Current account balance in Iceland
Iceland: Current account balance was -3.5% in 2025. ◆ Volatile
Current account balance in Iceland, 1976–2025
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of GDP.
Analysis
In 2025, current account balance in Iceland stood at -3.5%.
The figure is down 7.4% on the previous year and down 155.2% over ten years.
Over the whole period, current account balance in Iceland peaked at 9.1% in 2016 and was at its lowest, -23.0%, in 2008.
That places Iceland 126th out of 200 countries with data for 2025, 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 in Iceland, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1976 | -1.4% | — |
| 1977 | -2.1% | +53.1% |
| 1978 | 0.8% | -136.3% |
| 1979 | -0.6% | -182.7% |
| 1980 | -2.2% | +242.5% |
| 1981 | -4.1% | +87.1% |
| 1982 | -7.9% | +92.6% |
| 1983 | -2.0% | -75.0% |
| 1984 | -4.5% | +127.8% |
| 1985 | -3.7% | -16.8% |
| 1986 | 0.4% | -110.5% |
| 1987 | -3.3% | -945.3% |
| 1988 | -3.7% | +11.0% |
| 1989 | -1.7% | -52.5% |
| 1990 | -2.0% | +14.8% |
| 1991 | -3.8% | +88.6% |
| 1992 | -2.2% | -41.9% |
| 1993 | 0.6% | -126.2% |
| 1994 | 1.7% | +205.3% |
| 1995 | 0.2% | -85.9% |
| 1996 | -2.3% | -1031.1% |
| 1997 | -2.2% | -2.5% |
| 1998 | -7.0% | +213.5% |
| 1999 | -6.9% | -1.5% |
| 2000 | -9.9% | +43.4% |
| 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% | -27.1% |
| 2023 | -1.2% | -35.8% |
| 2024 | -3.2% | +169.0% |
| 2025 | -3.5% | +7.4% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | -0.8% | -2.1% | 0.8% | 4 |
| 1980s | -3.3% | -7.9% | 0.4% | 10 |
| 1990s | -2.4% | -7.0% | 1.7% | 10 |
| 2000s | -11.1% | -23.0% | 1.4% | 10 |
| 2010s | 3.1% | -5.9% | 9.1% | 10 |
| 2020s | -1.7% | -3.5% | 1.9% | 6 |
Countries ranked near Iceland
- 123 Philippines -3.3% compare
- 124 Latvia -3.4% compare
- 125 Venezuela, Bolivarian Republic of -3.4% compare
- 127 El Salvador -3.5% compare
- 128 New Zealand -3.6% compare
- 129 Slovakia -3.6% 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)
- Manufacturing, value added (current US$), per unit of GDP 0.0853 current US$ per US$ of GDP (2025)
- Manufacturing, value added (current US$), per capita 8,386 current US$ per person (2025)
- Manufacturing, value added (current LCU), per unit of GDP 10.96 current LCU per US$ of GDP (2025)
- Manufacturing, value added (current LCU), per capita 1.08 million current LCU per person (2025)
- Manufacturing, value added (constant 2015 US$), per unit of GDP 0.051 constant 2015 US$ per US$ of GDP (2025)
- Manufacturing, value added (constant 2015 US$), per capita 5,012 constant 2015 US$ per person (2025)
- Manufacturing, value added (constant LCU), per capita 729,781 constant LCU per person (2025)
- Industry (including construction), value added (current US$), annual 16.18 % change on previous year (2025)
Frequently asked questions
- What is current account balance in Iceland?
- Current account balance in Iceland was -3.5% in 2025, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest current account balance recorded in Iceland?
- The highest recorded value was 9.1% in 2016.
- What is the lowest current account balance recorded in Iceland?
- The lowest recorded value was -23.0% in 2008.
- How does Iceland rank for current account balance?
- Iceland ranks 126th out of 200 countries with data for 2025.
- Is current account balance rising or falling in Iceland?
- Over the last ten years it is down 155.2%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Current account balance (% of GDP). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 50 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Balance of current transactions (transactions in goods and services, earned income and transfer income) between residents and non-residents. The term current account balance is used in the external accounts and is expressed from the perspective of resident units. The term current external balance is used in the national accounts and is expressed from the perspective of the non-resident units, and therefore with the opposite sign. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.