Current account balance as a share of GDP in Iceland
Iceland: Current account balance as a share of GDP was -2.6% in 2024. ◆ Volatile
Current account balance as a share of GDP in Iceland, 2000–2024
Source: International Monetary Fund – processed by Our World in Data. Measured in %.
Analysis
In 2024, current account balance as a share of gdp in Iceland stood at -2.6%.
Compared with earlier readings it is down 161.0% on the previous year and down 152.7% over ten years.
Over the whole period, current account balance as a share of gdp in Iceland peaked at 9.1% in 2016 and was at its lowest, -22.9%, in 2008.
That places Iceland 121st out of 193 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 share 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% | -456.3% |
| 2004 | -10.0% | +107.3% |
| 2005 | -15.6% | +56.0% |
| 2006 | -22.7% | +45.7% |
| 2007 | -13.6% | -39.8% |
| 2008 | -22.9% | +68.4% |
| 2009 | -8.9% | -61.4% |
| 2010 | -5.9% | -33.5% |
| 2011 | -4.5% | -24.1% |
| 2012 | -2.9% | -36.4% |
| 2013 | 6.8% | -339.3% |
| 2014 | 5.0% | -27.4% |
| 2015 | 6.3% | +27.3% |
| 2016 | 9.1% | +44.4% |
| 2017 | 4.9% | -45.8% |
| 2018 | 4.4% | -9.9% |
| 2019 | 7.4% | +65.8% |
| 2020 | 1.9% | -74.2% |
| 2021 | -2.6% | -235.3% |
| 2022 | -1.9% | -27.2% |
| 2023 | -1.0% | -46.5% |
| 2024 | -2.6% | +161.0% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | -11.1% | -22.9% | 1.4% | 10 |
| 2010s | 3.1% | -5.9% | 9.1% | 10 |
| 2020s | -1.2% | -2.6% | 1.9% | 5 |
Countries ranked near Iceland
- 118 Ethiopia -2.5% compare
- 119 Belarus -2.6% compare
- 119 Bolivia, Plurinational State of -2.6% compare
- 122 Kazakhstan -2.7% compare
- 123 Tanzania, United Republic of -3.0% compare
- 124 Brazil -3.0% compare
More economy & growth data for Iceland
- 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)
- Gross value added at basic prices (GVA) (current US$), annual growth 17.56 % change on previous year (2025)
- Gross value added at basic prices (GVA) (current US$), per unit of GDP 0.8994 current US$ per US$ of GDP (2025)
- Gross value added at basic prices (GVA) (current US$), per capita 88,429 current US$ per person (2025)
- Gross value added at basic prices (GVA) (current LCU), annual growth 9.45 % change on previous year (2025)
- Gross value added at basic prices (GVA) (current LCU), per unit of GDP 115.52 current LCU per US$ of GDP (2025)
- Gross value added at basic prices (GVA) (current LCU), per capita 11.36 million current LCU per person (2025)
- Gross value added at basic prices (GVA) (constant 2015 US$), annual 1.28 % change on previous year (2025)
- Gross value added at basic prices (GVA) (constant 2015 US$), per unit 0.5382 constant 2015 US$ per US$ of GDP (2025)
Frequently asked questions
- What is current account balance as a share of gdp in Iceland?
- Current account balance as a share of gdp in Iceland was -2.6% in 2024, according to International Monetary Fund – processed by Our World in Data.
- What is the highest current account balance as a share of gdp recorded in Iceland?
- The highest recorded value was 9.1% in 2016.
- What is the lowest current account balance as a share of gdp recorded in Iceland?
- The lowest recorded value was -22.9% in 2008.
- How does Iceland rank for current account balance as a share of gdp?
- Iceland ranks 121st out of 193 countries with data for 2024.
- Is current account balance as a share 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 International Monetary Fund – processed by Our World in Data, published as part of Current account balance as a share of GDP. Statizoid updates them automatically from the source API.
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About this data
Current account balance as a proportion of GDP (%).