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, 2024

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 2024's average rate (Eurostat).

Revenue
$14.28B · 43% of GDP
Spending
$15.65B · 47.1% of GDP
Surplus (+) or deficit (−)
-$1.36B · -4.1% of GDP

What the money is spent on

Iceland, 2024: spending by function, as a share of all spending
Iceland, 2024: spending by function, as a share of all spending
RowValue (%)ShareNote
Social protection26.6$4.17B
Health18.3$2.87B
General public services16.2$2.53B
Education14.9$2.33B
Economic affairs10.4$1.63B
Recreation, culture and religion6.4$997.76M
Public order and safety3.8$589.37M
Environmental protection1.6$244.19M
Housing and community amenities1.4$222.65M
Defence0.4$69.06M
Social protection$4.17B
Social protection, in detail, as a share of it
Social protection, in detail, as a share of it
RowValue (%)ShareNote
Sickness and disability25.8$1.07B
Old age22.2$926.53M
Family and children20.8$864.51M
Social protection n.e.c.16.7$694.68M
Unemployment5.8$241.7M
Social exclusion n.e.c.5.3$219.94M
Housing3.4$140.06M
Survivors0.1$4.44M
R&D Social protection0$0
Health$2.87B
Health, in detail, as a share of it
Health, in detail, as a share of it
RowValue (%)ShareNote
Hospital services66.3$1.9B
Outpatient services23.6$674.77M
Medical products, appliances and equipment7.1$202.41M
Health n.e.c.2.8$78.8M
Public health services0.4$10.72M
R&D Health0$0
General public services$2.53B
General public services, in detail, as a share of it
General public services, in detail, as a share of it
RowValue (%)ShareNote
Public debt transactions62.4$1.58B
Executive and legislative organs, financial and fiscal affairs, external affairs15.4$388.58M
General services13.6$345.29M
Foreign economic aid3.9$99.8M
General public services n.e.c.3.6$90.38M
Basic research1.1$28.58M
R&D General public services0$0
Transfers of a general character between different levels of government0$0
Education$2.33B
Education, in detail, as a share of it
Education, in detail, as a share of it
RowValue (%)ShareNote
Pre-primary and primary education45.1$1.05B
Secondary education28.5$663.73M
Tertiary education20.6$480.26M
Subsidiary services to education2.8$64.73M
Education n.e.c.1.8$41.67M
Education not definable by level1.2$27.82M
Post-secondary non-tertiary education0$0
R&D Education0$0
Economic affairs$1.63B
Economic affairs, in detail, as a share of it
Economic affairs, in detail, as a share of it
RowValue (%)ShareNote
Transport50.6$826.2M
Economic affairs n.e.c.13.1$214.32M
Agriculture, forestry, fishing and hunting13$212.69M
General economic, commercial and labour affairs9.2$151.1M
R&D Economic affairs6.5$106.51M
Fuel and energy4.3$71.01M
Other industries1.3$20.67M
Mining, manufacturing and construction1.2$20.02M
Communication0.7$11.58M
Recreation, culture and religion$997.76M
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 services51.1$509.81M
Cultural services33.7$336.73M
Religious and other community services7.2$71.87M
Broadcasting and publishing services7$69.38M
R&D Recreation, culture and religion1$9.85M
Recreation, culture and religion n.e.c.0$0
Public order and safety$589.37M
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 services53.6$315.95M
Public order and safety n.e.c.22.8$134.11M
Law courts12.4$73.06M
Fire-protection services6.6$39.07M
Prisons4.6$27.17M
R&D Public order and safety0$0
Environmental protection$244.19M
Environmental protection, in detail, as a share of it
Environmental protection, in detail, as a share of it
RowValue (%)ShareNote
Waste management68$166.04M
Protection of biodiversity and landscape19.9$48.71M
Environmental protection n.e.c.11.6$28.36M
R&D Environmental protection0.4$974.16K
Waste water management0$0
Pollution abatement0$0
Housing and community amenities$222.65M
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 development53.4$118.96M
Housing development37.5$83.56M
Street lighting8.4$18.62M
Housing and community amenities n.e.c.0.7$1.52M
Water supply0$0
R&D Housing and community amenities0$0
Defence$69.06M
Defence, in detail, as a share of it
Defence, in detail, as a share of it
RowValue (%)ShareNote
Civil defence100$69.06M
Military defence0$0
Foreign military aid0$0
R&D Defence0$0
Defence n.e.c.0$0

Where the money comes from

Iceland, 2024: revenue by kind, as a share of all revenue
Iceland, 2024: revenue by kind, as a share of all revenue
RowValue (%)ShareNote
Taxes on income and wealth44.5$6.36B
Taxes on sales, production and imports32.1$4.58B
Income from property (interest, dividends, rent)7.7$1.1B
Social contributions6.9$984.01M
Sales, fees and charges6$860.08M
Capital transfers and taxes received1.5$208.58M
Other transfers received1.3$185.52M
Subsidies received0$0
Taxes on income and wealth$6.36B
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 income97.2$6.18B
Other taxes on wealth and income2.8$178.81M
Taxes on sales, production and imports$4.58B
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 tax63.4$2.91B
Not broken down, or fitting no category36.6$1.68B

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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