Taxes, Transactions (Statement of operations, General government) in Iceland
Iceland: Taxes, Transactions (Statement of operations, General government) was 1.63 trillion in 2025. ◆ Volatile
Taxes, Transactions in Iceland, 2002–2025
Source: International Monetary Fund.
Analysis
Iceland recorded 1.63 trillion for taxes, transactions in 2025. That is the highest value across all 24 years on record.
The figure is up 4.9% on the previous year and up 121.6% over ten years.
Over the whole period, taxes, transactions in Iceland peaked at 1.63 trillion in 2025 and was at its lowest, 265.32 billion, in 2002.
Iceland ranks 8th of 35 countries on this measure, in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Taxes, Transactions (Statement of operations, General government) in Iceland, year by year
| Year | Value | Change |
|---|---|---|
| 2002 | 265.32 billion | — |
| 2003 | 283.63 billion | +6.9% |
| 2004 | 324.80 billion | +14.5% |
| 2005 | 385.33 billion | +18.6% |
| 2006 | 448.33 billion | +16.4% |
| 2007 | 494.78 billion | +10.4% |
| 2008 | 505.32 billion | +2.1% |
| 2009 | 464.50 billion | -8.1% |
| 2010 | 479.03 billion | +3.1% |
| 2011 | 520.37 billion | +8.6% |
| 2012 | 563.17 billion | +8.2% |
| 2013 | 610.27 billion | +8.4% |
| 2014 | 704.49 billion | +15.4% |
| 2015 | 736.56 billion | +4.6% |
| 2016 | 1.18 trillion | +60.8% |
| 2017 | 899.95 billion | -24.0% |
| 2018 | 944.01 billion | +4.9% |
| 2019 | 966.10 billion | +2.3% |
| 2020 | 975.37 billion | +1.0% |
| 2021 | 1.05 trillion | +7.7% |
| 2022 | 1.26 trillion | +20.3% |
| 2023 | 1.44 trillion | +13.8% |
| 2024 | 1.56 trillion | +8.1% |
| 2025 | 1.63 trillion | +4.9% |
Iceland compared with similar countries
- Iceland's 1.63 trillion is above the median for high income countries, which is 321.17 billion, 5.1× the median. (32 countries reporting)
- Iceland's 1.63 trillion is above the median for Europe & Central Asia, which is 307.50 billion, 5.3× the median. (29 countries reporting)
Biggest year-on-year movements
Years where Taxes, Transactions (Statement of operations, General government) 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 | +60.8% | 736.56 billion | 1.18 trillion |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 396.50 billion | 265.32 billion | 505.32 billion | 8 |
| 2010s | 760.82 billion | 479.03 billion | 1.18 trillion | 10 |
| 2020s | 1.32 trillion | 975.37 billion | 1.63 trillion | 6 |
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 taxes, transactions in Iceland?
- Taxes, transactions in Iceland was 1.63 trillion in 2025, according to International Monetary Fund.
- What is the highest taxes, transactions recorded in Iceland?
- The highest recorded value was 1.63 trillion in 2025.
- What is the lowest taxes, transactions recorded in Iceland?
- The lowest recorded value was 265.32 billion in 2002.
- How does Iceland rank for taxes, transactions?
- Iceland ranks 8th out of 35 countries with data for 2025.
- Is taxes, transactions rising or falling in Iceland?
- Over the last ten years it is up 121.6%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from International Monetary Fund, published as part of Taxes, Transactions (Statement of operations, General government). Statizoid updates them automatically from the source API.
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About this data
The Government Finance Statistics (GFS) includes government revenues and expenditures, government net lending / net borrowing (the surplus / deficit) financing transactions and balance sheet data on government assets and liabilities. Statistics are available for different levels of government including budgetary central government, central government and general government.