Gross domestic product (GDP) in Iceland
Iceland: Gross domestic product (GDP) was 23.12 billion constant 2015 US$ in 2025. ◆ Volatile
Latest (2025)
23.12 billion constant 2015 US$
Change on year
up 1.3%
World rank
116th
of 209 countries
All-time high
23.12 billion constant 2015 US$
in 2023
All-time low
2.50 billion constant 2015 US$
in 1961
Years of data
66
1960–2025
Gross domestic product (GDP) in Iceland, 1960–2025
Source: National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – with minor processing by Our World in Data. Measured in constant 2015 US$.
Analysis
In 2025, gross domestic product (gdp) in Iceland stood at 23.12 billion constant 2015 US$.
The figure is up 1.3% on the previous year and up 30.6% over ten years.
Over the whole period, gross domestic product (gdp) in Iceland peaked at 23.12 billion constant 2015 US$ in 2023 and was at its lowest, 2.50 billion constant 2015 US$, in 1961.
Iceland ranks 116th of 209 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Gross domestic product (GDP) in Iceland, year by year
| Year | constant 2015 US$ | Change |
|---|---|---|
| 1960 | 2.50 billion constant 2015 US$ | — |
| 1961 | 2.50 billion constant 2015 US$ | -0.1% |
| 1962 | 2.70 billion constant 2015 US$ | +8.3% |
| 1963 | 2.98 billion constant 2015 US$ | +10.3% |
| 1964 | 3.27 billion constant 2015 US$ | +9.9% |
| 1965 | 3.51 billion constant 2015 US$ | +7.3% |
| 1966 | 3.82 billion constant 2015 US$ | +8.8% |
| 1967 | 3.77 billion constant 2015 US$ | -1.3% |
| 1968 | 3.57 billion constant 2015 US$ | -5.5% |
| 1969 | 3.65 billion constant 2015 US$ | +2.4% |
| 1970 | 3.92 billion constant 2015 US$ | +7.5% |
| 1971 | 4.44 billion constant 2015 US$ | +13.1% |
| 1972 | 4.71 billion constant 2015 US$ | +6.2% |
| 1973 | 5.03 billion constant 2015 US$ | +6.8% |
| 1974 | 5.32 billion constant 2015 US$ | +5.7% |
| 1975 | 5.35 billion constant 2015 US$ | +0.6% |
| 1976 | 5.67 billion constant 2015 US$ | +6.0% |
| 1977 | 6.17 billion constant 2015 US$ | +8.8% |
| 1978 | 6.54 billion constant 2015 US$ | +6.0% |
| 1979 | 6.86 billion constant 2015 US$ | +4.9% |
| 1980 | 7.25 billion constant 2015 US$ | +5.7% |
| 1981 | 7.56 billion constant 2015 US$ | +4.3% |
| 1982 | 7.73 billion constant 2015 US$ | +2.2% |
| 1983 | 7.56 billion constant 2015 US$ | -2.2% |
| 1984 | 7.87 billion constant 2015 US$ | +4.1% |
| 1985 | 8.13 billion constant 2015 US$ | +3.3% |
| 1986 | 8.64 billion constant 2015 US$ | +6.3% |
| 1987 | 9.38 billion constant 2015 US$ | +8.5% |
| 1988 | 9.37 billion constant 2015 US$ | -0.1% |
| 1989 | 9.40 billion constant 2015 US$ | +0.3% |
| 1990 | 9.51 billion constant 2015 US$ | +1.2% |
| 1991 | 9.48 billion constant 2015 US$ | -0.2% |
| 1992 | 9.16 billion constant 2015 US$ | -3.4% |
| 1993 | 9.28 billion constant 2015 US$ | +1.3% |
| 1994 | 9.62 billion constant 2015 US$ | +3.6% |
| 1995 | 9.63 billion constant 2015 US$ | +0.1% |
| 1996 | 10.06 billion constant 2015 US$ | +4.5% |
| 1997 | 10.48 billion constant 2015 US$ | +4.1% |
| 1998 | 11.22 billion constant 2015 US$ | +7.0% |
| 1999 | 11.65 billion constant 2015 US$ | +3.9% |
| 2000 | 12.22 billion constant 2015 US$ | +4.9% |
| 2001 | 12.69 billion constant 2015 US$ | +3.8% |
| 2002 | 12.76 billion constant 2015 US$ | +0.5% |
| 2003 | 13.05 billion constant 2015 US$ | +2.3% |
| 2004 | 14.05 billion constant 2015 US$ | +7.6% |
| 2005 | 15.04 billion constant 2015 US$ | +7.0% |
| 2006 | 15.89 billion constant 2015 US$ | +5.7% |
| 2007 | 17.28 billion constant 2015 US$ | +8.7% |
| 2008 | 17.57 billion constant 2015 US$ | +1.7% |
| 2009 | 16.11 billion constant 2015 US$ | -8.3% |
| 2010 | 15.75 billion constant 2015 US$ | -2.2% |
