
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
Year | Iceland total | Iceland per capita | EU per capita |
---|---|---|---|
1998 | 4.21 bn USD | 15,369 USD | 14,079 USD |
1999 | 6.81 bn USD | 24,559 USD | 14,032 USD |
2000 | 6.82 bn USD | 24,248 USD | 11,232 USD |
2001 | 6.81 bn USD | 23,903 USD | 11,255 USD |
2002 | 7.50 bn USD | 26,084 USD | 12,258 USD |
2003 | 9.66 bn USD | 33,360 USD | 15,286 USD |
2004 | 10.92 bn USD | 37,394 USD | 17,595 USD |
2005 | 11.21 bn USD | 37,787 USD | 18,327 USD |
2006 | 12.17 bn USD | 40,061 USD | 18,877 USD |
2007 | 14.61 bn USD | 46,894 USD | 20,898 USD |
2008 | 19.51 bn USD | 61,476 USD | 24,086 USD |
2009 | 16.41 bn USD | 51,526 USD | 25,361 USD |
2010 | 17.88 bn USD | 56,210 USD | 26,496 USD |
2011 | 20.65 bn USD | 64,735 USD | 29,231 USD |
2012 | 19.41 bn USD | 60,531 USD | 28,174 USD |
2013 | 19.38 bn USD | 59,858 USD | 29,981 USD |
2014 | 20.52 bn USD | 62,682 USD | 30,648 USD |
2015 | 16.70 bn USD | 50,468 USD | 25,918 USD |
2016 | 16.96 bn USD | 50,551 USD | 26,261 USD |
2017 | 17.15 bn USD | 49,935 USD | 27,024 USD |
2018 | 16.11 bn USD | 45,669 USD | 28,448 USD |
2019 | 15.72 bn USD | 43,592 USD | 27,168 USD |
2020 | 16.15 bn USD | 44,081 USD | 30,783 USD |
Comparison of gross debt per capita with the European Union in U.S. dollars
Budget deficit in Iceland

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
Year | Iceland total | Iceland per capita | EU per capita |
---|---|---|---|
2005 | 0.80 bn USD | 2,691 USD | -822 USD |
2006 | 1.06 bn USD | 3,478 USD | -568 USD |
2007 | 1.11 bn USD | 3,548 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)