Economic Outlook No 118 — General government final consumption in Iceland
Iceland: Economic Outlook No 118 — General government final consumption was 1.42 trillion in 2027. ◆ Volatile
Economic Outlook No 118 — General government final consumption in Iceland, 1960–2027
Source: Organisation for Economic Co-operation and Development.
Analysis
In 2027, economic outlook no 118 — general government final consumption in Iceland stood at 1.42 trillion. That is the highest value across all 68 years on record.
The figure is up 4.3% on the previous year and up 121.4% over ten years.
Over the whole period, economic outlook no 118 — general government final consumption in Iceland peaked at 1.42 trillion in 2027 and was at its lowest, 11.41 million, in 1960.
Iceland ranks 7th of 28 countries on this measure, in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Economic Outlook No 118 — General government final consumption in Iceland, year by year
| Year | Value | Change |
|---|---|---|
| 1960 | 11.41 million | — |
| 1961 | 12.68 million | +11.2% |
| 1962 | 15.15 million | +19.5% |
| 1963 | 19.15 million | +26.4% |
| 1964 | 24.57 million | +28.3% |
| 1965 | 29.55 million | +20.2% |
| 1966 | 36.18 million | +22.5% |
| 1967 | 40.40 million | +11.7% |
| 1968 | 46.42 million | +14.9% |
| 1969 | 55.25 million | +19.0% |
| 1970 | 71.61 million | +29.6% |
| 1971 | 94.17 million | +31.5% |
| 1972 | 131.23 million | +39.4% |
| 1973 | 178.39 million | +35.9% |
| 1974 | 288.75 million | +61.9% |
| 1975 | 421.91 million | +46.1% |
| 1976 | 565.53 million | +34.0% |
| 1977 | 822.65 million | +45.5% |
| 1978 | 1.35 billion | +64.4% |
| 1979 | 2.06 billion | +52.5% |
| 1980 | 2.98 billion | +44.5% |
| 1981 | 4.72 billion | +58.3% |
| 1982 | 7.79 billion | +65.1% |
| 1983 | 13.57 billion | +74.2% |
| 1984 | 16.47 billion | +21.4% |
| 1985 | 23.69 billion | +43.8% |
| 1986 | 32.11 billion | +35.6% |
| 1987 | 43.67 billion | +36.0% |
| 1988 | 56.74 billion | +29.9% |
| 1989 | 67.65 billion | +19.2% |
| 1990 | 78.07 billion | +15.4% |
| 1991 | 87.10 billion | +11.6% |
| 1992 | 89.69 billion | +3.0% |
| 1993 | 94.70 billion | +5.6% |
| 1994 | 100.27 billion | +5.9% |
| 1995 | 105.76 billion | +5.5% |
| 1996 | 112.87 billion | +6.7% |
| 1997 | 120.54 billion | +6.8% |
| 1998 | 137.80 billion | +14.3% |
| 1999 | 152.61 billion | +10.8% |
| 2000 | 170.19 billion | +11.5% |
| 2001 | 192.77 billion | +13.3% |
| 2002 | 219.21 billion | +13.7% |
| 2003 | 231.07 billion | +5.4% |
| 2004 | 245.53 billion | +6.3% |
| 2005 | 269.92 billion | +9.9% |
| 2006 | 308.07 billion | +14.1% |
| 2007 | 342.09 billion | +11.0% |
| 2008 | 397.79 billion | +16.3% |
| 2009 | 424.11 billion | +6.6% |
| 2010 | 432.30 billion | +1.9% |
| 2011 | 454.46 billion | +5.1% |
| 2012 | 471.65 billion | +3.8% |
| 2013 | 493.59 billion | +4.7% |
| 2014 | 518.12 billion | +5.0% |
| 2015 | 557.15 billion | +7.5% |
| 2016 | 595.41 billion | +6.9% |
| 2017 | 642.01 billion | +7.8% |
| 2018 | 701.33 billion | +9.2% |
| 2019 | 759.99 billion | +8.4% |
| 2020 | 838.20 billion | +10.3% |
| 2021 | 914.39 billion | +9.1% |
| 2022 | 1.01 trillion | +10.3% |
| 2023 | 1.10 trillion | +9.3% |
| 2024 | 1.19 trillion | +7.9% |
| 2025 | 1.29 trillion | +8.6% |
| 2026 | 1.36 trillion | +5.6% |
| 2027 | 1.42 trillion | +4.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 29.08 million | 11.41 million | 55.25 million | 10 |
| 1970s | 598.97 million | 71.61 million | 2.06 billion | 10 |
| 1980s | 26.94 billion | 2.98 billion | 67.65 billion | 10 |
| 1990s | 107.94 billion | 78.07 billion | 152.61 billion | 10 |
| 2000s | 280.07 billion | 170.19 billion | 424.11 billion | 10 |
| 2010s | 562.60 billion | 432.30 billion | 759.99 billion | 10 |
| 2020s | 1.14 trillion | 838.20 billion | 1.42 trillion | 8 |
Countries ranked near Iceland
- 4 United States of America 4.43 trillion compare
- 4 Lithuania 18.44 billion compare
- 5 Sweden 1.87 trillion compare
- 5 Slovenia 16.38 billion compare
- 6 Czechia 1.82 trillion compare
- 6 Latvia 10.04 billion compare
- 7 Estonia 9.67 billion compare
- 8 Norway 1.38 trillion compare
- 9 Germany 1.09 trillion compare
- 10 Canada 772.06 billion 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 economic outlook no 118 — general government final consumption in Iceland?
- Economic outlook no 118 — general government final consumption in Iceland was 1.42 trillion in 2027, according to Organisation for Economic Co-operation and Development.
- What is the highest economic outlook no 118 — general government final consumption recorded in Iceland?
- The highest recorded value was 1.42 trillion in 2027.
- What is the lowest economic outlook no 118 — general government final consumption recorded in Iceland?
- The lowest recorded value was 11.41 million in 1960.
- How does Iceland rank for economic outlook no 118 — general government final consumption?
- Iceland ranks 7th out of 28 countries with data for 2027.
- Is economic outlook no 118 — general government final consumption rising or falling in Iceland?
- Over the last ten years it is up 121.4%. 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 118 — General government final consumption expenditure, nominal value, appropriation account. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 68 observations, free to reuse under OECD Terms and Conditions (attribution required).
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 (2025), OECD Economic Outlook No 118 (Edition 2025/2) EO118 Database documentation EO118 Last historical points gdp inflation cpi population unemployment real gdp gdp per capita employment OECD Economic Outlook website: https://www.oecd.org/economic-outlook/ Contact: eco.outlook@oecd.org Keywords: Outlook, forecasts, forecast, GDP