Iceland
Government finance and price level data from the World Bank WDI.
Government finances
Central government data (World Bank WDI). Not directly comparable with EU Maastricht figures which use general government.
Government debt
80.1% GDP
2023
Govt expenditure
32% GDP
2023
Budget deficit
1.1% GDP
2023
Price level
Iceland is 17.8% more expensive than the USA overall (2025). Index: USA = 100.
Overall price level
117.8(USA=100)
2025
Source: World Bank WDI (PA.NUS.PPP / PA.NUS.FCRF × 100). GDP price level only. Detailed category-level price data (EU27=100) available on the EU country page.
Tax rates
Labour tax wedge
27.5% of labour cost
2023
Top income tax rate
46%
2024
Corporate tax rate
20%
2024
Standard VAT rate
24%
2024
Statutory rates 2024: OECD Taxing Wages / EC Taxation Trends. Labour wedge: Eurostat earn_nt_taxrate (EEA/EU countries only).
Government debt since 2009
| Year | Debt (% GDP) | Change |
|---|---|---|
| 2009 | 145.1 | — |
| 2010 | 148.8 | +3.7 |
| 2011 | 155.2 | +6.4 |
| 2012 | 150.8 | -4.4 |
| 2013 | 139.9 | -10.9 |
| 2014 | 134.4 | -5.5 |
| 2015 | 116.2 | -18.3 |
| 2016 | 101.9 | -14.2 |
| 2017 | 89.2 | -12.7 |
| 2018 | 80.7 | -8.6 |
| 2019 | 89 | +8.3 |
| 2020 | 98.5 | +9.5 |
| 2021 | 94.3 | -4.1 |
| 2022 | 85.1 | -9.2 |
| 2023 | 80.1 | -5 |
Data sources
| Dataset | Source | Coverage |
|---|---|---|
| Govt debt / expenditure / revenue / surplus | World Bank WDI (GC.* indicators) | 2000–2024 |
| Price level index (USA=100) | World Bank WDI PPP/XR ratio | 1990–2023 |
| Labour tax wedge | Eurostat earn_nt_taxrate | EEA/EU only |
| Statutory tax rates | OECD / EC Taxation Trends 2024 | EU+EFTA only |