Iceland Tax Revenue to GDP
Central government tax revenue as a percentage of GDP.
Tax Revenue to GDP in Iceland increased to 23.16 percent of GDP in 2023 from 22.16 percent of GDP in 2022.
Iceland Tax Revenue to GDP — History
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Iceland Tax Revenue to GDP — analysis in simple words
Latest reading
Tax Revenue to GDP in Iceland increased to 23.16 percent of GDP in 2023 from 22.16 percent of GDP in 2022.
Over the last three years it rose twice and fell once.
Recent trend
A year earlier (2022) it was 22.2%, so the latest figure is 1.0 percentage points higher.
Over the past five years the average was 22.0%, with a range from 21.1% to 23.2%. The latest value is above that five-year average.
Historical context
This data series starts in 1972 and has 52 annual observations. The latest reading is higher than 77% of all of them.
The highest value on record is 37.1% (2016) and the lowest is 19.4% (1985). The long-run average is 22.4%.
Compared with other countries
Among 142 economies with recent data, Iceland ranks 27th from the top. The median across all these economies is 17.0%, so Iceland is above the typical country.
Within Europe & Central Asia (48 economies with data) it ranks 14th; the regional median is 20.8%.
Statistics
- Latest
- 23.2%2023
- Previous
- 22.2%
- 5-year average
- 22.0%
- Long-run average
- 22.4%since 1972
- All-time high
- 37.1%2016
- All-time low
- 19.4%1985
- Observations
- 52Annual
Recent Data
| Period | Value | Change |
|---|---|---|
| 2023 | 23.2% | ▲ +1.0 pp |
| 2022 | 22.2% | ▲ +1.1 pp |
| 2021 | 21.1% | ▼ −0.9 pp |
| 2020 | 22.0% | ▲ +0.3 pp |
| 2019 | 21.7% | ▼ −1.0 pp |
| 2018 | 22.6% | ▼ −1.0 pp |
| 2017 | 23.6% | ▼ −13.5 pp |
| 2016 | 37.1% | ▲ +14.6 pp |
| 2015 | 22.5% | ▼ −1.8 pp |
| 2014 | 24.2% | ▲ +2.7 pp |
| 2013 | 21.5% | ▲ +0.3 pp |
| 2012 | 21.2% | ▲ +0.9 pp |
| 2011 | 20.4% | ▲ +0.4 pp |
| 2010 | 20.0% | ▲ +0.1 pp |
| 2009 | 19.8% | ▼ −2.7 pp |
| 2008 | 22.6% | ▼ −3.0 pp |
| 2007 | 25.6% | ▼ −1.0 pp |
| 2006 | 26.6% | ▼ −0.2 pp |
| 2005 | 26.8% | ▲ +2.3 pp |
| 2004 | 24.5% | ▲ +1.1 pp |
| 2003 | 23.4% | ▲ +1.0 pp |
| 2002 | 22.4% | ▼ −0.2 pp |
| 2001 | 22.5% | ▼ −2.3 pp |
| 2000 | 24.8% | ▼ −0.7 pp |
| 1999 | 25.5% | ▲ +1.9 pp |
| 1998 | 23.6% | ▲ +2.0 pp |
| 1997 | 21.6% | ▼ −1.1 pp |
| 1996 | 22.7% | ▲ +0.9 pp |
| 1995 | 21.8% | ▲ +0.2 pp |
| 1994 | 21.5% |
Tax Revenue to GDP — Iceland vs Peers
Latest available reading for each economy (periods may differ). Iceland highlighted.
More Iceland indicators
Understanding Tax Revenue to GDP — a simple guide
What it measures
Central government tax revenue as a percentage of GDP.
How it is calculated
Central government tax collections ÷ GDP × 100.
12% means central taxes equal 12% of GDP.
Strong tax collection capacity.
Weaker collection or a large informal economy.
Why it matters for the economy and markets
The tax-to-GDP ratio indicates fiscal capacity and the efficiency of tax collection.
How to read it
It excludes state/local taxes in federal countries, so it can understate total taxation.
Data source
World Bank — World Development Indicators (series GC.TAX.TOTL.GD.ZS), annual data from 1972 to 2023. Values are shown exactly as published by the source and may be revised later.
How to use the chart
Use the 5Y / 10Y / 25Y / Max buttons to change the time range, or drag the slider under the chart. Hover (or tap) on the line to see the exact value for any period. Dashed lines and hatched bars are IMF projections, not actual data. The “Download CSV” button gives you the full data series.
Frequently asked questions
What is the current tax revenue to gdp of Iceland?
What is the highest and lowest tax revenue to gdp of Iceland?
What does tax revenue to gdp measure?
Data are sourced from official international organisations (IMF, World Bank, BIS) and national authorities, and are shown for educational and informational purposes only. They are not investment advice and no recommendation is made. Figures may be revised by the source; IMF figures for the current and future years are projections. This page was last updated on Saturday, October 17, 2026.