Iceland recorded a Government Budget deficit equal to 2 percent of the country's Gross Domestic Product in 2023. Government Budget in Iceland averaged -1.47 percent of GDP from 1980 until 2023, reaching an all time high of 12.50 percent of GDP in 2016 and a record low of -12.10 percent of GDP in 2008. source: Icelandic Ministry of Finance

Government Budget in Iceland is expected to reach -2.00 percent of GDP by the end of 2024, according to Trading Economics global macro models and analysts expectations. In the long-term, the Iceland Government Budget is projected to trend around 0.00 percent of GDP in 2025, according to our econometric models.




Related Last Previous Unit Reference
Asylum Applications 125.00 135.00 persons Nov 2024
Credit Rating 76.00 Jan 2025
Fiscal Expenditure 526.40 565.50 ISK Billion Sep 2024
Government Budget -2.00 -4.00 percent of GDP Dec 2023
Government Budget Value -37.00 -79.90 ISK Billion Sep 2024
Government Debt to GDP 64.80 67.40 percent of GDP Dec 2023
Government Revenues 489.40 485.60 ISK Billion Sep 2024
Government Spending 175038.00 176551.00 ISK Million Sep 2024
Government Spending to GDP 45.10 46.50 percent of GDP Dec 2023
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Iceland Government Budget
The Government Budget to GDP ratio is an itemized accounting of the payments received by the government (taxes and other fees) and the payments made by the government (purchases and transfer payments) relative to GDP. A budget deficit occurs when a government spends more money than it takes in. The opposite of a budget deficit is a budget surplus.
Actual Previous Highest Lowest Dates Unit Frequency
-2.00 -4.00 12.50 -12.10 1980 - 2023 percent of GDP Yearly