Expense in Iceland
Iceland: Expense was 1.40 trillion current LCU in 2023. ◆ Volatile
Latest (2023)
1.40 trillion current LCU
Change on year
up 9.1%
World rank
51st
of 157 countries
All-time high
1.40 trillion current LCU
in 2023
All-time low
169.50 million current LCU
in 1972
Years of data
52
1972–2023
Expense in Iceland, 1972–2023
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in current LCU.
Analysis
The most recent figure for expense in Iceland is 1.40 trillion current LCU, measured in 2023. That is the highest value across all 52 years on record.
Compared with earlier readings it is up 9.1% on the previous year and up 105.3% over ten years.
Over the whole period, expense in Iceland peaked at 1.40 trillion current LCU in 2023 and was at its lowest, 169.50 million current LCU, in 1972.
That places Iceland 51st out of 157 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.
Expense in Iceland, year by year
| Year | current LCU | Change |
|---|---|---|
| 1972 | 169.50 million current LCU | — |
| 1973 | 246.60 million current LCU | +45.5% |
| 1974 | 406.50 million current LCU | +64.8% |
| 1975 | 570.40 million current LCU | +40.3% |
| 1976 | 684.70 million current LCU | +20.0% |
| 1977 | 988.40 million current LCU | +44.4% |
| 1978 | 1.61 billion current LCU | +62.5% |
| 1979 | 2.48 billion current LCU | +54.4% |
| 1980 | 3.71 billion current LCU | +49.6% |
| 1981 | 5.90 billion current LCU | +59.0% |
| 1982 | 9.64 billion current LCU | +63.5% |
| 1983 | 17.75 billion current LCU | +84.2% |
| 1984 | 21.06 billion current LCU | +18.7% |
| 1985 | 31.16 billion current LCU | +47.9% |
| 1986 | 45.74 billion current LCU | +46.8% |
| 1987 | 57.07 billion current LCU | +24.8% |
| 1988 | 78.29 billion current LCU | +37.2% |
| 1989 | 101.43 billion current LCU | +29.6% |
| 1990 | 110.93 billion current LCU | +9.4% |
| 1991 | 125.00 billion current LCU | +12.7% |
| 1992 | 126.71 billion current LCU | +1.4% |
| 1993 | 127.47 billion current LCU | +0.6% |
| 1994 | 134.34 billion current LCU | +5.4% |
| 1995 | 139.36 billion current LCU | +3.7% |
| 1996 | 147.73 billion current LCU | +6.0% |
| 1997 | 146.03 billion current LCU | -1.2% |
| 1998 | 176.84 billion current LCU | +21.1% |
| 1999 | 194.14 billion current LCU | +9.8% |
| 2000 | 208.22 billion current LCU | +7.2% |
| 2001 | 237.25 billion current LCU | +13.9% |
| 2002 | 260.02 billion current LCU | +9.6% |
| 2003 | 280.03 billion current LCU | +7.7% |
| 2004 | 296.10 billion current LCU | +5.7% |
| 2005 | 353.55 billion current LCU | +19.4% |
| 2006 | 400.09 billion current LCU | +13.2% |
| 2007 | 448.95 billion current LCU | +12.2% |
| 2008 | 807.77 billion current LCU | +79.9% |
| 2009 | 677.48 billion current LCU | -16.1% |
| 2010 | 638.13 billion current LCU | -5.8% |
| 2011 | 678.73 billion current LCU | +6.4% |
| 2012 | 683.98 billion current LCU | +0.8% |
| 2013 | 682.85 billion current LCU | -0.2% |
| 2014 | 716.34 billion current LCU | +4.9% |
| 2015 | 744.34 billion current LCU | +3.9% |
| 2016 | 891.50 billion current LCU | +19.8% |
| 2017 | 830.90 billion current LCU | -6.8% |
| 2018 | 877.81 billion current LCU | +5.6% |
| 2019 | 940.23 billion current LCU | +7.1% |
| 2020 | 1.08 trillion current LCU | +15.4% |
| 2021 | 1.15 trillion current LCU | +6.5% |
| 2022 | 1.28 trillion current LCU | +11.3% |
| 2023 | 1.40 trillion current LCU | +9.1% |
Iceland compared with similar countries
- Iceland's 1.40 trillion current LCU is above the median for high income countries, which is 134.42 billion current LCU, 10.4× the median. (57 countries reporting)
- Iceland's 1.40 trillion current LCU is above the median for Europe & Central Asia, which is 301.38 billion current LCU, 4.7× the median. (47 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 893.91 million current LCU | 169.50 million current LCU | 2.48 billion current LCU | 8 |
| 1980s | 37.17 billion current LCU | 3.71 billion current LCU | 101.43 billion current LCU | 10 |
| 1990s | 142.85 billion current LCU | 110.93 billion current LCU | 194.14 billion current LCU | 10 |
| 2000s | 396.95 billion current LCU | 208.22 billion current LCU | 807.77 billion current LCU | 10 |
| 2010s | 768.48 billion current LCU | 638.13 billion current LCU | 940.23 billion current LCU | 10 |
| 2020s | 1.23 trillion current LCU | 1.08 trillion current LCU | 1.40 trillion current LCU | 4 |
Countries ranked near Iceland
More public sector data for Iceland
- Democracy, 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)
- Elected parliament, 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)
- 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 expense in Iceland?
- Expense in Iceland was 1.40 trillion current LCU in 2023, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest expense recorded in Iceland?
- The highest recorded value was 1.40 trillion current LCU in 2023.
- What is the lowest expense recorded in Iceland?
- The lowest recorded value was 169.50 million current LCU in 1972.
- How does Iceland rank for expense?
- Iceland ranks 51st out of 157 countries with data for 2023.
- Is expense rising or falling in Iceland?
- Over the last ten years it is up 105.3%. 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 Expense (current LCU). Statizoid updates them automatically from the source API.
Download this data
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About this data
Expense is a decrease in net worth resulting from a transaction. 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.