Goods and services expense in Iceland
Iceland: Goods and services 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 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% |
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
- 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)
- Tax revenue 23.2% (2023)
- Capital stock, General government, Current prices, Domestic currency 1,595 (2019)
- Taxes on income, profits and capital gains 34.6% (2023)
- Capital stock, General government, Constant prices, Percent of GDP 51.25 (2019)
- Capital stock, General government, Constant prices, Purchasing power 10.26 (2019)
- Taxes on goods and services 35.2% (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.