
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 2021 was between 4.2 billion and 20.7 billion USD. The hightest level within the past 23 years was reached in 2011. However, the liabilities in 2021 have been only 19 billion USD
Based on the number of inhabitants, this is a debt of 49,825 USD per person. For comparison, the average debt per person in the same year in the European Union was 33,827 USD.
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Gross debt of the last 23 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 | 11,241 USD |
2001 | 6.81 bn USD | 23,903 USD | 11,263 USD |
2002 | 7.50 bn USD | 26,084 USD | 12,266 USD |
2003 | 9.66 bn USD | 33,360 USD | 15,295 USD |
2004 | 10.92 bn USD | 37,394 USD | 17,606 USD |
2005 | 11.21 bn USD | 37,787 USD | 18,337 USD |
2006 | 12.17 bn USD | 40,061 USD | 18,887 USD |
2007 | 14.61 bn USD | 46,894 USD | 20,910 USD |
2008 | 19.51 bn USD | 61,476 USD | 24,100 USD |
2009 | 16.41 bn USD | 51,526 USD | 25,376 USD |
2010 | 17.88 bn USD | 56,210 USD | 26,515 USD |
2011 | 20.65 bn USD | 64,735 USD | 29,254 USD |
2012 | 19.41 bn USD | 60,531 USD | 28,198 USD |
2013 | 19.38 bn USD | 59,858 USD | 30,008 USD |
2014 | 20.52 bn USD | 62,682 USD | 30,677 USD |
2015 | 16.70 bn USD | 50,468 USD | 25,944 USD |
2016 | 16.96 bn USD | 50,551 USD | 26,287 USD |
2017 | 17.15 bn USD | 49,935 USD | 27,108 USD |
2018 | 16.11 bn USD | 45,674 USD | 28,543 USD |
2019 | 15.74 bn USD | 43,648 USD | 27,264 USD |
2020 | 16.17 bn USD | 44,129 USD | 30,919 USD |
2021 | 18.56 bn USD | 49,825 USD | 33,827 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 | -1,463 USD |
2012 | -0.52 bn USD | -1,627 USD | -1,220 USD |
(negative numbers = deficit)