Ministry of Finance and Economic Affairs

What Ministry of Finance and Economic Affairs does

The Ministry of Finance and Economic Affairs (Fjármála- og efnahagsráðuneytið) is the government ministry of Iceland responsible for national fiscal policy, public finance management, and economic affairs. It sits within the Stjórnarráð Íslands (Government of Iceland) under Prime Minister Kristrún Frostadóttir, with Daði Már Kristófersson serving as Minister of Finance and Economic Affairs and Einar G. Gudmundsson as Head of Division. The Ministry coordinates economic and innovation policy with ten other ministries, participates in inter-ministerial committees including the Ministerial Committee on Science and Innovation, and engages in international economic cooperation through twenty-plus Icelandic embassies and permanent missions abroad.

Core 'products' are public-policy outputs and digital public infrastructure rather than commercial offerings. These include the Stjórnarráð Íslands government portal serving all eleven ministries, the island.is unified citizen services portal, the Hönnunarstaðall design standard for government branding, the Umbra citizen service center, the Grindvíkingur electronic newsletter for disaster-affected residents, and advisory bodies such as the Science and Innovation Council (Vísinda- og nýsköpunarráð, established under Act 137/2022) and the Appeals Board for Welfare Matters. Underlying technology is conventional government IT: SSL/TLS-secured web hosting with ISO 27001-certified infrastructure, Siteimprove web analytics, PowerBI and Infogram for data visualisation, and Mailchimp-based newsletters.

The Ministry operates on a non-commercial model: services are funded through Iceland's national budget and taxation rather than pricing or contracts. It is publicly owned, domiciled in Iceland, and serves the entire resident population of the country alongside other government agencies. International financial engagement is exemplified by the precautionary 150 million EUR loan facility secured from the Council of Europe Development Bank in 2024-06 for Grindavík-area natural disaster response.

Name

Ministry of Finance and Economic Affairs

Legal name

Ministry of Finance and Economic Affairs

Website

https://stjornarradid.is

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

51–100 employees

Short description

The Ministry of Finance and Economic Affairs (Fjármála- og efnahagsráðuneytið) is Iceland's government ministry for national fiscal policy, public finance, and economic affairs, serving all Icelandic residents through the Stjórnarráðið government portal, the island.is citizen services platform, and twenty-plus diplomatic missions abroad.

Ownership category

akta.pro rank

Product category

Government Public Finance Administration

NAICS

Public Finance Activities (92113), Public Finance Activities (921130), Executive, Legislative, and Other General Government Support (921)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), Finance Services (6199)

akta.pro industry

PRIMARYBPAIAEAB

Treasury & Cash Management

Business & Public Services/Public Sector & Government Administration/Public Finance, Treasury & Procurement

SECONDARYBPAIAAAB

Central Government Policy, Strategy & Performance (incl. OMB-style functions)

Business & Public Services/Public Sector & Government Administration/Central/Federal Government Administration

SECONDARYBPAIAEAA

Budgeting & Fiscal Planning

Business & Public Services/Public Sector & Government Administration/Public Finance, Treasury & Procurement

SECONDARYBPAIAEAD

Government Accounting & Financial Reporting

Business & Public Services/Public Sector & Government Administration/Public Finance, Treasury & Procurement

Keywords

• Public finance management
• Fiscal policy administration
• Government economic affairs
• National budget planning
• Intergovernmental economic coordination

Headquarters

HQ city

K'ut'aisi

HQ country

Georgia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Distribution channels1 record

Marketing channels3 records

Core offering

The Ministry of Finance and Economic Affairs (Fjármála- og efnahagsráðuneytið) is the government ministry of Iceland responsible for national fiscal policy, public finance, and economic affairs. It manages government budget allocation, oversees public finances, coordinates economic policy across government ministries, and maintains international economic partnerships with institutions such as the Council of Europe Development Bank.

Product overview

The Ministry of Finance and Economic Affairs operates through the Icelandic Government Portal (Stjórnarráð Íslands), a comprehensive platform providing access to all 12 government ministries. The portal serves as the central hub for government news, publications, citizen services, and administrative information. Supporting services include the Design Standards (Hönnunarstaðall) for government branding consistency, the Umbra service center for citizen inquiries, and specialized bodies like the Science and Innovation Council and the Appeals Board for Welfare Matters. The portal also publishes newsletters and coordinates information across diplomatic missions abroad.

