Goods and services expense in Iceland
Iceland: Goods and services expense was 300.99 billion current LCU in 2023. ◆ Volatile
Goods and services expense in Iceland, 1972–2023
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in current LCU.
Analysis
Iceland recorded 300.99 billion current LCU for goods and services expense in 2023. That is the highest value across all 47 years on record.
The figure is up 13.6% on the previous year and up 114.6% over ten years.
Over the whole period, goods and services expense in Iceland peaked at 300.99 billion current LCU in 2023 and was at its lowest, 19.60 million current LCU, in 1972.
That places Iceland 43rd out of 155 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.
Goods and services expense in Iceland, year by year
| Year | current LCU | Change |
|---|---|---|
| 1972 | 19.60 million current LCU | — |
| 1973 | 26.50 million current LCU | +35.2% |
| 1974 | 41.70 million current LCU | +57.4% |
| 1975 | 61.20 million current LCU | +46.8% |
| 1976 | 90.30 million current LCU | +47.5% |
| 1977 | 115.80 million current LCU | +28.2% |
| 1978 | 183.10 million current LCU | +58.1% |
| 1979 | 273.60 million current LCU | +49.4% |
| 1980 | 463.60 million current LCU | +69.4% |
| 1981 | 733.60 million current LCU | +58.2% |
| 1987 | 14.10 billion current LCU | +1822.2% |
| 1988 | 17.86 billion current LCU | +26.7% |
| 1989 | 21.34 billion current LCU | +19.4% |
| 1990 | 24.92 billion current LCU | +16.8% |
| 1991 | 27.20 billion current LCU | +9.2% |
| 1992 | 27.74 billion current LCU | +2.0% |
| 1993 | 28.53 billion current LCU | +2.8% |
| 1994 | 30.35 billion current LCU | +6.4% |
| 1995 | 31.68 billion current LCU | +4.4% |
| 1996 | 33.32 billion current LCU | +5.2% |
| 1997 | 33.72 billion current LCU | +1.2% |
| 1998 | 36.70 billion current LCU | +8.8% |
| 1999 | 44.15 billion current LCU | +20.3% |
| 2000 | 50.49 billion current LCU | +14.3% |
| 2001 | 56.61 billion current LCU | +12.1% |
| 2002 | 62.44 billion current LCU | +10.3% |
| 2003 | 65.11 billion current LCU | +4.3% |
| 2004 | 71.43 billion current LCU | +9.7% |
| 2005 | 80.87 billion current LCU | +13.2% |
| 2006 | 92.48 billion current LCU | +14.3% |
| 2007 | 102.49 billion current LCU | +10.8% |
| 2008 | 121.50 billion current LCU | +18.6% |
| 2009 | 127.91 billion current LCU | +5.3% |
| 2010 | 129.89 billion current LCU | +1.5% |
| 2011 | 136.31 billion current LCU | +4.9% |
| 2012 | 140.60 billion current LCU | +3.2% |
| 2013 | 140.28 billion current LCU | -0.2% |
| 2014 | 142.92 billion current LCU | +1.9% |
| 2015 | 150.83 billion current LCU | +5.5% |
| 2016 | 159.32 billion current LCU | +5.6% |
| 2017 | 170.24 billion current LCU | +6.9% |
| 2018 | 184.69 billion current LCU | +8.5% |
| 2019 | 199.00 billion current LCU | +7.7% |
| 2020 | 209.33 billion current LCU | +5.2% |
| 2021 | 241.64 billion current LCU | +15.4% |
| 2022 | 265.04 billion current LCU | +9.7% |
| 2023 | 300.99 billion current LCU | +13.6% |
Iceland compared with similar countries
- Iceland's 300.99 billion current LCU is above the median for high income countries, which is 14.51 billion current LCU, 20.7× the median. (57 countries reporting)
- Iceland's 300.99 billion current LCU is above the median for Europe & Central Asia, which is 16.59 billion current LCU, 18.1× the median. (48 countries reporting)
Biggest year-on-year movements
Years where Goods and services expense 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 |
|---|---|---|---|
| 1987 | +1822.2% | 733.60 million current LCU | 14.10 billion current LCU |
| 1980 | +69.4% | 273.60 million current LCU | 463.60 million current LCU |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 101.47 million current LCU | 19.60 million current LCU | 273.60 million current LCU | 8 |
| 1980s | 10.90 billion current LCU | 463.60 million current LCU | 21.34 billion current LCU | 5 |
| 1990s | 31.83 billion current LCU | 24.92 billion current LCU | 44.15 billion current LCU | 10 |
| 2000s | 83.13 billion current LCU | 50.49 billion current LCU | 127.91 billion current LCU | 10 |
| 2010s | 155.41 billion current LCU | 129.89 billion current LCU | 199.00 billion current LCU | 10 |
| 2020s | 254.25 billion current LCU | 209.33 billion current LCU | 300.99 billion current LCU | 4 |
Countries ranked near Iceland
- 40 Serbia 334.69 billion current LCU compare
- 41 Burkina Faso 313.60 billion current LCU compare
- 42 Saudi Arabia 313.02 billion current LCU compare
- 44 Sri Lanka 299.70 billion current LCU compare
- 45 Afghanistan 276.17 billion current LCU compare
- 46 Dominican Republic 260.06 billion current LCU compare
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 goods and services expense in Iceland?
- Goods and services expense in Iceland was 300.99 billion current LCU in 2023, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest goods and services expense recorded in Iceland?
- The highest recorded value was 300.99 billion current LCU in 2023.
- What is the lowest goods and services expense recorded in Iceland?
- The lowest recorded value was 19.60 million current LCU in 1972.
- How does Iceland rank for goods and services expense?
- Iceland ranks 43rd out of 155 countries with data for 2023.
- Is goods and services expense rising or falling in Iceland?
- Over the last ten years it is up 114.6%. 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 Goods and services expense (current LCU). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 47 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Goods and services include all government payments in exchange for goods and services used for the production of market and nonmarket goods and services. Use of goods and services for account capital formation is excluded. 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.