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, 2023

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 2023's average rate (Eurostat).

Revenue
$13.66B · 43.1% of GDP
Spending
$14.33B · 45.2% of GDP
Surplus (+) or deficit (−)
-$671.7M · -2.1% of GDP

What the money is spent on

Iceland, 2023: spending by function, as a share of all spending
Iceland, 2023: spending by function, as a share of all spending
RowValue (%)ShareNote
Social protection23.7$3.4B
General public services19.6$2.81B
Health17.9$2.57B
Education14.8$2.12B
Economic affairs10.8$1.54B
Recreation, culture and religion6.5$925.16M
Public order and safety3.3$479.99M
Environmental protection1.6$232.05M
Housing and community amenities1.4$199.72M
Defence0.3$48.77M
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 disability28.6$974.79M
Old age26.8$910.67M
Family and children22.3$760.26M
Social protection n.e.c.6.8$231.4M
Social exclusion n.e.c.6.4$217.23M
Unemployment6$205.45M
Housing2.8$95.8M
Survivors0.2$7.03M
R&D Social protection0$0
General public services$2.81B
General public services, in detail, as a share of it
General public services, in detail, as a share of it
RowValue (%)ShareNote
Public debt transactions64.7$1.82B
Executive and legislative organs, financial and fiscal affairs, external affairs14.5$407.33M
General services13.5$380.29M
Foreign economic aid3.8$107.81M
General public services n.e.c.2.6$72.01M
Basic research0.9$26.17M
R&D General public services0$0
Transfers of a general character between different levels of government0$0
Health$2.57B
Health, in detail, as a share of it
Health, in detail, as a share of it
RowValue (%)ShareNote
Hospital services67.2$1.73B
Outpatient services22.6$580.44M
Medical products, appliances and equipment7.3$188.36M
Health n.e.c.2.8$71.69M
Public health services0.1$2.16M
R&D Health0$0
Education$2.12B
Education, in detail, as a share of it
Education, in detail, as a share of it
RowValue (%)ShareNote
Pre-primary and primary education45.7$969.6M
Secondary education29.4$623.05M
Tertiary education19$402.03M
Subsidiary services to education2.9$61.09M
Education n.e.c.1.8$37.95M
Education not definable by level1.3$27.14M
Post-secondary non-tertiary education0$0
R&D Education0$0
Economic affairs$1.54B
Economic affairs, in detail, as a share of it
Economic affairs, in detail, as a share of it
RowValue (%)ShareNote
Transport53.2$818.98M
Agriculture, forestry, fishing and hunting13.3$205.56M
Economic affairs n.e.c.10.6$163.71M
General economic, commercial and labour affairs10$153.65M
R&D Economic affairs5.5$85.1M
Fuel and energy3.9$60.12M
Other industries1.4$20.87M
Mining, manufacturing and construction1.2$18.81M
Communication0.9$13.62M
Recreation, culture and religion$925.16M
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 services50.8$470.15M
Cultural services33.8$312.82M
Religious and other community services7.6$70.07M
Broadcasting and publishing services6.9$64.01M
R&D Recreation, culture and religion0.9$8.22M
Recreation, culture and religion n.e.c.0$0
Public order and safety$479.99M
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 services54.5$261.57M
Public order and safety n.e.c.18.2$87.59M
Law courts14.1$67.69M
Fire-protection services8$38.28M
Prisons5.2$24.87M
R&D Public order and safety0$0
Environmental protection$232.05M
Environmental protection, in detail, as a share of it
Environmental protection, in detail, as a share of it
RowValue (%)ShareNote
Waste management62.5$145M
Protection of biodiversity and landscape24.4$56.55M
Environmental protection n.e.c.12.1$28.11M
R&D Environmental protection1$2.27M
Waste water management0$0
Pollution abatement0$0
Housing and community amenities$199.72M
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 development58.5$116.78M
Housing development32.2$64.23M
Street lighting8.7$17.41M
Housing and community amenities n.e.c.0.6$1.3M
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, 2023: revenue by kind, as a share of all revenue
Iceland, 2023: revenue by kind, as a share of all revenue
RowValue (%)ShareNote
Taxes on income and wealth44$6.01B
Taxes on sales, production and imports31.6$4.32B
Income from property (interest, dividends, rent)9.2$1.26B
Social contributions6.9$948.95M
Sales, fees and charges5.6$769.34M
Other transfers received1.3$177.66M
Capital transfers and taxes received1.2$164.14M
Subsidies received0$0
Taxes on income and wealth$6.01B
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 income97.9$5.89B
Other taxes on wealth and income2.1$125.43M
Taxes on sales, production and imports$4.32B
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 tax63.7$2.75B
Not broken down, or fitting no category36.3$1.57B

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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