public debt transactions56.8$929.41M
Executive and legislative organs, financial and fiscal affairs, external affairs18.3$299.83M
General services15.7$256.88M
General public services n.e.c.4.5$74.01M
Foreign economic aid3.1$51.17M
Basic research1.6$25.47M
R&D General public services0$0
Transfers of a general character between different levels of government0$0
Economic affairs$1.37B
Economic affairs, in detail, as a share of it
Economic affairs, in detail, as a share of it
RowValue (%)ShareNote
Transport47.4$649.8M
General economic, commercial and labour affairs22.4$306.68M
Agriculture, forestry, fishing and hunting11.4$155.68M
Economic affairs n.e.c.6.4$87.04M
R&D Economic affairs6.1$82.92M
Other industries2.8$38.26M
Fuel and energy2.4$33.47M
Communication0.8$10.39M
Mining, manufacturing and construction0.4$5.6M
Recreation, culture and religion$748.37M
Recreation, culture and religion, in detail, as a share of it
Recreation, culture and religion, in detail, as a share of it
RowValue (%)ShareNote
Recreational and sporting services48.7$364.13M
Cultural services35.3$263.85M
Religious and other community services8.2$61.34M
Broadcasting and publishing services7.1$53M
R&D Recreation, culture and religion0.8$6.05M
Recreation, culture and religion n.e.c.0$0
Public order and safety$330.78M
Public order and safety, in detail, as a share of it
Public order and safety, in detail, as a share of it
RowValue (%)ShareNote
Police services53.5$176.81M
Public order and safety n.e.c.18.5$61.11M
Law courts16.3$53.91M
Fire-protection services6.7$22.16M
Prisons5$16.68M
R&D Public order and safety0$0
Environmental protection$173.96M
Environmental protection, in detail, as a share of it
Environmental protection, in detail, as a share of it
RowValue (%)ShareNote
Waste management60.1$104.51M
Protection of biodiversity and landscape27.9$48.54M
Environmental protection n.e.c.11.4$19.76M
R&D Environmental protection0.6$1.03M
Waste water management0$0
Pollution abatement0$0
Housing and community amenities$146.32M
Housing and community amenities, in detail, as a share of it
Housing and community amenities, in detail, as a share of it
RowValue (%)ShareNote
Community development55.5$81.21M
Housing development33.9$49.57M
Street lighting9.4$13.71M
Housing and community amenities n.e.c.1.2$1.83M
Water supply0$0
R&D Housing and community amenities0$0
Defence$48.77M
Defence, in detail, as a share of it
Defence, in detail, as a share of it
RowValue (%)ShareNote
Civil defence100$48.77M
Military defence0$0
Foreign military aid0$0
R&D Defence0$0
Defence n.e.c.0$0

Where the money comes from

Iceland, 2020: revenue by kind, as a share of all revenue
Iceland, 2020: revenue by kind, as a share of all revenue
RowValue (%)ShareNote
Taxes on income and wealth44.8$4.11B
Taxes on sales, production and imports32.5$2.98B
Social contributions7.1$652.88M
Income from property (interest, dividends, rent)6.8$626.95M
Sales, fees and charges5.7$520.5M
Capital transfers and taxes received1.6$145.06M
Other transfers received1.4$131.92M
Subsidies received0$0
Taxes on income and wealth$4.11B
Taxes on income and wealth, in detail, as a share of it
Taxes on income and wealth, in detail, as a share of it
RowValue (%)ShareNote
Taxes on income97.4$4.01B
Other taxes on wealth and income2.6$106.45M
Taxes on sales, production and imports$2.98B
Taxes on sales, production and imports, in detail, as a share of it
Taxes on sales, production and imports, in detail, as a share of it
RowValue (%)ShareNote
Value added tax57.9$1.73B
Not broken down, or fitting no category42.1$1.26B

Over the years

39.7 % of GDPRevenue · 1,99846.1 % of GDPRevenue · 1,99945.7 % of GDPRevenue · 2,00046.7 % of GDPRevenue · 2,00142.8 % of GDPRevenue · 2,00245 % of GDPRevenue · 2,00346.5 % of GDPRevenue · 2,00449.2 % of GDPRevenue · 2,00550.7 % of GDPRevenue · 2,00649.8 % of GDPRevenue · 2,00750.8 % of GDPRevenue · 2,00844.9 % of GDPRevenue · 2,00941.6 % of GDPRevenue · 2,01043.6 % of GDPRevenue · 2,01144.6 % of GDPRevenue · 2,01244.7 % of GDPRevenue · 2,01345.9 % of GDPRevenue · 2,01442.9 % of GDPRevenue · 2,01558.5 % of GDPRevenue · 2,01645.1 % of GDPRevenue · 2,01744.4 % of GDPRevenue · 2,01841.6 % of GDPRevenue · 2,01941.6 % of GDPRevenue · 2,02040.7 % of GDPRevenue · 2,02142.4 % of GDPRevenue · 2,02243.1 % of GDPRevenue · 2,02343 % of GDPRevenue · 2,02443 % of GDPRevenue · 2,02540.3 % of GDPSpending · 1,99844.8 % of GDPSpending · 1,99944.3 % of GDPSpending · 2,00047 % of GDPSpending · 2,00145 % of GDPSpending · 2,00247.3 % of GDPSpending · 2,00346.2 % of GDPSpending · 2,00444.2 % of GDPSpending · 2,00544.3 % of GDPSpending · 2,00644.2 % of GDPSpending · 2,00762.8 % of GDPSpending · 2,00853.4 % of GDPSpending · 2,00948.2 % of GDPSpending · 2,01050 % of GDPSpending · 2,01147.2 % of GDPSpending · 2,01245.6 % of GDPSpending · 2,01345.3 % of GDPSpending · 2,01443 % of GDPSpending · 2,01545.8 % of GDPSpending · 2,01643.8 % of GDPSpending · 2,01743.4 % of GDPSpending · 2,01843 % of GDPSpending · 2,01950.4 % of GDPSpending · 2,02048.7 % of GDPSpending · 2,02146.2 % of GDPSpending · 2,02245.2 % of GDPSpending · 2,02347.1 % of GDPSpending · 2,024
Iceland: revenue and spending, 1998–2025
Iceland: revenue and spending, 1998–2025
PeriodRevenue (% of GDP)Spending (% of GDP)
1,99839.740.3
1,99946.144.8
2,00045.744.3
2,00146.747
2,00242.845
2,0034547.3
2,00446.546.2
2,00549.244.2
2,00650.744.3
2,00749.844.2
2,00850.862.8
2,00944.953.4
2,01041.648.2
2,01143.650
2,01244.647.2
2,01344.745.6
2,01445.945.3
2,01542.943
2,01658.545.8
2,01745.143.8
2,01844.443.4
2,01941.643
2,02041.650.4
2,02140.748.7
2,02242.446.2
2,02343.145.2
2,0244347.1
2,02543
Where these figures come from

Series read from Eurostat, government finance statistics (gov_10a_main, gov_10a_exp) on 2026-11-11.

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