Iceland - General government final consumption expenditure (% of GDP)

General government final consumption expenditure (% of GDP) in Iceland was 27.84 as of 2020. Its highest value over the past 50 years was 27.84 in 2020, while its lowest value was 13.27 in 1970.

Definition: General government final consumption expenditure (formerly general government consumption) includes all government current expenditures for purchases of goods and services (including compensation of employees). It also includes most expenditures on national defense and security, but excludes government military expenditures that are part of government capital formation.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1970 13.27
1971 13.71
1972 15.21
1973 14.72
1974 16.37
1975 16.75
1976 15.97
1977 16.08
1978 17.05
1979 17.61
1980 16.98
1981 17.28
1982 18.18
1983 18.25
1984 16.77
1985 17.68
1986 18.10
1987 18.91
1988 19.97
1989 19.32
1990 19.19
1991 19.81
1992 20.41
1993 20.89
1994 20.77
1995 21.24
1996 21.16
1997 20.79
1998 21.26
1999 22.09
2000 22.72
2001 22.95
2002 24.52
2003 25.25
2004 24.30
2005 24.46
2006 24.31
2007 23.80
2008 24.26
2009 25.30
2010 24.82
2011 24.88
2012 24.76
2013 24.35
2014 24.12
2015 23.43
2016 23.01
2017 23.68
2018 24.14
2019 24.41
2020 27.84

Limitations and Exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total.

Statistical Concept and Methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts