Social contributions in Iceland
Iceland: Social contributions was 131.61 billion current LCU in 2023. ◆ Volatile
Social contributions in Iceland, 1972–2023
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in current LCU.
Analysis
Iceland recorded 131.61 billion current LCU for social contributions in 2023. That is the highest value across all 52 years on record.
The figure is up 13.9% on the previous year and up 88.3% over ten years.
Over the whole period, social contributions in Iceland peaked at 131.61 billion current LCU in 2023 and was at its lowest, 9.20 million current LCU, in 1972.
Iceland ranks 40th of 112 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 39.15 million current LCU | 9.20 million current LCU | 117.70 million current LCU | 8 |
| 1980s | 1.24 billion current LCU | 173.10 million current LCU | 2.60 billion current LCU | 10 |
| 1990s | 11.50 billion current LCU | 3.30 billion current LCU | 18.26 billion current LCU | 10 |
| 2000s | 31.81 billion current LCU | 20.05 billion current LCU | 45.91 billion current LCU | 10 |
| 2010s | 78.90 billion current LCU | 63.60 billion current LCU | 98.23 billion current LCU | 10 |
| 2020s | 108.24 billion current LCU | 88.36 billion current LCU | 131.61 billion current LCU | 4 |
Countries ranked near Iceland
More public sector data for Iceland
- Tax revenue 23.2% (2023)
- Taxes on income, profits and capital gains 34.6% (2023)
- Taxes on goods and services 35.2% (2023)
- Net investment in nonfinancial assets 2.3% (2023)
- Net lending (+) / net borrowing (-) -1.1% (2023)
- Interest payments 14.9% (2023)
- Grants and other revenue 17.2% (2023)
- Interest payments 14.7% (2023)
- Other taxes 3.0% (2023)
- Compensation of employees 23.8% (2023)
Frequently asked questions
- What is social contributions in Iceland?
- Social contributions in Iceland was 131.61 billion current LCU in 2023, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest social contributions recorded in Iceland?
- The highest recorded value was 131.61 billion current LCU in 2023.
- What is the lowest social contributions recorded in Iceland?
- The lowest recorded value was 9.20 million current LCU in 1972.
- How does Iceland rank for social contributions?
- Iceland ranks 40th out of 112 countries with data for 2023.
- Is social contributions rising or falling in Iceland?
- Over the last ten years it is up 88.3%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Social contributions (current LCU). Statizoid updates them automatically from the source API.
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About this data
Social contributions are actual or imputed contributions payable to social insurance schemes to make provisions for social benefits to be paid. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.