Iceland | Net incurrence of liabilities, total (% of GDP)

Net incurrence of government liabilities includes foreign financing (obtained from nonresidents) and domestic financing (obtained from residents), or the means by which a government provides financial resources to cover a budget deficit or allocates financial resources arising from a budget surplus. The net incurrence of liabilities should be offset by the net acquisition of financial assets. Limitations and exceptions: For most countries central government finance data have been consolidated into one account, but for others only budgetary central government accounts are available. Countries reporting budgetary data are noted in the country metadata. Because budgetary accounts may not include all central government units (such as social security funds), they usually provide an incomplete picture. In federal states the central government accounts provide an incomplete view of total public finance. Data on government revenue and expense are collected by the IMF through questionnaires to member countries and by the Organisation for Economic Co-operation and Development (OECD). Despite IMF efforts to standardize data collection, statistics are often incomplete, untimely, and not comparable across countries. Statistical concept and methodology: The IMF's Government Finance Statistics Manual 2014, harmonized with the 2008 SNA, recommends an accrual accounting method, focusing on all economic events affecting assets, liabilities, revenues, and expenses, not just those represented by cash transactions. It accounts for all changes in stocks, so stock data at the end of an accounting period equal stock data at the beginning of the period plus flows over the period. The 1986 manual considered only debt stocks. Government finance statistics are reported in local currency. Many countries report government finance data by fiscal year; see country metadata for information on fiscal year end by country.
Publisher
The World Bank
Origin
Republic of Iceland
Records
63
Source
Iceland | Net incurrence of liabilities, total (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972 3.73780322
1973 2.96973466
1974 4.0675289
1975 5.9564357
1976 2.46604503
1977 4.31460212
1978 2.25263194
1979 2.4162099
1980 1.08736544
1981 1.20788889
1982 2.53795771
1983 3.34342585
1984 2.24773444
1985 3.69252183
1986 4.70790181
1987 2.06078898
1988 1.8362526
1989 3.16744039
1990 3.64474234
1991 2.6150469
1992 3.86724337
1993 3.21998774
1994 3.46987204
1995 3.68381686
1996 2.24226956
1997 -0.49373758
1998 -0.01460074
1999 -0.78932818
2000 -1.39130203
2001 6.40006569
2002 2.18002886
2003 0.40397295
2004 0.56273991
2005 -4.12149678
2006 10.65983745
2007 7.55392847
2008 40.30666304
2009 16.43957912
2010 13.29453552
2011 9.15829332
2012 -0.25104307
2013 -1.70451988
2014 0.46154037
2015 -8.35861117
2016 -7.13360038
2017 -9.59530944
2018 -2.98639626
2019 4.06335157
2020 8.63539812
2021 4.70020764
2022 4.05172144

Iceland | Net incurrence of liabilities, total (% of GDP)

Net incurrence of government liabilities includes foreign financing (obtained from nonresidents) and domestic financing (obtained from residents), or the means by which a government provides financial resources to cover a budget deficit or allocates financial resources arising from a budget surplus. The net incurrence of liabilities should be offset by the net acquisition of financial assets. Limitations and exceptions: For most countries central government finance data have been consolidated into one account, but for others only budgetary central government accounts are available. Countries reporting budgetary data are noted in the country metadata. Because budgetary accounts may not include all central government units (such as social security funds), they usually provide an incomplete picture. In federal states the central government accounts provide an incomplete view of total public finance. Data on government revenue and expense are collected by the IMF through questionnaires to member countries and by the Organisation for Economic Co-operation and Development (OECD). Despite IMF efforts to standardize data collection, statistics are often incomplete, untimely, and not comparable across countries. Statistical concept and methodology: The IMF's Government Finance Statistics Manual 2014, harmonized with the 2008 SNA, recommends an accrual accounting method, focusing on all economic events affecting assets, liabilities, revenues, and expenses, not just those represented by cash transactions. It accounts for all changes in stocks, so stock data at the end of an accounting period equal stock data at the beginning of the period plus flows over the period. The 1986 manual considered only debt stocks. Government finance statistics are reported in local currency. Many countries report government finance data by fiscal year; see country metadata for information on fiscal year end by country.
Publisher
The World Bank
Origin
Republic of Iceland
Records
63
Source