Taxes on goods and services (current LCU) in Iceland
Iceland: Taxes on goods and services (current LCU) was 486.56 billion current LCU in 2023. ◆ Volatile
Taxes on goods and services in Iceland, 1972–2023
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in current LCU.
Analysis
In 2023, taxes on goods and services in Iceland stood at 486.56 billion current LCU. That is the highest value across all 52 years on record.
Compared with earlier readings it is up 13.1% on the previous year and up 118.3% over ten years.
Over the whole period, taxes on goods and services in Iceland peaked at 486.56 billion current LCU in 2023 and was at its lowest, 69.20 million current LCU, in 1972.
That places Iceland 50th out of 157 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.
Taxes on goods and services (current LCU) in Iceland, year by year
| Year | current LCU | Change |
|---|---|---|
| 1972 | 69.20 million current LCU | — |
| 1973 | 95.40 million current LCU | +37.9% |
| 1974 | 173.80 million current LCU | +82.2% |
| 1975 | 280.90 million current LCU | +61.6% |
| 1976 | 382.80 million current LCU | +36.3% |
| 1977 | 528.60 million current LCU | +38.1% |
| 1978 | 795.90 million current LCU | +50.6% |
| 1979 | 1.18 billion current LCU | +48.4% |
| 1980 | 1.99 billion current LCU | +68.3% |
| 1981 | 3.27 billion current LCU | +64.4% |
| 1982 | 5.26 billion current LCU | +61.1% |
| 1983 | 8.40 billion current LCU | +59.6% |
| 1984 | 11.60 billion current LCU | +38.1% |
| 1985 | 16.04 billion current LCU | +38.3% |
| 1986 | 21.16 billion current LCU | +31.9% |
| 1987 | 28.74 billion current LCU | +35.8% |
| 1988 | 38.55 billion current LCU | +34.1% |
| 1989 | 45.90 billion current LCU | +19.1% |
| 1990 | 50.41 billion current LCU | +9.8% |
| 1991 | 53.55 billion current LCU | +6.2% |
| 1992 | 55.08 billion current LCU | +2.9% |
| 1993 | 58.98 billion current LCU | +7.1% |
| 1994 | 65.42 billion current LCU | +10.9% |
| 1995 | 67.51 billion current LCU | +3.2% |
| 1996 | 74.26 billion current LCU | +10.0% |
| 1997 | 78.79 billion current LCU | +6.1% |
| 1998 | 95.36 billion current LCU | +21.0% |
| 1999 | 107.81 billion current LCU | +13.1% |
| 2000 | 110.56 billion current LCU | +2.6% |
| 2001 | 107.40 billion current LCU | -2.9% |
| 2002 | 115.45 billion current LCU | +7.5% |
| 2003 | 125.53 billion current LCU | +8.7% |
| 2004 | 147.63 billion current LCU | +17.6% |
| 2005 | 173.83 billion current LCU | +17.7% |
| 2006 | 193.45 billion current LCU | +11.3% |
| 2007 | 205.51 billion current LCU | +6.2% |
| 2008 | 192.84 billion current LCU | -6.2% |
| 2009 | 175.55 billion current LCU | -9.0% |
| 2010 | 185.36 billion current LCU | +5.6% |
| 2011 | 197.00 billion current LCU | +6.3% |
| 2012 | 213.58 billion current LCU | +8.4% |
| 2013 | 222.84 billion current LCU | +4.3% |
| 2014 | 235.89 billion current LCU | +5.9% |
| 2015 | 259.33 billion current LCU | +9.9% |
| 2016 | 287.40 billion current LCU | +10.8% |
| 2017 | 322.96 billion current LCU | +12.4% |
| 2018 | 337.33 billion current LCU | +4.4% |
| 2019 | 337.64 billion current LCU | +0.1% |
| 2020 | 327.19 billion current LCU | -3.1% |
| 2021 | 369.51 billion current LCU | +12.9% |
| 2022 | 430.15 billion current LCU | +16.4% |
| 2023 | 486.56 billion current LCU | +13.1% |
Iceland compared with similar countries
- Iceland's 486.56 billion current LCU is above the median for high income countries, which is 39.13 billion current LCU, 12.4× the median. (57 countries reporting)
- Iceland's 486.56 billion current LCU is above the median for Europe & Central Asia, which is 85.71 billion current LCU, 5.7× the median. (48 countries reporting)
Biggest year-on-year movements
Years where Taxes on goods and services (current LCU) 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 |
|---|---|---|---|
| 1974 | +82.2% | 95.40 million current LCU | 173.80 million current LCU |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 438.43 million current LCU | 69.20 million current LCU | 1.18 billion current LCU | 8 |
| 1980s | 18.09 billion current LCU | 1.99 billion current LCU | 45.90 billion current LCU | 10 |
| 1990s | 70.72 billion current LCU | 50.41 billion current LCU | 107.81 billion current LCU | 10 |
| 2000s | 154.77 billion current LCU | 107.40 billion current LCU | 205.51 billion current LCU | 10 |
| 2010s | 259.93 billion current LCU | 185.36 billion current LCU | 337.64 billion current LCU | 10 |
| 2020s | 403.35 billion current LCU | 327.19 billion current LCU | 486.56 billion current LCU | 4 |
Countries ranked near Iceland
More public sector data for Iceland
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Frequently asked questions
- What is taxes on goods and services in Iceland?
- Taxes on goods and services in Iceland was 486.56 billion current LCU in 2023, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest taxes on goods and services recorded in Iceland?
- The highest recorded value was 486.56 billion current LCU in 2023.
- What is the lowest taxes on goods and services recorded in Iceland?
- The lowest recorded value was 69.20 million current LCU in 1972.
- How does Iceland rank for taxes on goods and services?
- Iceland ranks 50th out of 157 countries with data for 2023.
- Is taxes on goods and services rising or falling in Iceland?
- Over the last ten years it is up 118.3%. 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 Taxes on goods and services (current LCU). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 52 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
General taxes on goods and services are taxes levied on the production, leasing, delivery, sale, purchase or other change of ownership of a wide range of goods and the provision of a wide range of services. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.