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, 2021

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 2021's average rate (Eurostat).

Revenue
$10.68B · 40.7% of GDP
Spending
$12.77B · 48.7% of GDP
Surplus (+) or deficit (−)
-$2.09B · -8% of GDP

What the money is spent on

Iceland, 2021: spending by function, as a share of all spending
Iceland, 2021: spending by function, as a share of all spending
RowValue (%)ShareNote
Social protection26.6$3.4B
Health18.1$2.31B
Education15.4$1.97B
General public services15$1.92B
Economic affairs12$1.53B
Recreation, culture and religion6.5$830.85M
Public order and safety3.2$404.37M
Environmental protection1.5$192.43M
Housing and community amenities1.2$159.07M
Defence0.5$57.6M
Social protection$3.4B
Social protection, in detail, as a share of it
Social protection, in detail, as a share of it
RowValue (%)ShareNote
Sickness and disability26$884.54M
Old age24.9$845.99M
Family and children19.1$648.12M
Unemployment18.5$629.31M
Social exclusion n.e.c.4.8$162.15M
Social protection n.e.c.3.7$124.77M
Housing2.8$94.02M
Survivors0.2$6.62M
R&D Social protection0$0
Health$2.31B
Health, in detail, as a share of it
Health, in detail, as a share of it
RowValue (%)ShareNote
Hospital services65.8$1.52B
Outpatient services22.8$525M
Medical products, appliances and equipment7.1$163.09M
Health n.e.c.4$91.54M
Public health services0.4$9.11M
R&D Health0$0
Education$1.97B
Education, in detail, as a share of it
Education, in detail, as a share of it
RowValue (%)ShareNote
Pre-primary and primary education44.6$878.63M
Secondary education29.3$577.75M
Tertiary education20$394.43M
Subsidiary services to education2.9$57.01M
Education n.e.c.1.7$33.35M
Education not definable by level1.4$27.68M
R&D Education0$118.27K
Post-secondary non-tertiary education0$0
General public services$1.92B
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$1.07B
General services18.3$351.03M
Executive and legislative organs, financial and fiscal affairs, external affairs17.1$327.13M
General public services n.e.c.3.7$71.55M
Foreign economic aid3.4$65.99M
Basic research1.5$27.91M
R&D General public services0$0
Transfers of a general character between different levels of government0$0
Economic affairs$1.53B
Economic affairs, in detail, as a share of it
Economic affairs, in detail, as a share of it
RowValue (%)ShareNote
Transport50.5$773.96M
General economic, commercial and labour affairs16$245.65M
Agriculture, forestry, fishing and hunting11.9$182.25M
Economic affairs n.e.c.8.9$136.84M
R&D Economic affairs5.8$88.58M
Other industries3.1$47.31M
Fuel and energy2.6$39.15M
Mining, manufacturing and construction0.8$11.71M
Communication0.5$8.28M
Recreation, culture and religion$830.85M
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 services48.8$405.55M
Cultural services35.1$291.54M
Religious and other community services8.4$69.66M
Broadcasting and publishing services6.9$57.12M
R&D Recreation, culture and religion0.8$6.86M
Recreation, culture and religion n.e.c.0$0
Public order and safety$404.37M
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 services56.6$228.73M
Public order and safety n.e.c.16.9$68.24M
Law courts14.9$60.32M
Fire-protection services6.8$27.44M
Prisons4.7$19.04M
R&D Public order and safety0.2$709.62K
Environmental protection$192.43M
Environmental protection, in detail, as a share of it
Environmental protection, in detail, as a share of it
RowValue (%)ShareNote
Waste management61.3$117.92M
Protection of biodiversity and landscape27$52.04M
Environmental protection n.e.c.11.1$21.29M
R&D Environmental protection0.6$1.18M
Waste water management0$0
Pollution abatement0$0
Housing and community amenities$159.07M
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 development61.2$97.34M
Housing development28.8$45.89M
Street lighting9.1$14.43M
Housing and community amenities n.e.c.0.8$1.3M
Water supply0$0
R&D Housing and community amenities0$0
Defence$57.6M
Defence, in detail, as a share of it
Defence, in detail, as a share of it
RowValue (%)ShareNote
Civil defence100$57.6M
Military defence0$0
Foreign military aid0$0
R&D Defence0$0
Defence n.e.c.0$0

Where the money comes from

Iceland, 2021: revenue by kind, as a share of all revenue
Iceland, 2021: revenue by kind, as a share of all revenue
RowValue (%)ShareNote
Taxes on income and wealth43.3$4.62B
Taxes on sales, production and imports32.9$3.52B
Income from property (interest, dividends, rent)7.2$767.69M
Social contributions7.2$767.34M
Sales, fees and charges6.1$651.43M
Capital transfers and taxes received1.7$183.08M
Other transfers received1.6$168.42M
Subsidies received0$0
Taxes on income and wealth$4.62B
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 income97.5$4.51B
Other taxes on wealth and income2.5$115.31M
Taxes on sales, production and imports$3.52B
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 tax62.2$2.19B
Not broken down, or fitting no category37.8$1.33B

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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