Gross domestic product (GDP) in Iceland
Iceland: Gross domestic product (GDP) was 24.49 billion international-$ in 2021 prices in 2023. ◆ Volatile
Gross domestic product (GDP) in Iceland, 1950–2023
Source: Feenstra et al. - Penn World Table (2025) – with major processing by Our World in Data. Measured in international-$ in 2021 prices.
Analysis
Iceland recorded 24.49 billion international-$ in 2021 prices for gross domestic product (gdp) in 2023. That is the highest value across all 74 years on record.
Compared with earlier readings it is up 5.9% on the previous year and up 49.5% over ten years.
Over the whole period, gross domestic product (gdp) in Iceland peaked at 24.49 billion international-$ in 2021 prices in 2023 and was at its lowest, 1.50 billion international-$ in 2021 prices, in 1952.
Iceland ranks 148th of 184 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 | 1.95 billion international-$ in 2021 prices | 1.50 billion international-$ in 2021 prices | 2.46 billion international-$ in 2021 prices | 10 |
| 1960s | 3.37 billion international-$ in 2021 prices | 2.54 billion international-$ in 2021 prices | 4.06 billion international-$ in 2021 prices | 10 |
| 1970s | 5.74 billion international-$ in 2021 prices | 4.08 billion international-$ in 2021 prices | 7.24 billion international-$ in 2021 prices | 10 |
| 1980s | 8.76 billion international-$ in 2021 prices | 7.58 billion international-$ in 2021 prices | 10.38 billion international-$ in 2021 prices | 10 |
| 1990s | 10.66 billion international-$ in 2021 prices | 9.70 billion international-$ in 2021 prices | 12.81 billion international-$ in 2021 prices | 10 |
| 2000s | 14.41 billion international-$ in 2021 prices | 12.91 billion international-$ in 2021 prices | 16.91 billion international-$ in 2021 prices | 10 |
| 2010s | 17.43 billion international-$ in 2021 prices | 15.65 billion international-$ in 2021 prices | 21.32 billion international-$ in 2021 prices | 10 |
| 2020s | 22.15 billion international-$ in 2021 prices | 19.98 billion international-$ in 2021 prices | 24.49 billion international-$ in 2021 prices | 4 |
Countries ranked near Iceland
- 145 Togo 25.83 billion international-$ in 2021 prices compare
- 146 Somalia 25.53 billion international-$ in 2021 prices compare
- 149 Sierra Leone 24.07 billion international-$ in 2021 prices compare
- 150 Montenegro 16.68 billion international-$ in 2021 prices compare
- 151 Bahamas 13.74 billion international-$ in 2021 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 24.49 billion international-$ in 2021 prices in 2023, according to Feenstra et al. - Penn World Table (2025) – with major processing by Our World in Data.
- What is the highest gross domestic product (gdp) recorded in Iceland?
- The highest recorded value was 24.49 billion international-$ in 2021 prices in 2023.
- What is the lowest gross domestic product (gdp) recorded in Iceland?
- The lowest recorded value was 1.50 billion international-$ in 2021 prices in 1952.
- How does Iceland rank for gross domestic product (gdp)?
- Iceland ranks 148th out of 184 countries with data for 2023.
- Is gross domestic product (gdp) rising or falling in Iceland?
- Over the last ten years it is up 49.5%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from Feenstra et al. - Penn World Table (2025) – 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.