Iceland - Expense (% of GDP)

Expense (% of GDP) in Iceland was 30.85 as of 2019. Its highest value over the past 47 years was 50.82 in 2008, while its lowest value was 22.50 in 1977.

Definition: Expense is cash payments for operating activities of the government in providing goods and services. It includes compensation of employees (such as wages and salaries), interest and subsidies, grants, social benefits, and other expenses such as rent and dividends.

Source: International Monetary Fund, Government Finance Statistics Yearbook and data files, and World Bank and OECD GDP estimates.

See also:

Year Value
1972 22.87
1973 23.70
1974 26.84
1975 26.38
1976 22.51
1977 22.50
1978 23.58
1979 24.64
1980 22.86
1981 23.36
1982 24.33
1983 25.83
1984 23.20
1985 25.15
1986 27.89
1987 26.73
1988 29.81
1989 31.35
1990 29.42
1991 30.66
1992 31.10
1993 30.32
1994 30.06
1995 30.24
1996 29.92
1997 27.21
1998 29.31
1999 29.88
2000 29.34
2001 29.57
2002 30.44
2003 31.94
2004 30.51
2005 33.31
2006 32.64
2007 32.37
2008 50.82
2009 41.66
2010 37.96
2011 38.45
2012 37.07
2013 34.66
2014 34.33
2015 32.21
2016 35.49
2017 31.45
2018 30.86
2019 30.85

Limitations and Exceptions: For most countries central government finance data have been consolidated into one account, but for others only budgetary central government accounts are available. Countries reporting budgetary data are noted in the country metadata. Because budgetary accounts may not include all central government units (such as social security funds), they usually provide an incomplete picture. In federal states the central government accounts provide an incomplete view of total public finance. Data on government revenue and expense are collected by the IMF through questionnaires to member countries and by the Organisation for Economic Co-operation and Development (OECD). Despite IMF efforts to standardize data collection, statistics are often incomplete, untimely, and not comparable across countries.

Statistical Concept and Methodology: The IMF's Government Finance Statistics Manual 2014, harmonized with the 2008 SNA, recommends an accrual accounting method, focusing on all economic events affecting assets, liabilities, revenues, and expenses, not just those represented by cash transactions. It accounts for all changes in stocks, so stock data at the end of an accounting period equal stock data at the beginning of the period plus flows over the period. The 1986 manual considered only debt stocks. Government finance statistics are reported in local currency. Many countries report government finance data by fiscal year; see country metadata for information on fiscal year end by country.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Public Sector Indicators

Sub-Topic: Government finance