| 2011 | 15.97 billion constant 2015 US$ | +1.4% |
| 2012 | 16.16 billion constant 2015 US$ | +1.2% |
| 2013 | 16.74 billion constant 2015 US$ | +3.6% |
| 2014 | 17.06 billion constant 2015 US$ | +1.9% |
| 2015 | 17.70 billion constant 2015 US$ | +3.8% |
| 2016 | 18.80 billion constant 2015 US$ | +6.2% |
| 2017 | 19.46 billion constant 2015 US$ | +3.5% |
| 2018 | 20.36 billion constant 2015 US$ | +4.7% |
| 2019 | 20.59 billion constant 2015 US$ | +1.1% |
| 2020 | 19.23 billion constant 2015 US$ | -6.6% |
| 2021 | 20.22 billion constant 2015 US$ | +5.2% |
| 2022 | 22.01 billion constant 2015 US$ | +8.9% |
| 2023 | 23.12 billion constant 2015 US$ | +5.0% |
| 2024 | 22.82 billion constant 2015 US$ | -1.3% |
| 2025 | 23.12 billion constant 2015 US$ | +1.3% |
Iceland compared with similar countries
- Iceland's 23.12 billion constant 2015 US$ is below the median for high income countries, which is 76.03 billion constant 2015 US$, 30% of the median. (80 countries reporting)
- Iceland's 23.12 billion constant 2015 US$ is below the median for Europe & Central Asia, which is 71.17 billion constant 2015 US$, 32% of the median. (54 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 3.23 billion constant 2015 US$ | 2.50 billion constant 2015 US$ | 3.82 billion constant 2015 US$ | 10 |
| 1970s | 5.40 billion constant 2015 US$ | 3.92 billion constant 2015 US$ | 6.86 billion constant 2015 US$ | 10 |
| 1980s | 8.29 billion constant 2015 US$ | 7.25 billion constant 2015 US$ | 9.40 billion constant 2015 US$ | 10 |
| 1990s | 10.01 billion constant 2015 US$ | 9.16 billion constant 2015 US$ | 11.65 billion constant 2015 US$ | 10 |
| 2000s | 14.67 billion constant 2015 US$ | 12.22 billion constant 2015 US$ | 17.57 billion constant 2015 US$ | 10 |
| 2010s | 17.86 billion constant 2015 US$ | 15.75 billion constant 2015 US$ | 20.59 billion constant 2015 US$ | 10 |
| 2020s | 21.75 billion constant 2015 US$ | 19.23 billion constant 2015 US$ | 23.12 billion constant 2015 US$ | 6 |
Countries ranked near Iceland
- 113 Georgia 27.07 billion constant 2015 US$ compare
- 114 Zimbabwe 25.48 billion constant 2015 US$ compare
- 115 Mali 23.53 billion constant 2015 US$ compare
- 117 Trinidad and Tobago 22.15 billion constant 2015 US$ compare
- 118 Laos 22.10 billion constant 2015 US$ compare
- 119 Bosnia and Herzegovina 21.80 billion constant 2015 US$ 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$), annual growth rate 20.76 % change on previous year (2025)
Frequently asked questions
- What is gross domestic product (gdp) in Iceland?
- Gross domestic product (gdp) in Iceland was 23.12 billion constant 2015 US$ in 2025, according to National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – with minor processing by Our World in Data.
- What is the highest gross domestic product (gdp) recorded in Iceland?
- The highest recorded value was 23.12 billion constant 2015 US$ in 2023.
- What is the lowest gross domestic product (gdp) recorded in Iceland?
- The lowest recorded value was 2.50 billion constant 2015 US$ in 1961.
- How does Iceland rank for gross domestic product (gdp)?
- Iceland ranks 116th out of 209 countries with data for 2025.
- Is gross domestic product (gdp) rising or falling in Iceland?
- Over the last ten years it is up 30.6%. 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) – with minor 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
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About this data
Total economic output of a country or region per year. This data is adjusted by inflation but _does not_ account for differences in living costs between countries.