Gross domestic product (GDP) in Iceland
Iceland: Gross domestic product (GDP) was 4.92 trillion Domestic currency in 2027. ◆ Volatile
Gross domestic product (GDP) in Iceland, 1950–2027
Source: International Monetary Fund. Measured in Domestic currency.
Analysis
In 2027, gross domestic product (gdp) in Iceland stood at 4.92 trillion Domestic currency. That is the highest value across all 78 years on record.
Compared with earlier readings it is up 5.1% on the previous year and up 86.1% over ten years.
Over the whole period, gross domestic product (gdp) in Iceland peaked at 4.92 trillion Domestic currency in 2027 and was at its lowest, 22.67 million Domestic currency, in 1950.
That places Iceland 32nd out of 86 countries with data for 2027, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Gross domestic product (GDP) in Iceland, year by year
| Year | Domestic currency | Change |
|---|---|---|
| 1950 | 22.67 million Domestic currency | — |
| 1951 | 26.99 million Domestic currency | +19.0% |
| 1952 | 30.23 million Domestic currency | +12.0% |
| 1953 | 36.71 million Domestic currency | +21.4% |
| 1954 | 41.02 million Domestic currency | +11.8% |
| 1955 | 47.50 million Domestic currency | +15.8% |
| 1956 | 56.14 million Domestic currency | +18.2% |
| 1957 | 59.38 million Domestic currency | +5.8% |
| 1958 | 69.09 million Domestic currency | +16.4% |
| 1959 | 78.81 million Domestic currency | +14.1% |
| 1960 | 91.76 million Domestic currency | +16.4% |
| 1961 | 104.26 million Domestic currency | +13.6% |
| 1962 | 125.11 million Domestic currency | +20.0% |
| 1963 | 149.47 million Domestic currency | +19.5% |
| 1964 | 190.91 million Domestic currency | +27.7% |
| 1965 | 230.68 million Domestic currency | +20.8% |
| 1966 | 277.08 million Domestic currency | +20.1% |
| 1967 | 281.14 million Domestic currency | +1.5% |
| 1968 | 302.14 million Domestic currency | +7.5% |
| 1969 | 373.92 million Domestic currency | +23.8% |
| 1970 | 467.85 million Domestic currency | +25.1% |
| 1971 | 601.15 million Domestic currency | +28.5% |
| 1972 | 755.62 million Domestic currency | +25.7% |
| 1973 | 1.06 billion Domestic currency | +40.9% |
| 1974 | 1.56 billion Domestic currency | +46.2% |
| 1975 | 2.22 billion Domestic currency | +42.6% |
| 1976 | 3.10 billion Domestic currency | +39.7% |
| 1977 | 4.47 billion Domestic currency | +44.2% |
| 1978 | 6.90 billion Domestic currency | +54.3% |
| 1979 | 10.18 billion Domestic currency | +47.5% |
| 1980 | 16.47 billion Domestic currency | +61.7% |
| 1981 | 25.59 billion Domestic currency | +55.4% |
| 1982 | 40.16 billion Domestic currency | +56.9% |
| 1983 | 69.38 billion Domestic currency | +72.8% |
| 1984 | 91.66 billion Domestic currency | +32.1% |
| 1985 | 124.90 billion Domestic currency | +36.3% |
| 1986 | 164.98 billion Domestic currency | +32.1% |
| 1987 | 215.09 billion Domestic currency | +30.4% |
| 1988 | 264.30 billion Domestic currency | +22.9% |
| 1989 | 325.15 billion Domestic currency | +23.0% |
| 1990 | 379.10 billion Domestic currency | +16.6% |
| 1991 | 409.98 billion Domestic currency | +8.1% |
| 1992 | 408.89 billion Domestic currency | -0.3% |
| 1993 | 420.85 billion Domestic currency | +2.9% |
| 1994 | 447.14 billion Domestic currency | +6.2% |
| 1995 | 460.84 billion Domestic currency | +3.1% |
| 1996 | 493.83 billion Domestic currency | +7.2% |
| 1997 | 536.72 billion Domestic currency | +8.7% |
| 1998 | 603.41 billion Domestic currency | +12.4% |
| 1999 | 649.72 billion Domestic currency | +7.7% |
| 2000 | 709.56 billion Domestic currency | +9.2% |
| 2001 | 802.28 billion Domestic currency | +13.1% |
| 2002 | 854.14 billion Domestic currency | +6.5% |
| 2003 | 876.73 billion Domestic currency | +2.6% |
| 2004 | 970.42 billion Domestic currency | +10.7% |
| 2005 | 1.06 trillion Domestic currency | +9.4% |
| 2006 | 1.23 trillion Domestic currency | +15.5% |
| 2007 | 1.39 trillion Domestic currency | +13.2% |
| 2008 | 1.59 trillion Domestic currency | +14.6% |
| 2009 | 1.63 trillion Domestic currency | +2.3% |
| 2010 | 1.68 trillion Domestic currency | +3.4% |
| 2011 | 1.77 trillion Domestic currency | +5.0% |
| 2012 | 1.85 trillion Domestic currency | +4.5% |
| 2013 | 1.97 trillion Domestic currency | +6.8% |
| 2014 | 2.09 trillion Domestic currency | +5.9% |
| 2015 | 2.31 trillion Domestic currency | +10.8% |
| 2016 | 2.51 trillion Domestic currency | +8.7% |
| 2017 | 2.64 trillion Domestic currency | +5.2% |
| 2018 | 2.84 trillion Domestic currency | +7.7% |
| 2019 | 3.04 trillion Domestic currency | +7.0% |
| 2020 | 2.94 trillion Domestic currency | -3.5% |
| 2021 | 3.25 trillion Domestic currency | +10.7% |
