Annual government: Gross fixed capital formation … function fixed in Iceland
Iceland: Annual government: Gross fixed capital formation … function fixed was 182,288 National currency in 2024. ◆ Volatile
Annual government expenditure by function (COFOG) — Gross fixed in Iceland, 1998–2024
Source: Organisation for Economic Co-operation and Development. Measured in National currency.
Analysis
Iceland recorded 182,288 National currency for annual government expenditure by function (cofog) — gross fixed in 2024. That is the highest value across all 27 years on record.
The figure is up 4.0% on the previous year and up 195.8% over ten years.
Over the whole period, annual government expenditure by function (cofog) — gross fixed in Iceland peaked at 182,288 National currency in 2024 and was at its lowest, 30,416 National currency, in 1998.
That places Iceland 8th out of 27 countries with data for 2024, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Annual government: Gross fixed capital formation … function fixed in Iceland, year by year
| Year | National currency | Change |
|---|---|---|
| 1998 | 30,416 National currency | — |
| 1999 | 34,246 National currency | +12.6% |
| 2000 | 33,063 National currency | -3.5% |
| 2001 | 40,667 National currency | +23.0% |
| 2002 | 38,386 National currency | -5.6% |
| 2003 | 37,008 National currency | -3.6% |
| 2004 | 43,250 National currency | +16.9% |
| 2005 | 40,160 National currency | -7.1% |
| 2006 | 54,804 National currency | +36.5% |
| 2007 | 65,514 National currency | +19.5% |
| 2008 | 75,975 National currency | +16.0% |
| 2009 | 63,223 National currency | -16.8% |
| 2010 | 54,976 National currency | -13.0% |
| 2011 | 73,304 National currency | +33.3% |
| 2012 | 46,177 National currency | -37.0% |
| 2013 | 59,520 National currency | +28.9% |
| 2014 | 61,632 National currency | +3.5% |
| 2015 | 62,444 National currency | +1.3% |
| 2016 | 66,315 National currency | +6.2% |
| 2017 | 82,032 National currency | +23.7% |
| 2018 | 120,981 National currency | +47.5% |
| 2019 | 110,711 National currency | -8.5% |
| 2020 | 116,408 National currency | +5.1% |
| 2021 | 142,961 National currency | +22.8% |
| 2022 | 159,105 National currency | +11.3% |
| 2023 | 175,309 National currency | +10.2% |
| 2024 | 182,288 National currency | +4.0% |
Iceland compared with similar countries
- Iceland's 182,288 National currency is above the median for high income countries, which is 93,394 National currency, 2.0× the median. (26 countries reporting)
- Iceland's 182,288 National currency is above the median for Europe & Central Asia, which is 78,345 National currency, 2.3× the median. (21 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 32,331 National currency | 30,416 National currency | 34,246 National currency | 2 |
| 2000s | 49,205 National currency | 33,063 National currency | 75,975 National currency | 10 |
| 2010s | 73,809 National currency | 46,177 National currency | 120,981 National currency | 10 |
| 2020s | 155,214 National currency | 116,408 National currency | 182,288 National currency | 5 |
Countries ranked near Iceland
- 5 Slovenia 3,462 National currency compare
- 5 Czechia 376,546 National currency compare
- 6 Lithuania 3,326 National currency compare
- 6 Sweden 352,916 National currency compare
- 7 Latvia 2,561 National currency compare
- 7 Norway 282,385 National currency compare
- 8 Estonia 2,478 National currency compare
- 9 Germany 132,292 National currency compare
- 10 France 126,997 National currency compare
- 11 Romania 103,192 National currency compare
More public sector data for Iceland
- Democracy, annual growth rate 0 % change on previous year (2025)
- Chief executive of the government is elected, annual growth rate 0 % change on previous year (2025)
- Elected parliament, annual growth rate 0 % change on previous year (2025)
- Men's universal right to vote, annual growth rate 0 % change on previous year (2025)
- Universal right to vote, annual growth rate 0 % change on previous year (2025)
- Universal right to vote in practice, annual growth rate 0 % change on previous year (2025)
- Democracy 7 (2025)
- Chief executive of the government is elected 1 (2025)
- Elected parliament 1 (2025)
- Men's universal right to vote 1 (2025)
Frequently asked questions
- What is annual government expenditure by function (cofog) — gross fixed in Iceland?
- Annual government expenditure by function (cofog) — gross fixed in Iceland was 182,288 National currency in 2024, according to Organisation for Economic Co-operation and Development.
- What is the highest annual government expenditure by function (cofog) — gross fixed recorded in Iceland?
- The highest recorded value was 182,288 National currency in 2024.
- What is the lowest annual government expenditure by function (cofog) — gross fixed recorded in Iceland?
- The lowest recorded value was 30,416 National currency in 1998.
- How does Iceland rank for annual government expenditure by function (cofog) — gross fixed?
- Iceland ranks 8th out of 27 countries with data for 2024.
- Is annual government expenditure by function (cofog) — gross fixed rising or falling in Iceland?
- Over the last ten years it is up 195.8%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from Organisation for Economic Co-operation and Development, published as part of Annual government expenditure by function (COFOG) — Gross fixed capital formation. Statizoid updates them automatically from the source API.
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About this data
This table provides a breakdown of government expenditure according to the Classification of the Functions of Government (COFOG), which shows how much governments spend in areas such as health, education, environmental protection, defence and servicing public debt. The presentation is on a country-by-country basis. Users are recommended to select one country (or area) at a time in the ‘Reference area’ filter. Data is presented for each country in national currency as well as in euros for the European Union and the euro area. Data are also available, for most countries, for the sub-sectors of general government. Specific categories of expenditure (such as health and education) can be selected using the ‘Expenditure’ filter, while details of the type of expenditure such as compensation of employees (payment of wages and salaries and employers’ social contributions) can be selected using the ‘Transaction’ filter. For government final consumption expenditure a breakdown is also provided, in the ‘Transaction’ filter, between individual and collective consumption expenditure. Data is for General Government. For most countries, results are also available for the General Government sub-sectors: central, local and state (regional) government and social security. These sub-sectors can be selected using the ‘Institutional sector’ filter. These indicators were presented in the previous dissemination system in the SNA_TABLE11 dataset. See ANA Changes for information on changes in methodology: ANA Changes Explore also the Government Finances and Public Sector Debt webpage: Government Finances and Public Sector Debt webpage OECD statistics contact: STAT.Contact@oecd.org