External balance on goods and services as a percent of GDP in Iceland
Iceland: External balance on goods and services as a percent of GDP was -2.3% in 2025. ◆ Volatile
External balance on goods and services as a percent of GDP in Iceland, 1970–2025
Source: National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data. Measured in % of GDP.
Analysis
In 2025, external balance on goods and services as a percent of gdp in Iceland stood at -2.3%.
Compared with earlier readings it is down 78.4% on the previous year and down 129.0% over ten years.
Over the whole period, external balance on goods and services as a percent of gdp in Iceland peaked at 9.8% in 2010 and was at its lowest, -16.5%, in 2006.
That places Iceland 95th out of 191 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.
External balance on goods and services as a percent of GDP in Iceland, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1970 | 1.5% | — |
| 1971 | -6.3% | -515.3% |
| 1972 | -1.8% | -71.0% |
| 1973 | -2.1% | +13.1% |
| 1974 | -9.4% | +356.1% |
| 1975 | -8.1% | -13.7% |
| 1976 | 0.3% | -103.2% |
| 1977 | -0.8% | -425.7% |
| 1978 | 2.7% | -425.3% |
| 1979 | 1.0% | -63.4% |
| 1980 | -0.1% | -110.0% |
| 1981 | -1.5% | +1417.0% |
| 1982 | -4.6% | +205.1% |
| 1983 | 1.9% | -142.3% |
| 1984 | -0.2% | -107.9% |
| 1985 | 0.0% | -127.9% |
| 1986 | 3.6% | +8191.2% |
| 1987 | -1.1% | -130.8% |
| 1988 | -1.0% | -13.3% |
| 1989 | 2.0% | -315.3% |
| 1990 | 1.1% | -44.2% |
| 1991 | -1.3% | -212.0% |
| 1992 | -0.2% | -86.5% |
| 1993 | 2.9% | -1784.6% |
| 1994 | 4.8% | +64.8% |
| 1995 | 3.3% | -30.6% |
| 1996 | 0.5% | -85.7% |
| 1997 | 0.5% | -4.6% |
| 1998 | -4.3% | -1042.6% |
| 1999 | -4.5% | +4.1% |
| 2000 | -6.8% | +52.5% |
| 2001 | -0.8% | -87.6% |
| 2002 | 1.6% | -287.4% |
| 2003 | -2.9% | -284.6% |
| 2004 | -5.6% | +90.3% |
| 2005 | -11.5% | +107.6% |
| 2006 | -16.5% | +43.3% |
| 2007 | -8.9% | -46.4% |
| 2008 | -2.1% | -76.7% |
| 2009 | 8.0% | -487.4% |
| 2010 | 9.8% | +22.5% |
| 2011 | 7.8% | -20.7% |
| 2012 | 5.9% | -23.7% |
| 2013 | 8.0% | +33.9% |
| 2014 | 6.5% | -17.7% |
| 2015 | 7.8% | +19.0% |
| 2016 | 7.2% | -7.2% |
| 2017 | 5.0% | -31.0% |
| 2018 | 4.0% | -19.6% |
| 2019 | 5.6% | +40.6% |
| 2020 | -0.4% | -106.7% |
| 2021 | -1.5% | +297.8% |
| 2022 | 0.4% | -128.9% |
| 2023 | 0.7% | +63.5% |
| 2024 | -1.3% | -278.4% |
| 2025 | -2.3% | +78.4% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | -2.3% | -9.4% | 2.7% | 10 |
| 1980s | -0.1% | -4.6% | 3.6% | 10 |
| 1990s | 0.3% | -4.5% | 4.8% | 10 |
| 2000s | -4.6% | -16.5% | 8.0% | 10 |
| 2010s | 6.8% | 4.0% | 9.8% | 10 |
| 2020s | -0.7% | -2.3% | 0.7% | 6 |
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)
- Foreign direct investment, net outflows (BoP, current US$), gaps -851.71 million BoP, current US$ (2025)
- Foreign direct investment, net outflows (BoP, current US$), per unit -0.0221 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net outflows (BoP, current US$), per capita -2,170 BoP, current US$ per person (2025)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled -201.70 million BoP, current US$ (2025)
- Foreign direct investment, net inflows (BoP, current US$), annual -107.12 % change on previous year (2025)
- Foreign direct investment, net inflows (BoP, current US$), per unit -0.0052 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net inflows (BoP, current US$), per capita -514.02 BoP, current US$ per person (2025)
- Total reserves (includes gold, current US$), annual growth rate 20.76 % change on previous year (2025)
Frequently asked questions
- What is external balance on goods and services as a percent of gdp in Iceland?
- External balance on goods and services as a percent of gdp in Iceland was -2.3% in 2025, according to National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data.
- What is the highest external balance on goods and services as a percent of gdp recorded in Iceland?
- The highest recorded value was 9.8% in 2010.
- What is the lowest external balance on goods and services as a percent of gdp recorded in Iceland?
- The lowest recorded value was -16.5% in 2006.
- How does Iceland rank for external balance on goods and services as a percent of gdp?
- Iceland ranks 95th out of 191 countries with data for 2025.
- Is external balance on goods and services as a percent of gdp rising or falling in Iceland?
- Over the last ten years it is down 129.0%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data, published as part of External balance on goods and services as a percent of GDP. Statizoid updates them automatically from the source API.
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About this data
Exports of goods and services minus imports of goods and services divided by gross domestic product, expressed as a percentage.