Gross domestic product (GDP) in Iceland
Iceland: Gross domestic product (GDP) was 24.49 billion international-$ in 2021 prices in 2023. ◆ Volatile
Latest (2023)
24.49 billion international-$ in 2021 prices
Change on year
up 5.9%
World rank
148th
of 184 countries
All-time high
24.49 billion international-$ in 2021 prices
in 2023
All-time low
1.50 billion international-$ in 2021 prices
in 1952
Years of data
74
1950–2023
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.
Gross domestic product (GDP) in Iceland, year by year
| Year | international-$ in 2021 prices | Change |
|---|---|---|
| 1950 | 1.53 billion international-$ in 2021 prices | — |
| 1951 | 1.51 billion international-$ in 2021 prices | -1.4% |
| 1952 | 1.50 billion international-$ in 2021 prices | -0.9% |
| 1953 | 1.73 billion international-$ in 2021 prices | +15.2% |
| 1954 | 1.91 billion international-$ in 2021 prices | +10.5% |
| 1955 | 2.16 billion international-$ in 2021 prices | +13.2% |
| 1956 | 2.16 billion international-$ in 2021 prices | +0.1% |
| 1957 | 2.17 billion international-$ in 2021 prices | +0.5% |
| 1958 | 2.40 billion international-$ in 2021 prices | +10.4% |
| 1959 | 2.46 billion international-$ in 2021 prices | +2.6% |
| 1960 | 2.54 billion international-$ in 2021 prices | +3.0% |
| 1961 | 2.65 billion international-$ in 2021 prices | +4.7% |
| 1962 | 2.76 billion international-$ in 2021 prices | +3.8% |
| 1963 | 3.09 billion international-$ in 2021 prices | +12.0% |
| 1964 | 3.47 billion international-$ in 2021 prices | +12.6% |
| 1965 | 3.80 billion international-$ in 2021 prices | +9.4% |
| 1966 | 4.06 billion international-$ in 2021 prices | +7.0% |
| 1967 | 3.93 billion international-$ in 2021 prices | -3.2% |
| 1968 | 3.63 billion international-$ in 2021 prices | -7.7% |
| 1969 | 3.82 billion international-$ in 2021 prices | +5.1% |
| 1970 | 4.08 billion international-$ in 2021 prices | +7.1% |
| 1971 | 4.89 billion international-$ in 2021 prices | +19.6% |
| 1972 | 4.83 billion international-$ in 2021 prices | -1.1% |
| 1973 | 5.39 billion international-$ in 2021 prices | +11.6% |
| 1974 | 5.79 billion international-$ in 2021 prices | +7.4% |
| 1975 | 5.83 billion international-$ in 2021 prices | +0.6% |
| 1976 | 5.85 billion international-$ in 2021 prices | +0.5% |
| 1977 | 6.58 billion international-$ in 2021 prices | +12.4% |
| 1978 | 6.90 billion international-$ in 2021 prices | +4.9% |
| 1979 | 7.24 billion international-$ in 2021 prices | +4.9% |
| 1980 | 7.68 billion international-$ in 2021 prices | +6.2% |
| 1981 | 8.05 billion international-$ in 2021 prices | +4.8% |
| 1982 | 8.36 billion international-$ in 2021 prices | +3.9% |
| 1983 | 7.58 billion international-$ in 2021 prices | -9.4% |
| 1984 | 8.31 billion international-$ in 2021 prices | +9.7% |
| 1985 | 8.25 billion international-$ in 2021 prices | -0.8% |
| 1986 | 9.00 billion international-$ in 2021 prices | +9.1% |
| 1987 | 10.08 billion international-$ in 2021 prices | +12.1% |
| 1988 | 10.38 billion international-$ in 2021 prices | +2.9% |
| 1989 | 9.93 billion international-$ in 2021 prices | -4.3% |
| 1990 | 9.92 billion international-$ in 2021 prices | -0.1% |
| 1991 | 10.11 billion international-$ in 2021 prices | +1.9% |
| 1992 | 9.70 billion international-$ in 2021 prices | -4.1% |
| 1993 | 9.85 billion international-$ in 2021 prices | +1.5% |
| 1994 | 10.17 billion international-$ in 2021 prices | +3.3% |
| 1995 | 10.17 billion international-$ in 2021 prices | +0.1% |
| 1996 | 10.43 billion international-$ in 2021 prices | +2.5% |
| 1997 | 11.40 billion international-$ in 2021 prices | +9.3% |
| 1998 | 11.98 billion international-$ in 2021 prices | +5.1% |
| 1999 | 12.81 billion international-$ in 2021 prices | +6.9% |
| 2000 | 12.91 billion international-$ in 2021 prices | +0.7% |
| 2001 | 13.53 billion international-$ in 2021 prices | +4.9% |
| 2002 | 13.65 billion international-$ in 2021 prices | +0.8% |
| 2003 | 13.30 billion international-$ in 2021 prices | -2.5% |
| 2004 | 14.08 billion international-$ in 2021 prices | +5.9% |
| 2005 | 14.59 billion international-$ in 2021 prices | +3.6% |
| 2006 | 13.91 billion international-$ in 2021 prices | -4.7% |
| 2007 | 14.70 billion international-$ in 2021 prices | +5.7% |
| 2008 | 16.91 billion international-$ in 2021 prices | +15.0% |
| 2009 | 16.48 billion international-$ in 2021 prices | -2.6% |
| 2010 | 15.65 billion international-$ in 2021 prices | -5.0% |
| 2011 | 16.09 billion international-$ in 2021 prices | +2.8% |
| 2012 | 16.69 billion international-$ in 2021 prices | +3.7% |
| 2013 | 16.38 billion international-$ in 2021 prices | -1.8% |
| 2014 | 16.59 billion international-$ in 2021 prices | +1.2% |
| 2015 | 17.22 billion international-$ in 2021 prices | +3.8% |
| 2016 | 17.46 billion international-$ in 2021 prices | +1.4% |
| 2017 | 18.01 billion international-$ in 2021 prices | +3.1% |
| 2018 | 18.86 billion international-$ in 2021 prices | +4.7% |
| 2019 | 21.32 billion international-$ in 2021 prices | +13.1% |
| 2020 | 19.98 billion international-$ in 2021 prices | -6.3% |
| 2021 | 21.02 billion international-$ in 2021 prices | +5.2% |
| 2022 | 23.12 billion international-$ in 2021 prices | +10.0% |
| 2023 | 24.49 billion international-$ in 2021 prices | +5.9% |
Iceland compared with similar countries
- Iceland's 24.49 billion international-$ in 2021 prices is below the median for high income countries, which is 277.84 billion international-$ in 2021 prices, 9% of the median. (66 countries reporting)
- Iceland's 24.49 billion international-$ in 2021 prices is below the median for Europe & Central Asia, which is 314.74 billion international-$ in 2021 prices, 8% of the median. (48 countries reporting)
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
- 147 Malta 24.94 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
- 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$), annual growth rate 20.76 % change on previous year (2025)
Frequently asked questions
- What is gross domestic product (gdp) in Iceland?
- Gross domestic product (gdp) in Iceland was 24.49 billion international-$ 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.
Download this data
CSV · JSON — 74 observations, free to reuse under CC BY 4.0 (Our World in Data).
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.