Differentiator

Problem solved

Functional benefit

Products and services

• Stjórnarráð Íslands (Icelandic Government Portal)

Quantifiable outcome

• 150 million EUR precautionary loan secured from Council of Europe Development Bank for disaster response preparedness

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature2 records

Partnerships

Four partnerships are on record, tiered core and major.

• Ministry of Finance and Economic AffairscoreOthersCoordinates with other Icelandic ministries including Forsætisráðuneytið (Prime Minister's Office), Heilbrigðisráðuneytið (Health Ministry), Atvinnuvegaráðuneytið (Business Ministry), and others on fiscal policy, budget planning, and economic affairs. Participates in the ministerial committee on science and innovation.
• Ministerial Committee on Science and Innovation ( ráðherranefnd um vísindi og nýsköpun)coreOthersCoordinates government policy in science, technology development, and innovation. The ministerial committee includes the Prime Minister, Minister of Finance and Economic Affairs, Minister of Higher Education, Industry and Innovation, Minister of Health, Minister of Food, Minister of Education and Children's Affairs, and Minister of Environment, Energy and Climate.
• Cross-ministry collaboration group on science and innovation (samstarfshópur ráðuneyta um vísindi og nýsköpun)coreOthersPrepares meetings of the Science and Innovation Council and ministerial committee, and coordinates work between ministries in this field. Chaired by the Ministry of Culture, Innovation and Higher Affairs.
• Vísinda- og nýsköpunarráð (Science and Innovation Council)majorStrategic or Co-development PartnerAdvisory body appointed in July 2023 for four years under law 137/2022. Provides advice on policy formulation in science, technology development, and innovation, particularly regarding major societal challenges. Publishes annual status reports and conducts public meetings. The 2035 strategy for science, technology and innovation was issued in June 2025 based on the council's recommendations.

Scale indicators2 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Finnish Ministry of Finance: Finland's Ministry of Finance covers state economics, budget preparation, tax administration, and public sector financial management — closely mirroring Iceland's mandate within the Nordic public administration tradition.
• Swedish Ministry of Finance: Sweden's finance ministry is a close peer in fiscal policy and budget administration, operating within the same Nordic governance tradition and economic policy framework as Iceland's ministry.
• Danish Ministry of Finance: Denmark's Ministry of Finance performs the same statutory public finance, budgeting, and economic policy functions for another Nordic welfare state, with comparable population scale and structural features.
• Norwegian Ministry of Finance: Norway's national finance ministry, directly analogous in mandate: national fiscal policy, budget preparation, and economic affairs administration for a Nordic economy with significant sovereign wealth considerations.
• Estonian Ministry of Finance: Estonia's Ministry of Finance is highly comparable given its small open economy, digital-first public administration (e-Estonia), and EU membership — making it a strong benchmark for Iceland's digital public finance modernization path.

Others

• OECD Economic Department: OECD's Economics Department regularly reviews Iceland's macroeconomic and fiscal stance, making it the principal peer institution for benchmarking public finance policy outcomes relevant to the Ministry's mandate.
• Council of Europe Development Bank (CEB): Counterparty and institutional partner to the Ministry via the EUR 150M precautionary loan. As a multilateral development financier, CEB is the most comparable counterparty institution for Iceland's public finance operations.

Regional players

• Central Bank of Iceland (Seðlabanki Íslands): Although independent, Seðlabanki is the closest domestic counterpart institution — managing monetary policy, FX reserves, and financial stability for the same Icelandic economy. Together with the Ministry of Finance, it forms the core macroeconomic policy axis.
• Statistics Iceland (Hagstofa Íslands): National statistical office under the Ministry's umbrella, supplying the GDP, fiscal, and sectoral data on which Icelandic budget and economic policy decisions depend. Direct domestic counterpart for fiscal analytics.

Broad incumbents

• HM Treasury (UK): HM Treasury is the most cited international comparator for a finance ministry's role in fiscal policy, public spending, and economic strategy — operating at much larger scale but with the same statutory mandate as Iceland's Ministry.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xtwitter.com/stjornarradid
• YouTubeyoutube.com/stjornarradid
• Facebookfacebook.com/stjornarradid
• LinkedInlinkedin.com/company/government-of-iceland
• Instagraminstagram.com/stjornarradid

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Ministry of Finance and Economic Affairs