Current account balance as a proportion of GDP (%) in Iceland
Iceland: Current account balance as a proportion of GDP (%) was -2.6% in 2024. ◆ Volatile
Current account balance as a proportion of GDP in Iceland, 2000–2024
Source: United Nations Statistics Division, SDG Global Database. Measured in %.
Analysis
The most recent figure for current account balance as a proportion of gdp in Iceland is -2.6%, measured in 2024.
Compared with earlier readings it is down 159.8% on the previous year and down 152.7% over ten years.
Over the whole period, current account balance as a proportion of gdp in Iceland peaked at 9.1% in 2016 and was at its lowest, -23.0%, in 2008.
That places Iceland 128th out of 205 countries with data for 2024, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Current account balance as a proportion of GDP (%) in Iceland, year by year
| Year | % | Change |
|---|---|---|
| 2000 | -9.9% | — |
| 2001 | -4.5% | -54.9% |
| 2002 | 1.4% | -130.3% |
| 2003 | -4.8% | -455.8% |
| 2004 | -10.0% | +107.0% |
| 2005 | -15.5% | +56.0% |
| 2006 | -22.7% | +45.8% |
| 2007 | -13.6% | -39.8% |
| 2008 | -23.0% | +68.4% |
| 2009 | -8.9% | -61.4% |
| 2010 | -5.9% | -33.5% |
| 2011 | -4.5% | -24.0% |
| 2012 | -2.9% | -36.3% |
| 2013 | 6.8% | -339.0% |
| 2014 | 4.9% | -27.5% |
| 2015 | 6.3% | +27.4% |
| 2016 | 9.1% | +44.3% |
| 2017 | 4.9% | -45.8% |
| 2018 | 4.4% | -9.9% |
| 2019 | 7.4% | +65.8% |
| 2020 | 1.9% | -74.2% |
| 2021 | -2.6% | -235.5% |
| 2022 | -1.9% | -27.3% |
| 2023 | -1.0% | -46.3% |
| 2024 | -2.6% | +159.8% |
Iceland compared with similar countries
- Iceland's -2.6% is below the median for high income countries, which is 1.6%. (69 countries reporting)
- Iceland's -2.6% is below the median for Europe & Central Asia, which is -0.7%, 3.7× the median. (50 countries reporting)
Biggest year-on-year movements
Years where Current account balance as a proportion of GDP (%) 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 |
|---|---|---|---|
| 2003 | -455.8% | 1.4% | -4.8% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | -11.1% | -23.0% | 1.4% | 10 |
| 2010s | 3.1% | -5.9% | 9.1% | 10 |
| 2020s | -1.2% | -2.6% | 1.9% | 5 |
Countries ranked near Iceland
- 125 Ethiopia -2.5% compare
- 126 Belarus -2.6% compare
- 127 Bolivia (Plurinational State of) -2.6% compare
- 129 Kazakhstan -2.7% compare
- 130 United Republic of Tanzania -3.0% compare
- 131 Brazil -3.0% compare
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 current account balance as a proportion of gdp in Iceland?
- Current account balance as a proportion of gdp in Iceland was -2.6% in 2024, according to United Nations Statistics Division, SDG Global Database.
- What is the highest current account balance as a proportion of gdp recorded in Iceland?
- The highest recorded value was 9.1% in 2016.
- What is the lowest current account balance as a proportion of gdp recorded in Iceland?
- The lowest recorded value was -23.0% in 2008.
- How does Iceland rank for current account balance as a proportion of gdp?
- Iceland ranks 128th out of 205 countries with data for 2024.
- Is current account balance as a proportion of gdp rising or falling in Iceland?
- Over the last ten years it is down 152.7%. 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 Current account balance as a proportion of GDP (%). Statizoid updates them automatically from the source API.
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