Social contributions in Iceland
Iceland: Social contributions was 9.5% in 2023. ▲ Rising
Social contributions in Iceland, 1972–2023
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of revenue.
Analysis
The most recent figure for social contributions in Iceland is 9.5%, measured in 2023.
The figure is up 0.3% on the previous year and down 9.1% over ten years.
Over the whole period, social contributions in Iceland peaked at 11.8% in 2010 and was at its lowest, 2.3%, in 1982.
That places Iceland 65th out of 112 countries with data for 2023, putting it in the middle of the range.
The long-run direction has been consistently rising across the 52 years of available data.
Social contributions in Iceland, year by year
| Year | % of revenue | Change |
|---|---|---|
| 1972 | 4.8% | — |
| 1973 | 3.5% | -27.1% |
| 1974 | 3.6% | +2.7% |
| 1975 | 4.1% | +15.4% |
| 1976 | 3.0% | -26.3% |
| 1977 | 3.8% | +26.8% |
| 1978 | 4.3% | +11.8% |
| 1979 | 4.5% | +4.4% |
| 1980 | 4.2% | -5.5% |
| 1981 | 2.7% | -35.7% |
| 1982 | 2.3% | -13.8% |
| 1983 | 4.6% | +95.3% |
| 1984 | 4.7% | +3.2% |
| 1985 | 4.7% | -0.2% |
| 1986 | 4.4% | -5.8% |
| 1987 | 3.5% | -21.8% |
| 1988 | 2.8% | -18.2% |
| 1989 | 2.8% | -3.2% |
| 1990 | 3.1% | +11.7% |
| 1991 | 7.1% | +132.0% |
| 1992 | 8.0% | +12.0% |
| 1993 | 8.1% | +1.6% |
| 1994 | 8.1% | -0.6% |
| 1995 | 8.1% | +0.8% |
| 1996 | 8.7% | +7.4% |
| 1997 | 9.3% | +6.7% |
| 1998 | 8.9% | -4.3% |
| 1999 | 8.5% | -4.4% |
| 2000 | 8.8% | +3.1% |
| 2001 | 9.1% | +3.0% |
| 2002 | 9.2% | +1.9% |
| 2003 | 9.7% | +5.1% |
| 2004 | 9.2% | -4.9% |
| 2005 | 8.0% | -13.5% |
| 2006 | 8.0% | +0.0% |
| 2007 | 7.5% | -6.5% |
| 2008 | 6.5% | -12.9% |
| 2009 | 8.2% | +25.6% |
| 2010 | 11.8% | +44.7% |
| 2011 | 11.3% | -3.9% |
| 2012 | 10.2% | -9.8% |
| 2013 | 10.5% | +2.4% |
| 2014 | 9.9% | -5.1% |
| 2015 | 10.6% | +6.6% |
| 2016 | 7.1% | -33.4% |
| 2017 | 10.0% | +41.5% |
| 2018 | 10.4% | +4.1% |
| 2019 | 10.5% | +1.0% |
| 2020 | 10.2% | -3.1% |
| 2021 | 10.2% | +0.5% |
| 2022 | 9.5% | -7.2% |
| 2023 | 9.5% | +0.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 3.9% | 3.0% | 4.8% | 8 |
| 1980s | 3.7% | 2.3% | 4.7% | 10 |
| 1990s | 7.8% | 3.1% | 9.3% | 10 |
| 2000s | 8.4% | 6.5% | 9.7% | 10 |
| 2010s | 10.2% | 7.1% | 11.8% | 10 |
| 2020s | 9.9% | 9.5% | 10.2% | 4 |
Countries ranked near Iceland
- 62 Trinidad and Tobago 12.2% compare
- 63 Egypt 9.8% compare
- 64 Peru 9.7% compare
- 66 Sweden 9.2% compare
- 67 United Arab Emirates 9.0% compare
- 68 El Salvador 8.8% 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 social contributions in Iceland?
- Social contributions in Iceland was 9.5% in 2023, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest social contributions recorded in Iceland?
- The highest recorded value was 11.8% in 2010.
- What is the lowest social contributions recorded in Iceland?
- The lowest recorded value was 2.3% in 1982.
- How does Iceland rank for social contributions?
- Iceland ranks 65th out of 112 countries with data for 2023.
- Is social contributions rising or falling in Iceland?
- Over the last ten years it is down 9.1%. 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 Social contributions (% of revenue). Statizoid updates them automatically from the source API.
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About this data
Social contributions are actual or imputed contributions payable to social insurance schemes to make provisions for social benefits to be paid. This indicator is expressed as a percentage of revenue which includes all transactions that add to the amount of economic value of a unit or sector.