Economic Outlook No 116 — General government final consumption in Iceland
Iceland: Economic Outlook No 116 — General government final consumption was 1.26 trillion in 2026. ◆ Volatile
Economic Outlook No 116 — General government final consumption in Iceland, 1980–2026
Source: Organisation for Economic Co-operation and Development.
Analysis
The most recent figure for economic outlook no 116 — general government final consumption in Iceland is 1.26 trillion, measured in 2026. That is the highest value across all 47 years on record.
That represents a change of up 5.1% on the previous year and up 118.4% over ten years.
Over the whole period, economic outlook no 116 — general government final consumption in Iceland peaked at 1.26 trillion in 2026 and was at its lowest, 2.77 billion, in 1980.
That places Iceland 8th out of 28 countries with data for 2026, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Economic Outlook No 116 — General government final consumption in Iceland, year by year
| Year | Value | Change |
|---|---|---|
| 1980 | 2.77 billion | — |
| 1981 | 4.39 billion | +58.3% |
| 1982 | 7.25 billion | +65.1% |
| 1983 | 12.63 billion | +74.2% |
| 1984 | 15.34 billion | +21.4% |
| 1985 | 22.05 billion | +43.8% |
| 1986 | 29.89 billion | +35.6% |
| 1987 | 40.66 billion | +36.0% |
| 1988 | 52.82 billion | +29.9% |
| 1989 | 62.98 billion | +19.2% |
| 1990 | 72.68 billion | +15.4% |
| 1991 | 81.09 billion | +11.6% |
| 1992 | 83.50 billion | +3.0% |
| 1993 | 88.17 billion | +5.6% |
| 1994 | 93.35 billion | +5.9% |
| 1995 | 98.46 billion | +5.5% |
| 1996 | 105.08 billion | +6.7% |
| 1997 | 112.22 billion | +6.8% |
| 1998 | 128.29 billion | +14.3% |
| 1999 | 143.53 billion | +11.9% |
| 2000 | 161.19 billion | +12.3% |
| 2001 | 184.14 billion | +14.2% |
| 2002 | 209.42 billion | +13.7% |
| 2003 | 221.42 billion | +5.7% |
| 2004 | 235.78 billion | +6.5% |
| 2005 | 259.58 billion | +10.1% |
| 2006 | 297.93 billion | +14.8% |
| 2007 | 330.16 billion | +10.8% |
| 2008 | 385.67 billion | +16.8% |
| 2009 | 411.54 billion | +6.7% |
| 2010 | 417.23 billion | +1.4% |
| 2011 | 439.06 billion | +5.2% |
| 2012 | 456.79 billion | +4.0% |
| 2013 | 479.73 billion | +5.0% |
| 2014 | 503.31 billion | +4.9% |
| 2015 | 541.37 billion | +7.6% |
| 2016 | 578.02 billion | +6.8% |
| 2017 | 625.54 billion | +8.2% |
| 2018 | 686.76 billion | +9.8% |
| 2019 | 744.04 billion | +8.3% |
| 2020 | 822.23 billion | +10.5% |
| 2021 | 896.58 billion | +9.0% |
| 2022 | 996.62 billion | +11.2% |
| 2023 | 1.08 trillion | +8.8% |
| 2024 | 1.15 trillion | +5.7% |
| 2025 | 1.20 trillion | +4.8% |
| 2026 | 1.26 trillion | +5.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1980s | 25.08 billion | 2.77 billion | 62.98 billion | 10 |
| 1990s | 100.64 billion | 72.68 billion | 143.53 billion | 10 |
| 2000s | 269.68 billion | 161.19 billion | 411.54 billion | 10 |
| 2010s | 547.19 billion | 417.23 billion | 744.04 billion | 10 |
| 2020s | 1.06 trillion | 822.23 billion | 1.26 trillion | 7 |
Countries ranked near Iceland
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 (constant LCU), per capita 729,781 constant LCU per person (2025)
- Industry (including construction), value added (current US$), annual 16.18 % change on previous year (2025)
- Industry (including construction), value added (current US$), per 0.2006 current US$ per US$ of GDP (2025)
- Industry (including construction), value added (current US$), per 19,720 current US$ per person (2025)
- Industry (including construction), value added (current LCU), annual 8.17 % change on previous year (2025)
- Industry (including construction), value added (current LCU), per 25.76 current LCU per US$ of GDP (2025)
- Industry (including construction), value added (current LCU), per 2.53 million current LCU per person (2025)
- Industry (including construction), value added (constant 2015 US$) -1.23 % change on previous year (2025)
Frequently asked questions
- What is economic outlook no 116 — general government final consumption in Iceland?
- Economic outlook no 116 — general government final consumption in Iceland was 1.26 trillion in 2026, according to Organisation for Economic Co-operation and Development.
- What is the highest economic outlook no 116 — general government final consumption recorded in Iceland?
- The highest recorded value was 1.26 trillion in 2026.
- What is the lowest economic outlook no 116 — general government final consumption recorded in Iceland?
- The lowest recorded value was 2.77 billion in 1980.
- How does Iceland rank for economic outlook no 116 — general government final consumption?
- Iceland ranks 8th out of 28 countries with data for 2026.
- Is economic outlook no 116 — general government final consumption rising or falling in Iceland?
- Over the last ten years it is up 118.4%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from Organisation for Economic Co-operation and Development, published as part of Economic Outlook No 116 — General government final consumption expenditure, nominal value, appropriation account. Statizoid updates them automatically from the source API.
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About this data
The OECD Economic Outlook presents the OECD’s analysis of the major global economic trends and prospects for the next two years. The Outlook puts forward a consistent set of projections for output, employment, government spending, prices and current balances based on a review of each member country and of the induced effect on each of them on international developments. OECD (2024), OECD Economic Outlook No 116 (Edition 2024/2) EO116 Database documentation EO116 Last historical points OECD Economic Outlook website: https://www.oecd.org/economic-outlook/ Contact: eco.outlook@oecd.org