Central government debt, total (current LCU) in Iceland
Iceland: Central government debt, total (current LCU) was 3.50 trillion current LCU in 2023. ◆ Volatile
Central government debt, total in Iceland, 1990–2023
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in current LCU.
Analysis
In 2023, central government debt, total in Iceland stood at 3.50 trillion current LCU. That is the highest value across all 34 years on record.
Compared with earlier readings it is up 4.3% on the previous year and up 26.1% over ten years.
Over the whole period, central government debt, total in Iceland peaked at 3.50 trillion current LCU in 2023 and was at its lowest, 112.78 billion current LCU, in 1990.
That places Iceland 25th out of 83 countries with data for 2023, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Central government debt, total (current LCU) in Iceland, year by year
| Year | current LCU | Change |
|---|---|---|
| 1990 | 112.78 billion current LCU | — |
| 1991 | 127.66 billion current LCU | +13.2% |
| 1992 | 153.41 billion current LCU | +20.2% |
| 1993 | 181.03 billion current LCU | +18.0% |
| 1994 | 197.11 billion current LCU | +8.9% |
| 1995 | 213.57 billion current LCU | +8.4% |
| 1996 | 225.68 billion current LCU | +5.7% |
| 1997 | 367.47 billion current LCU | +62.8% |
| 1998 | 381.21 billion current LCU | +3.7% |
| 1999 | 384.36 billion current LCU | +0.8% |
| 2000 | 413.38 billion current LCU | +7.5% |
| 2001 | 483.65 billion current LCU | +17.0% |
| 2002 | 480.88 billion current LCU | -0.6% |
| 2003 | 477.33 billion current LCU | -0.7% |
| 2004 | 468.52 billion current LCU | -1.8% |
| 2005 | 899.22 billion current LCU | +91.9% |
| 2006 | 1.07 trillion current LCU | +18.6% |
| 2007 | 1.17 trillion current LCU | +9.6% |
| 2008 | 2.06 trillion current LCU | +76.5% |
| 2009 | 2.37 trillion current LCU | +14.9% |
| 2010 | 2.53 trillion current LCU | +6.8% |
| 2011 | 2.77 trillion current LCU | +9.4% |
| 2012 | 2.82 trillion current LCU | +1.8% |
| 2013 | 2.78 trillion current LCU | -1.5% |
| 2014 | 2.83 trillion current LCU | +2.0% |
| 2015 | 2.71 trillion current LCU | -4.3% |
| 2016 | 2.60 trillion current LCU | -4.3% |
| 2017 | 2.39 trillion current LCU | -8.0% |
| 2018 | 2.33 trillion current LCU | -2.4% |
| 2019 | 2.73 trillion current LCU | +17.0% |
| 2020 | 2.94 trillion current LCU | +7.8% |
| 2021 | 3.14 trillion current LCU | +6.9% |
| 2022 | 3.36 trillion current LCU | +6.9% |
| 2023 | 3.50 trillion current LCU | +4.3% |
Iceland compared with similar countries
- Iceland's 3.50 trillion current LCU is above the median for high income countries, which is 359.73 billion current LCU, 9.7× the median. (28 countries reporting)
- Iceland's 3.50 trillion current LCU is above the median for Europe & Central Asia, which is 444.37 billion current LCU, 7.9× the median. (22 countries reporting)
Biggest year-on-year movements
Years where Central government debt, total (current LCU) in Iceland changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2005 | +91.9% | 468.52 billion current LCU | 899.22 billion current LCU |
| 2008 | +76.5% | 1.17 trillion current LCU | 2.06 trillion current LCU |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 234.43 billion current LCU | 112.78 billion current LCU | 384.36 billion current LCU | 10 |
| 2000s | 989.05 billion current LCU | 413.38 billion current LCU | 2.37 trillion current LCU | 10 |
| 2010s | 2.65 trillion current LCU | 2.33 trillion current LCU | 2.83 trillion current LCU | 10 |
| 2020s | 3.24 trillion current LCU | 2.94 trillion current LCU | 3.50 trillion current LCU | 4 |
Countries ranked near Iceland
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)
- Military expenditure (current USD), per capita 0 current USD per person (2024)
- Military expenditure (current USD), per unit of GDP 0 current USD per US$ of GDP (2024)
- Military expenditure (current USD), gaps filled 0 current USD (2024)
- Military expenditure (current USD), per square kilometre 0 current USD per square kilometre (2023)
Frequently asked questions
- What is central government debt, total in Iceland?
- Central government debt, total in Iceland was 3.50 trillion current LCU in 2023, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest central government debt, total recorded in Iceland?
- The highest recorded value was 3.50 trillion current LCU in 2023.
- What is the lowest central government debt, total recorded in Iceland?
- The lowest recorded value was 112.78 billion current LCU in 1990.
- How does Iceland rank for central government debt, total?
- Iceland ranks 25th out of 83 countries with data for 2023.
- Is central government debt, total rising or falling in Iceland?
- Over the last ten years it is up 26.1%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Central government debt, total (current LCU). Statizoid updates them automatically from the source API.
Download this data
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About this data
Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year. Central government is the part of general government that includes all administrative departments of the national executive, legislative, and judicial functions, other central agencies and those non-market producers controlled by the central government, whose competence extends normally over the whole economic territory. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.