Iceland: Goods and services expense (current LCU)

Key figures

What the numbers say

In 2023, Iceland's goods and services expense (current LCU) rose 13.6% on 2022 (from 265.04 billion to 300.98 billion).

Across the 30 yearly changes before that (1993 to 2022), the average change was +7.9% and a typical year strayed about 5.2% from that (the standard deviation). This year's change was 1.1 standard deviations above that average, so it was larger than a typical year, though not out of the range seen before.

On record, the biggest yearly rise was 69.4% in 1980 and the biggest yearly fall was 0.2% in 2013. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2014 to 2023 the straight-line trend is upward, about 16.76 billion a year. A straight line explains 94% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2023, Iceland had the 6th highest value of the 16 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Iceland in the 2023 ranking

• Kazakhstan — 2nd of 16: 3.35 trillion
• Côte d'Ivoire — 3rd of 16: 1.42 trillion
• Kenya — 4th of 16: 893.68 billion
• Sri Lanka — 6th of 16: 299.7 billion
• Togo — 7th of 16: 157.81 billion
• Nepal — 8th of 16: 50.39 billion

What this measures

Goods and services include all government payments in exchange for goods and services used for the production of market and nonmarket goods and services. Use of goods and services for account capital formation is excluded. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.

Limitations: 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).

All 47 values

Goods and services expense (current LCU) in nearby economies

• Albania — 57.5 billion (2024)
• Armenia — 119.97 billion (2024)
• Austria — 15.41 billion (2024)
• Azerbaijan — 13.81 billion (2024)
• Belarus — 10 billion (2024)
• Belgium — 6.97 billion (2024)
• Bosnia and Herzegovina — 3.29 billion (2024)
• Bulgaria — 2.84 billion (2024)
• Croatia — 3.19 billion (2023)
• Cyprus — 1.21 billion (2024)

More public sector data for Iceland

• Military expenditure (current USD) — 0 (2025)
• Military expenditure (current LCU) — 0 (2025)
• Military expenditure (% of GDP) — 0% (2025)
• Net incurrence of liabilities, total (current LCU) — 113.95 billion (2023)
• Net incurrence of liabilities, total (% of GDP) — 2.61% (2023)
• Net investment in nonfinancial assets (current LCU) — 100.01 billion (2023)
• Net investment in nonfinancial assets (% of GDP) — 2.29% (2023)
• Net lending (+) / net borrowing (-) (current LCU) — -47.09 billion (2023)
• Net lending (+) / net borrowing (-) (% of GDP) — -1.08% (2023)
• Grants and other revenue (current LCU)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Iceland's goods and services expense (current LCU)?

300.98 billion in 2023, according to the World Bank (World Development Indicators).

How has it changed since 1972?

It is up 1.54 million% from 19.6 million in 1972 (20.8% a year on average, compounded). The highest value was 300.98 billion in 2023 and the lowest 19.6 million in 1972.

How does Iceland rank?

6th highest of 16 economies with data for 2023.

Is the latest change in goods and services expense (current LCU) unusual for Iceland?

In 2023, Iceland's goods and services expense (current LCU) rose 13.6% on 2022 (from 265.04 billion to 300.98 billion). Across the 30 yearly changes before that (1993 to 2022), the average change was +7.9% and a typical year strayed about 5.2% from that (the standard deviation). This year's change was 1.1 standard deviations above that average, so it was larger than a typical year, though not out of the range seen before.

Source

World Bank, World Development Indicators, indicator GC.XPN.GSRV.CN, licensed CC BY 4.0. Original source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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