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household debts in Iceland

Gross debt in Iceland

The government gross debt refers to the total of all sums of money that have to be paid to other countries, communities or institutions. Not included in the gross debt are the demands of a country to foreign ones.

The gross debt in Iceland in the period from 1998 to 2020 was between 4.2 billion and 20.7 billion USD. The hightest level within the past 22 years was reached in 2011. However, the liabilities in 2020 have been only 16 billion USD

Based on the number of inhabitants, this is a debt of 44,081 USD per person. For comparison, the average debt per person in the same year in the European Union was 30,783 USD.


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Gross debt of the last 22 years in billion USD




YearIceland totalIceland per capitaEU per capita
19984.21 bn USD15,369 USD14,079 USD
19996.81 bn USD24,559 USD14,032 USD
20006.82 bn USD24,248 USD11,232 USD
20016.81 bn USD23,903 USD11,255 USD
20027.50 bn USD26,084 USD12,258 USD
20039.66 bn USD33,360 USD15,286 USD
200410.92 bn USD37,394 USD17,595 USD
200511.21 bn USD37,787 USD18,327 USD
200612.17 bn USD40,061 USD18,877 USD
200714.61 bn USD46,894 USD20,898 USD
200819.51 bn USD61,476 USD24,086 USD
200916.41 bn USD51,526 USD25,361 USD
201017.88 bn USD56,210 USD26,496 USD
201120.65 bn USD64,735 USD29,231 USD
201219.41 bn USD60,531 USD28,174 USD
201319.38 bn USD59,858 USD29,981 USD
201420.52 bn USD62,682 USD30,648 USD
201516.70 bn USD50,468 USD25,918 USD
201616.96 bn USD50,551 USD26,261 USD
201717.15 bn USD49,935 USD27,024 USD
201816.11 bn USD45,669 USD28,448 USD
201915.72 bn USD43,592 USD27,168 USD
202016.15 bn USD44,081 USD30,783 USD


Comparison of gross debt per capita with the European Union in U.S. dollars



      Iceland       European Union


Budget deficit in Iceland

household debts in IcelandThe budget deficit of a country is the result of all its claims and liabilities. This includes incomes and expenses, repayments and building of new debts in other countries, but also domestic positions of the government, such as social insurance, local authorities and communities. It is the financial balance of the economic accounts. In simple terms: If a country at the end of the year has more money than at at the beginning, it is a surplus. If it is less, it is called a deficit.

The budget balance in Iceland in the period between 2005 and 2012 varied between -2.05 billion euros and +1.11 billion euros. In 2012, Iceland reached a balance of -522 million euros.

For comparison, the average debt per capita in the European Union in the same year was 1,220 euros.


Budget deficit and surplus in the last 7 years

YearIceland totalIceland per capitaEU per capita
20050.80 bn USD2,691 USD-822 USD
20061.06 bn USD3,478 USD-568 USD
20071.11 bn USD3,548 USD-360 USD
2008-2.05 bn USD-6,449 USD-1,085 USD
2009-1.20 bn USD-3,780 USD-2,021 USD
2010-1.27 bn USD-3,980 USD-1,970 USD
2011-0.78 bn USD-2,451 USD-1,462 USD
2012-0.52 bn USD-1,627 USD-1,220 USD


(negative numbers = deficit)
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