| 2022 | 3.68 trillion Domestic currency | +13.3% |
| 2023 | 3.98 trillion Domestic currency | +8.0% |
| 2024 | 4.24 trillion Domestic currency | +6.4% |
| 2025 | 4.44 trillion Domestic currency | +4.9% |
| 2026 | 4.68 trillion Domestic currency | +5.2% |
| 2027 | 4.92 trillion Domestic currency | +5.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1950s | 46.85 million Domestic currency | 22.67 million Domestic currency | 78.81 million Domestic currency | 10 |
| 1960s | 212.65 million Domestic currency | 91.76 million Domestic currency | 373.92 million Domestic currency | 10 |
| 1970s | 3.13 billion Domestic currency | 467.85 million Domestic currency | 10.18 billion Domestic currency | 10 |
| 1980s | 133.77 billion Domestic currency | 16.47 billion Domestic currency | 325.15 billion Domestic currency | 10 |
| 1990s | 481.05 billion Domestic currency | 379.10 billion Domestic currency | 649.72 billion Domestic currency | 10 |
| 2000s | 1.11 trillion Domestic currency | 709.56 billion Domestic currency | 1.63 trillion Domestic currency | 10 |
| 2010s | 2.27 trillion Domestic currency | 1.68 trillion Domestic currency | 3.04 trillion Domestic currency | 10 |
| 2020s | 4.02 trillion Domestic currency | 2.94 trillion Domestic currency | 4.92 trillion Domestic currency | 8 |
Countries ranked near Iceland
- 29 Sweden 7.76 trillion Domestic currency compare
- 30 Ukraine 5.46 trillion Domestic currency compare
- 31 Norway 5.30 trillion Domestic currency compare
- 33 Germany 4.70 trillion Domestic currency compare
- 34 Poland 4.61 trillion Domestic currency compare
- 35 Saudi Arabia 4.19 trillion Domestic currency compare
More public sector data for Iceland
- Military expenditure (current USD), per capita 0 current USD per person (2024)
- Military expenditure (current USD), per unit of GDP 0 current USD per US$ of GDP (2024)
- Military expenditure (current USD), gaps filled 0 current USD (2024)
- Military expenditure (current USD), per square kilometre 0 current USD per square kilometre (2023)
- Tax revenue 23.2% (2023)
- Capital stock, General government, Current prices, Domestic currency 1,595 (2019)
- Taxes on income, profits and capital gains 34.6% (2023)
- Capital stock, General government, Constant prices, Percent of GDP 51.25 (2019)
- Capital stock, General government, Constant prices, Purchasing power 10.26 (2019)
- Taxes on goods and services 35.2% (2023)
Frequently asked questions
- What is gross domestic product (gdp) in Iceland?
- Gross domestic product (gdp) in Iceland was 4.92 trillion Domestic currency in 2027, according to International Monetary Fund.
- What is the highest gross domestic product (gdp) recorded in Iceland?
- The highest recorded value was 4.92 trillion Domestic currency in 2027.
- What is the lowest gross domestic product (gdp) recorded in Iceland?
- The lowest recorded value was 22.67 million Domestic currency in 1950.
- How does Iceland rank for gross domestic product (gdp)?
- Iceland ranks 32nd out of 86 countries with data for 2027.
- Is gross domestic product (gdp) rising or falling in Iceland?
- Over the last ten years it is up 86.1%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from International Monetary Fund, published as part of Gross domestic product (GDP) (Total economy, Domestic currency). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 78 observations, free to reuse under IMF Terms and Conditions (attribution required).
About this data
The Public Sector Balance Sheet (PSBS) Database shows comprehensive estimates of public sector assets and liabilities that formed the basis for the analysis presented in the October 2018 edition of the Fiscal Monitor. The database covers a broad sample of 55 countries, of which 25 countries contain time-series estimated PSBS and the rest for one single-year data compiled as part of Financial Transparency Evaluations and IMF Technical Assistance missions. The PSBS database is compiled on a best-effort basis, using the conceptual framework of the IMF's Government Finance Statistics Manual 2014. Data for the central and general government generally replicate data reported by country authorities in the IMF's Government Finance Statistics database. Data for the central bank generally replicate data reported by country authorities in the IMF's Monetary and Financial Statistics database. Where these data fail to cover all categories of assets and liabilities, they are complemented by other data reported by statistical authorities at the national level. other international organizations, or staff estimates. Data sources for public corporations are country specific and are captured in the country specific metadata documents.