Annual GDP growth (%) in Iceland
Iceland: Annual GDP growth (%) was -1.0% in 2024. ◆ Volatile
Annual GDP growth in Iceland, 2000–2024
Source: United Nations Statistics Division, SDG Global Database. Measured in %.
Analysis
In 2024, annual gdp growth in Iceland stood at -1.0%.
Compared with earlier readings it is down 118.7% on the previous year and down 150.7% over ten years.
Over the whole period, annual gdp growth in Iceland peaked at 8.8% in 2022 and was at its lowest, -8.3%, in 2009.
Iceland ranks 212th of 230 countries on this measure, in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Annual GDP growth (%) in Iceland, year by year
| Year | % | Change |
|---|---|---|
| 2000 | 4.9% | — |
| 2001 | 3.8% | -21.7% |
| 2002 | 0.5% | -85.9% |
| 2003 | 2.3% | +320.7% |
| 2004 | 7.6% | +234.1% |
| 2005 | 7.0% | -7.8% |
| 2006 | 5.7% | -19.3% |
| 2007 | 8.7% | +54.1% |
| 2008 | 1.7% | -80.6% |
| 2009 | -8.3% | -589.6% |
| 2010 | -2.2% | -73.3% |
| 2011 | 1.4% | -162.1% |
| 2012 | 1.2% | -15.3% |
| 2013 | 3.6% | +207.6% |
| 2014 | 1.9% | -46.8% |
| 2015 | 3.8% | +96.9% |
| 2016 | 6.2% | +65.0% |
| 2017 | 3.5% | -44.0% |
| 2018 | 4.7% | +33.7% |
| 2019 | 1.1% | -75.6% |
| 2020 | -6.6% | -683.9% |
| 2021 | 5.2% | -178.0% |
| 2022 | 8.8% | +70.3% |
| 2023 | 5.2% | -41.2% |
| 2024 | -1.0% | -118.7% |
Iceland compared with similar countries
- Iceland's -1.0% is below the median for high income countries, which is 2.1%. (80 countries reporting)
- Iceland's -1.0% is below the median for Europe & Central Asia, which is 2.6%. (55 countries reporting)
Biggest year-on-year movements
Years where Annual GDP growth (%) in Iceland changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2020 | -683.9% | 1.1% | -6.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 3.4% | -8.3% | 8.7% | 10 |
| 2010s | 2.5% | -2.2% | 6.2% | 10 |
| 2020s | 2.3% | -6.6% | 8.8% | 5 |
Countries ranked near Iceland
More economy & growth data for Iceland
- Real gdp growth, annual growth rate -125.5 % change on previous year (2024)
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.96 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 2.48 Percent per annum (2029)
- SDRs holdings, US dollar, annual growth rate 5.55 % change on previous year (2025)
- SDRs holdings, US dollar, per unit of GDP 0.0153 units per US$ of GDP (2025)
- SDRs holdings, US dollar, per capita 1,500 units per person (2025)
- SDRs holdings, SDR, annual growth rate 0.5124 % change on previous year (2025)
- SDRs holdings, SDR, per unit of GDP 0.0111 units per US$ of GDP (2025)
- SDRs holdings, SDR, per capita 1,095 units per person (2025)
- IMF holdings of currency, US dollar, annual growth rate 5.01 % change on previous year (2025)
Frequently asked questions
- What is annual gdp growth in Iceland?
- Annual gdp growth in Iceland was -1.0% in 2024, according to United Nations Statistics Division, SDG Global Database.
- What is the highest annual gdp growth recorded in Iceland?
- The highest recorded value was 8.8% in 2022.
- What is the lowest annual gdp growth recorded in Iceland?
- The lowest recorded value was -8.3% in 2009.
- How does Iceland rank for annual gdp growth?
- Iceland ranks 212th out of 230 countries with data for 2024.
- Is annual gdp growth rising or falling in Iceland?
- Over the last ten years it is down 150.7%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from United Nations Statistics Division, SDG Global Database, published as part of Annual GDP growth (%). Statizoid updates them automatically from the source API.
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