Goods and services expense (% of expense) in Iceland
Iceland: Goods and services expense (% of expense) was 21.5% in 2023. ▲ Rising
Goods and services expense in Iceland, 1972–2023
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of expense.
Analysis
The most recent figure for goods and services expense in Iceland is 21.5%, measured in 2023.
Compared with earlier readings it is up 4.1% on the previous year and up 4.5% over ten years.
Over the whole period, goods and services expense in Iceland peaked at 24.7% in 1987 and was at its lowest, 10.3%, in 1974.
That places Iceland 39th out of 154 countries with data for 2023, putting it in the top quarter.
The long-run direction has been consistently rising across the 47 years of available data.
Goods and services expense (% of expense) in Iceland, year by year
| Year | % of expense | Change |
|---|---|---|
| 1972 | 11.6% | — |
| 1973 | 10.7% | -7.1% |
| 1974 | 10.3% | -4.5% |
| 1975 | 10.7% | +4.6% |
| 1976 | 13.2% | +22.9% |
| 1977 | 11.7% | -11.2% |
| 1978 | 11.4% | -2.7% |
| 1979 | 11.0% | -3.2% |
| 1980 | 12.5% | +13.3% |
| 1981 | 12.4% | -0.5% |
| 1987 | 24.7% | +98.6% |
| 1988 | 22.8% | -7.7% |
| 1989 | 21.0% | -7.8% |
| 1990 | 22.5% | +6.8% |
| 1991 | 21.8% | -3.1% |
| 1992 | 21.9% | +0.6% |
| 1993 | 22.4% | +2.2% |
| 1994 | 22.6% | +1.0% |
| 1995 | 22.7% | +0.6% |
| 1996 | 22.6% | -0.8% |
| 1997 | 23.1% | +2.4% |
| 1998 | 20.8% | -10.1% |
| 1999 | 22.7% | +9.6% |
| 2000 | 24.2% | +6.6% |
| 2001 | 23.9% | -1.6% |
| 2002 | 24.0% | +0.6% |
| 2003 | 23.3% | -3.2% |
| 2004 | 24.1% | +3.7% |
| 2005 | 22.9% | -5.2% |
| 2006 | 23.1% | +1.0% |
| 2007 | 22.8% | -1.2% |
| 2008 | 15.0% | -34.1% |
| 2009 | 18.9% | +25.5% |
| 2010 | 20.4% | +7.8% |
| 2011 | 20.1% | -1.3% |
| 2012 | 20.6% | +2.4% |
| 2013 | 20.5% | -0.1% |
| 2014 | 20.0% | -2.9% |
| 2015 | 20.3% | +1.6% |
| 2016 | 17.9% | -11.8% |
| 2017 | 20.5% | +14.6% |
| 2018 | 21.0% | +2.7% |
| 2019 | 21.2% | +0.6% |
| 2020 | 19.3% | -8.8% |
| 2021 | 20.9% | +8.4% |
| 2022 | 20.6% | -1.4% |
| 2023 | 21.5% | +4.1% |
Iceland compared with similar countries
- Iceland's 21.5% is above the median for high income countries, which is 9.6%, 2.2× the median. (56 countries reporting)
- Iceland's 21.5% is above the median for Europe & Central Asia, which is 9.0%, 2.4× the median. (47 countries reporting)
Biggest year-on-year movements
Years where Goods and services expense (% of 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 | +98.6% | 12.4% | 24.7% |
| 2008 | -34.1% | 22.8% | 15.0% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 11.3% | 10.3% | 13.2% | 8 |
| 1980s | 18.7% | 12.4% | 24.7% | 5 |
| 1990s | 22.3% | 20.8% | 23.1% | 10 |
| 2000s | 22.2% | 15.0% | 24.2% | 10 |
| 2010s | 20.2% | 17.9% | 21.2% | 10 |
| 2020s | 20.6% | 19.3% | 21.5% | 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 goods and services expense in Iceland?
- Goods and services expense in Iceland was 21.5% 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 24.7% in 1987.
- What is the lowest goods and services expense recorded in Iceland?
- The lowest recorded value was 10.3% in 1974.
- How does Iceland rank for goods and services expense?
- Iceland ranks 39th out of 154 countries with data for 2023.
- Is goods and services expense rising or falling in Iceland?
- Over the last ten years it is up 4.5%. The long-run trend across the full record is rising.
- 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 (% of expense). Statizoid updates them automatically from the source API.
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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 own account capital formation is excluded. This indicator is expressed as percentage of total expenses which is any decrease in net worth resulting from a transaction.