Net incurrence of liabilities, total in Iceland
Iceland: Net incurrence of liabilities, total was 2.6% in 2023. ◆ Volatile
Net incurrence of liabilities, total in Iceland, 1972–2023
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of GDP.
Analysis
In 2023, net incurrence of liabilities, total in Iceland stood at 2.6%.
The figure is down 33.1% on the previous year and up 254.0% over ten years.
Over the whole period, net incurrence of liabilities, total in Iceland peaked at 39.9% in 2008 and was at its lowest, -9.5%, in 2017.
That places Iceland 77th out of 136 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.
Net incurrence of liabilities, total in Iceland, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1972 | 3.6% | — |
| 1973 | 2.9% | -20.5% |
| 1974 | 3.9% | +37.0% |
| 1975 | 5.8% | +46.4% |
| 1976 | 2.4% | -58.6% |
| 1977 | 4.2% | +75.0% |
| 1978 | 2.2% | -47.8% |
| 1979 | 2.3% | +7.3% |
| 1980 | 1.1% | -55.0% |
| 1981 | 1.2% | +11.1% |
| 1982 | 2.5% | +110.1% |
| 1983 | 3.2% | +31.7% |
| 1984 | 2.2% | -32.8% |
| 1985 | 3.6% | +64.3% |
| 1986 | 4.5% | +27.5% |
| 1987 | 2.0% | -56.2% |
| 1988 | 1.8% | -10.9% |
| 1989 | 3.1% | +72.5% |
| 1990 | 3.5% | +15.1% |
| 1991 | 2.5% | -28.3% |
| 1992 | 3.7% | +47.9% |
| 1993 | 3.1% | -16.7% |
| 1994 | 3.4% | +7.8% |
| 1995 | 3.6% | +6.2% |
| 1996 | 2.2% | -39.1% |
| 1997 | -0.5% | -122.4% |
| 1998 | -0.0% | -97.0% |
| 1999 | -0.8% | +5315.6% |
| 2000 | -1.4% | +76.5% |
| 2001 | 6.3% | -560.9% |
| 2002 | 2.2% | -65.9% |
| 2003 | 0.4% | -81.5% |
| 2004 | 0.6% | +39.6% |
| 2005 | -4.1% | -827.1% |
| 2006 | 10.5% | -360.1% |
| 2007 | 7.4% | -29.3% |
| 2008 | 39.9% | +436.0% |
| 2009 | 16.4% | -59.0% |
| 2010 | 13.1% | -19.8% |
| 2011 | 9.1% | -31.0% |
| 2012 | -0.2% | -102.7% |
| 2013 | -1.7% | +582.8% |
| 2014 | 0.5% | -127.0% |
| 2015 | -8.3% | -1910.8% |
| 2016 | -7.0% | -15.0% |
| 2017 | -9.5% | +34.6% |
| 2018 | -2.9% | -69.0% |
| 2019 | 4.0% | -236.5% |
| 2020 | 8.5% | +110.6% |
| 2021 | 4.6% | -45.7% |
| 2022 | 3.9% | -15.0% |
| 2023 | 2.6% | -33.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 3.4% | 2.2% | 5.8% | 8 |
| 1980s | 2.5% | 1.1% | 4.5% | 10 |
| 1990s | 2.1% | -0.8% | 3.7% | 10 |
| 2000s | 7.8% | -4.1% | 39.9% | 10 |
| 2010s | -0.3% | -9.5% | 13.1% | 10 |
| 2020s | 4.9% | 2.6% | 8.5% | 4 |
Countries ranked near Iceland
- 74 Bosnia and Herzegovina 2.8% compare
- 75 Dominican Republic 2.8% compare
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- 78 Tunisia 2.6% compare
- 79 Costa Rica 2.6% compare
- 80 Ecuador 2.5% compare
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 net incurrence of liabilities, total in Iceland?
- Net incurrence of liabilities, total in Iceland was 2.6% in 2023, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest net incurrence of liabilities, total recorded in Iceland?
- The highest recorded value was 39.9% in 2008.
- What is the lowest net incurrence of liabilities, total recorded in Iceland?
- The lowest recorded value was -9.5% in 2017.
- How does Iceland rank for net incurrence of liabilities, total?
- Iceland ranks 77th out of 136 countries with data for 2023.
- Is net incurrence of liabilities, total rising or falling in Iceland?
- Over the last ten years it is up 254.0%. 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 Net incurrence of liabilities, total (% of GDP). Statizoid updates them automatically from the source API.
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About this data
Net incurrence of government liabilities includes foreign financing (obtained from nonresidents) and domestic financing (obtained from residents), or the means by which a government provides financial resources to cover a budget deficit or allocates financial resources arising from a budget surplus. The net incurrence of liabilities should be offset by the net acquisition of financial assets. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.