Tax revenue (% of GDP) in Iceland
Iceland: Tax revenue (% of GDP) was 23.2% in 2023. ▲ Rising
Tax revenue in Iceland, 1972–2023
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of GDP.
Analysis
Iceland recorded 23.2% for tax revenue in 2023.
The figure is up 4.5% on the previous year and up 7.7% over ten years.
Over the whole period, tax revenue in Iceland peaked at 37.1% in 2016 and was at its lowest, 19.4%, in 1985.
Iceland ranks 29th of 157 countries on this measure, in the top quarter.
The long-run direction has been consistently rising across the 52 years of available data.
Tax revenue (% of GDP) in Iceland, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1972 | 22.0% | — |
| 1973 | 22.1% | +0.2% |
| 1974 | 23.0% | +3.9% |
| 1975 | 22.1% | -3.7% |
| 1976 | 21.0% | -4.9% |
| 1977 | 20.0% | -4.7% |
| 1978 | 20.4% | +1.9% |
| 1979 | 21.2% | +3.5% |
| 1980 | 20.5% | -3.1% |
| 1981 | 21.8% | +6.3% |
| 1982 | 22.2% | +1.8% |
| 1983 | 19.9% | -10.4% |
| 1984 | 20.2% | +1.8% |
| 1985 | 19.4% | -4.0% |
| 1986 | 19.6% | +1.0% |
| 1987 | 20.0% | +1.9% |
| 1988 | 21.6% | +7.8% |
| 1989 | 22.6% | +5.1% |
| 1990 | 22.7% | +0.3% |
| 1991 | 22.1% | -2.8% |
| 1992 | 22.4% | +1.3% |
| 1993 | 21.7% | -2.8% |
| 1994 | 21.5% | -1.1% |
| 1995 | 21.8% | +1.2% |
| 1996 | 22.7% | +4.1% |
| 1997 | 21.6% | -4.7% |
| 1998 | 23.6% | +9.3% |
| 1999 | 25.5% | +8.1% |
| 2000 | 24.8% | -2.8% |
| 2001 | 22.5% | -9.2% |
| 2002 | 22.4% | -0.7% |
| 2003 | 23.4% | +4.7% |
| 2004 | 24.5% | +4.8% |
| 2005 | 26.8% | +9.2% |
| 2006 | 26.6% | -0.7% |
| 2007 | 25.6% | -3.7% |
| 2008 | 22.6% | -11.8% |
| 2009 | 19.8% | -12.1% |
| 2010 | 20.0% | +0.7% |
| 2011 | 20.4% | +1.9% |
| 2012 | 21.2% | +4.3% |
| 2013 | 21.5% | +1.3% |
| 2014 | 24.2% | +12.8% |
| 2015 | 22.5% | -7.4% |
| 2016 | 37.1% | +65.2% |
| 2017 | 23.6% | -36.4% |
| 2018 | 22.6% | -4.2% |
| 2019 | 21.7% | -4.2% |
| 2020 | 22.0% | +1.5% |
| 2021 | 21.1% | -4.2% |
| 2022 | 22.2% | +5.2% |
| 2023 | 23.2% | +4.5% |
Iceland compared with similar countries
- Iceland's 23.2% is above the median for high income countries, which is 20.7%, 1.1× the median. (57 countries reporting)
- Iceland's 23.2% is above the median for Europe & Central Asia, which is 20.8%, 1.1× the median. (48 countries reporting)
Biggest year-on-year movements
Years where Tax revenue (% of GDP) 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 |
|---|---|---|---|
| 2016 | +65.2% | 22.5% | 37.1% |
| 2017 | -36.4% | 37.1% | 23.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 21.5% | 20.0% | 23.0% | 8 |
| 1980s | 20.8% | 19.4% | 22.6% | 10 |
| 1990s | 22.5% | 21.5% | 25.5% | 10 |
| 2000s | 23.9% | 19.8% | 26.8% | 10 |
| 2010s | 23.5% | 20.0% | 37.1% | 10 |
| 2020s | 22.1% | 21.1% | 23.2% | 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 tax revenue in Iceland?
- Tax revenue in Iceland was 23.2% in 2023, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest tax revenue recorded in Iceland?
- The highest recorded value was 37.1% in 2016.
- What is the lowest tax revenue recorded in Iceland?
- The lowest recorded value was 19.4% in 1985.
- How does Iceland rank for tax revenue?
- Iceland ranks 29th out of 157 countries with data for 2023.
- Is tax revenue rising or falling in Iceland?
- Over the last ten years it is up 7.7%. 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 Tax revenue (% of GDP). Statizoid updates them automatically from the source API.
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About this data
Taxes are compulsory, unrequited payments, in cash or in kind, made by institutional units to government units. 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.