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. On the other hand 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 2016 was between 4.9 bn and 18.1 bn USD. The hightest level within the past 18 years was reached in 2014. However, the liabilities in 2016 have been only 15.16 bn USD

Based on the number of inhabitants, this is in Iceland a debt of 45,195 USD per person. For comparison: The average debt per person in the same year in the European Union was 31,202 USD.

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Gross debt of the last 18 years in billion USD

JahrIceland totalIceland per capitaEU per capita
19985.35 bn USD19,511 USD12,387 USD
19995.28 bn USD19,040 USD12,342 USD
20005.21 bn USD18,540 USD10,778 USD
20014.92 bn USD17,274 USD10,717 USD
20025.20 bn USD18,075 USD11,593 USD
20036.17 bn USD21,309 USD14,402 USD
20046.62 bn USD22,668 USD16,970 USD
20056.37 bn USD21,476 USD17,846 USD
20067.31 bn USD24,078 USD18,591 USD
20078.77 bn USD28,162 USD20,509 USD
200813.96 bn USD43,965 USD23,520 USD
200912.76 bn USD40,062 USD25,266 USD
201014.01 bn USD44,066 USD30,683 USD
201116.58 bn USD51,960 USD34,278 USD
201215.97 bn USD49,797 USD33,161 USD
201316.53 bn USD51,055 USD35,247 USD
201418.12 bn USD55,338 USD36,694 USD
201515.26 bn USD46,124 USD31,489 USD
201615.16 bn USD45,195 USD31,202 USD

Comparison of the gross debt per capita with the European Union in Euro

      Iceland       European Union

Budget deficit in Iceland

The 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 insurances, 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 - it is less, it is called deficit.

The budget balance in Iceland in the period between 2005 and 2012 varied between -2.05 bn Euro and +1.11 bn Euro. In 2012 was reached a balance of -522 m Euro.

In ratio to population, this equals a surplus of 0 Euro per capita in Iceland. For comparison, the average debt per capita in the European Union was in the same year at 1,689 Euro.

Budget deficit and surplus in the last 7 years

JahrIceland totalIceland per capitaEU per capita
20050.80 bn USD2,691 USD-722 USD
20061.06 bn USD3,478 USD-499 USD
20071.11 bn USD3,548 USD-315 USD
2008-2.05 bn USD-6,449 USD-951 USD
2009-1.20 bn USD-3,780 USD-2,252 USD
2010-1.27 bn USD-3,980 USD-2,486 USD
2011-0.78 bn USD-2,451 USD-1,907 USD
2012-0.52 bn USD-1,627 USD-1,689 USD

(negative numbers = deficit)