Economic Outlook No 118 … final consumption expenditure, volume in Iceland
Iceland: Economic Outlook No 118 … final consumption expenditure, volume was 956.79 billion in 2027. ◆ Volatile
Economic Outlook No 118 — Government final consumption expenditure in Iceland, 1960–2027
Source: Organisation for Economic Co-operation and Development.
Analysis
Iceland recorded 956.79 billion for economic outlook no 118 — government final consumption expenditure in 2027. That is the highest value across all 68 years on record.
That represents a change of up 1.8% on the previous year and up 29.5% over ten years.
Over the whole period, economic outlook no 118 — government final consumption expenditure in Iceland peaked at 956.79 billion in 2027 and was at its lowest, 76.58 billion, in 1960.
Iceland ranks 15th of 39 countries on this measure, 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 118 … final consumption expenditure, volume in Iceland, year by year
| Year | Value | Change |
|---|---|---|
| 1960 | 76.58 billion | — |
| 1961 | 78.20 billion | +2.1% |
| 1962 | 83.30 billion | +6.5% |
| 1963 | 88.79 billion | +6.6% |
| 1964 | 97.22 billion | +9.5% |
| 1965 | 103.80 billion | +6.8% |
| 1966 | 111.87 billion | +7.8% |
| 1967 | 120.77 billion | +8.0% |
| 1968 | 127.50 billion | +5.6% |
| 1969 | 131.57 billion | +3.2% |
| 1970 | 143.17 billion | +8.8% |
| 1971 | 154.06 billion | +7.6% |
| 1972 | 176.41 billion | +14.5% |
| 1973 | 191.40 billion | +8.5% |
| 1974 | 207.62 billion | +8.5% |
| 1975 | 227.00 billion | +9.3% |
| 1976 | 238.40 billion | +5.0% |
| 1977 | 243.55 billion | +2.2% |
| 1978 | 260.87 billion | +7.1% |
| 1979 | 275.17 billion | +5.5% |
| 1980 | 280.97 billion | +2.1% |
| 1981 | 302.01 billion | +7.5% |
| 1982 | 319.94 billion | +5.9% |
| 1983 | 334.93 billion | +4.7% |
| 1984 | 336.88 billion | +0.6% |
| 1985 | 358.75 billion | +6.5% |
| 1986 | 384.76 billion | +7.3% |
| 1987 | 409.93 billion | +6.5% |
| 1988 | 429.02 billion | +4.7% |
| 1989 | 441.95 billion | +3.0% |
| 1990 | 461.18 billion | +4.4% |
| 1991 | 475.73 billion | +3.2% |
| 1992 | 472.70 billion | -0.6% |
| 1993 | 484.29 billion | +2.5% |
| 1994 | 503.88 billion | +4.0% |
| 1995 | 512.25 billion | +1.7% |
| 1996 | 518.30 billion | +1.2% |
| 1997 | 498.29 billion | -3.9% |
| 1998 | 515.71 billion | +3.5% |
| 1999 | 537.69 billion | +4.3% |
| 2000 | 564.14 billion | +4.9% |
| 2001 | 589.95 billion | +4.6% |
| 2002 | 621.39 billion | +5.3% |
| 2003 | 631.66 billion | +1.7% |
| 2004 | 645.12 billion | +2.1% |
| 2005 | 675.75 billion | +4.7% |
| 2006 | 706.54 billion | +4.6% |
| 2007 | 735.35 billion | +4.1% |
| 2008 | 770.38 billion | +4.8% |
| 2009 | 745.78 billion | -3.2% |
| 2010 | 723.80 billion | -2.9% |
| 2011 | 722.45 billion | -0.2% |
| 2012 | 709.08 billion | -1.8% |
| 2013 | 712.77 billion | +0.5% |
| 2014 | 711.57 billion | -0.2% |
| 2015 | 711.48 billion | -0.0% |
| 2016 | 718.81 billion | +1.0% |
| 2017 | 738.70 billion | +2.8% |
| 2018 | 770.12 billion | +4.3% |
| 2019 | 799.38 billion | +3.8% |
| 2020 | 838.20 billion | +4.9% |
| 2021 | 858.75 billion | +2.5% |
| 2022 | 873.59 billion | +1.7% |
| 2023 | 894.53 billion | +2.4% |
| 2024 | 911.22 billion | +1.9% |
| 2025 | 922.37 billion | +1.2% |
| 2026 | 940.23 billion | +1.9% |
| 2027 | 956.79 billion | +1.8% |
Iceland compared with similar countries
- Iceland's 956.79 billion is above the median for high income countries, which is 582.42 billion, 1.6× the median. (29 countries reporting)
- Iceland's 956.79 billion is above the median for Europe & Central Asia, which is 287.47 billion, 3.3× the median. (21 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 101.96 billion | 76.58 billion | 131.57 billion | 10 |
| 1970s | 211.77 billion | 143.17 billion | 275.17 billion | 10 |
| 1980s | 359.91 billion | 280.97 billion | 441.95 billion | 10 |
| 1990s | 498.00 billion | 461.18 billion | 537.69 billion | 10 |
| 2000s | 668.61 billion | 564.14 billion | 770.38 billion | 10 |
| 2010s | 731.82 billion | 709.08 billion | 799.38 billion | 10 |
| 2020s | 899.46 billion | 838.20 billion | 956.79 billion | 8 |
Countries ranked near Iceland
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 economic outlook no 118 — government final consumption expenditure in Iceland?
- Economic outlook no 118 — government final consumption expenditure in Iceland was 956.79 billion in 2027, according to Organisation for Economic Co-operation and Development.
- What is the highest economic outlook no 118 — government final consumption expenditure recorded in Iceland?
- The highest recorded value was 956.79 billion in 2027.
- What is the lowest economic outlook no 118 — government final consumption expenditure recorded in Iceland?
- The lowest recorded value was 76.58 billion in 1960.
- How does Iceland rank for economic outlook no 118 — government final consumption expenditure?
- Iceland ranks 15th out of 39 countries with data for 2027.
- Is economic outlook no 118 — government final consumption expenditure rising or falling in Iceland?
- Over the last ten years it is up 29.5%. 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 — Government final consumption expenditure, volume. 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 (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