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 2005 to 2012 was between 2.9 billion and 10.2 billion Euro. The hightest level within the past 7 years was reached in 2011. However, the liabilities in 2012 have been only 9.69 billion Euro

Based on the number of inhabitants, this is in Iceland a debt of 30,224 Euro per person. For comparison: The average debt per person in the same year in the European Union was 22,415 Euro.


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Gross debt of the past 7 years in billion Euro




JahrIceland totalEuropean Union totalIceland per capitaEuropean Union per capita
20053.59 bn €711.45 bn €12,084 €14,344 €
20063.50 bn €737.12 bn €11,527 €14,806 €
20074.06 bn €747.91 bn €13,021 €14,964 €
20082.92 bn €794.75 bn €9,214 €15,842 €
20097.32 bn €903.82 bn €22,990 €17,962 €
20109.29 bn €1,014.27 bn €29,198 €20,112 €
201110.18 bn €1,078.12 bn €31,923 €21,391 €
20129.69 bn €1,132.19 bn €30,224 €22,415 €


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 -1.39 billion Euro and +841.40 million Euro. In 2012 was reached a balance of -406 million Euro.

In ratio to population, this equals a new indebtedness of 1,267 Euro per capita in Iceland only in 2012. For comparison, the average debt per capita in the European Union was in the same year at 1,137 Euro.


Budget deficit and surplus in the last 7 years

JahrIceland totalEuropean Union totalIceland per capitaEuropean Union per capita
2005641.90 M €-287,691.80 M €2,163 €-580 €
2006841.40 M €-197,732.10 M €2,770 €-397 €
2007806.70 M €-115,054.90 M €2,589 €-230 €
2008-1,391.70 M €-325,538.70 M €-4,384 €-649 €
2009-863.10 M €-813,104.20 M €-2,710 €-1,616 €
2010-954.90 M €-821,133.70 M €-3,002 €-1,628 €
2011-561.70 M €-603,657.60 M €-1,761 €-1,198 €
2012-406.20 M €-574,221.10 M €-1,267 €-1,137 €

(negative numbers = deficit)