Gross domestic product (GDP) in Iceland
Iceland: Gross domestic product (GDP) was 16.02 billion international-$ in 2011 prices in 2022. ◆ Volatile
Gross domestic product (GDP) in Iceland, 1950–2022
Source: Bolt and van Zanden – Maddison Project Database 2023 – with major processing by Our World in Data. Measured in international-$ in 2011 prices.
Analysis
In 2022, gross domestic product (gdp) in Iceland stood at 16.02 billion international-$ in 2011 prices. That is the highest value across all 73 years on record.
Compared with earlier readings it is up 6.4% on the previous year and up 35.3% over ten years.
Over the whole period, gross domestic product (gdp) in Iceland peaked at 16.02 billion international-$ in 2011 prices in 2022 and was at its lowest, 1.18 billion international-$ in 2011 prices, in 1951.
Iceland ranks 146th of 165 countries on this measure, in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1950s | 1.51 billion international-$ in 2011 prices | 1.18 billion international-$ in 2011 prices | 1.84 billion international-$ in 2011 prices | 10 |
| 1960s | 2.49 billion international-$ in 2011 prices | 1.92 billion international-$ in 2011 prices | 2.95 billion international-$ in 2011 prices | 10 |
| 1970s | 4.17 billion international-$ in 2011 prices | 3.03 billion international-$ in 2011 prices | 5.29 billion international-$ in 2011 prices | 10 |
| 1980s | 6.39 billion international-$ in 2011 prices | 5.60 billion international-$ in 2011 prices | 7.24 billion international-$ in 2011 prices | 10 |
| 1990s | 7.65 billion international-$ in 2011 prices | 7.01 billion international-$ in 2011 prices | 8.92 billion international-$ in 2011 prices | 10 |
| 2000s | 10.98 billion international-$ in 2011 prices | 9.31 billion international-$ in 2011 prices | 13.03 billion international-$ in 2011 prices | 10 |
| 2010s | 13.26 billion international-$ in 2011 prices | 11.53 billion international-$ in 2011 prices | 15.55 billion international-$ in 2011 prices | 10 |
| 2020s | 15.16 billion international-$ in 2011 prices | 14.42 billion international-$ in 2011 prices | 16.02 billion international-$ in 2011 prices | 3 |
Countries ranked near Iceland
- 143 Jamaica 20.02 billion international-$ in 2011 prices compare
- 145 Haiti 17.55 billion international-$ in 2011 prices compare
- 147 Mauritania 15.67 billion international-$ in 2011 prices compare
- 148 Togo 14.27 billion international-$ in 2011 prices compare
- 149 Montenegro 12.77 billion international-$ in 2011 prices compare
More economy & growth data for Iceland
- External balance on goods and services as a percent of GDP -2.3% (2025)
- Inflation of consumer prices 4.1% (2025)
- GDP per capita 58,910 constant 2015 US$ (2025)
- Share of manufacturing in gross domestic product (GDP) 8.5% (2025)
- Gross domestic product (GDP) 23.12 billion constant 2015 US$ (2025)
- GDP per capita in international and market dollars 58,910 constant 2015 US$ (2025)
- DEC alternative conversion factor 128.44 LCU per US$ (2025)
- Net secondary income (Net current transfers from abroad) -52.84 billion current LCU (2024)
- Net secondary income (Net current transfers from abroad) -383.05 million current US$ (2024)
- Taxes less subsidies on products 498.69 billion current LCU (2025)
Frequently asked questions
- What is gross domestic product (gdp) in Iceland?
- Gross domestic product (gdp) in Iceland was 16.02 billion international-$ in 2011 prices in 2022, according to Bolt and van Zanden – Maddison Project Database 2023 – with major processing by Our World in Data.
- What is the highest gross domestic product (gdp) recorded in Iceland?
- The highest recorded value was 16.02 billion international-$ in 2011 prices in 2022.
- What is the lowest gross domestic product (gdp) recorded in Iceland?
- The lowest recorded value was 1.18 billion international-$ in 2011 prices in 1951.
- How does Iceland rank for gross domestic product (gdp)?
- Iceland ranks 146th out of 165 countries with data for 2022.
- Is gross domestic product (gdp) rising or falling in Iceland?
- Over the last ten years it is up 35.3%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from Bolt and van Zanden – Maddison Project Database 2023 – with major processing by Our World in Data, published as part of Gross domestic product (GDP). Statizoid updates them automatically from the source API.
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About this data
Total economic output of a country or region per year. This data is adjusted for inflation and differences in living costs between countries.