Gross Domestic Product — Annual growth Standard Local Currency in Iceland
Iceland: Gross Domestic Product — Annual growth Standard Local Currency was 6.4 % in 2024. ◆ Volatile
Gross Domestic Product — Annual growth Standard Local Currency in Iceland, 1971–2024
Source: Food and Agriculture Organization of the United Nations. Measured in %.
Analysis
Iceland recorded 6.4 % for gross domestic product — annual growth standard local currency in 2024.
That represents a change of down 41.9% on the previous year and up 8.6% over ten years.
Over the whole period, gross domestic product — annual growth standard local currency in Iceland peaked at 73.49 % in 1983 and was at its lowest, -3.2 %, in 2020.
That places Iceland 110th out of 202 countries with data for 2024, putting it 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 — Annual growth Standard Local Currency in Iceland, year by year
| Year | % | Change |
|---|---|---|
| 1971 | 27.25 % | — |
| 1972 | 25.64 % | -5.9% |
| 1973 | 40.4 % | +57.6% |
| 1974 | 45.55 % | +12.7% |
| 1975 | 42.78 % | -6.1% |
| 1976 | 40.65 % | -5.0% |
| 1977 | 44.41 % | +9.3% |
| 1978 | 55.05 % | +23.9% |
| 1979 | 47.75 % | -13.3% |
| 1980 | 61.24 % | +28.3% |
| 1981 | 55.55 % | -9.3% |
| 1982 | 56.96 % | +2.5% |
| 1983 | 73.49 % | +29.0% |
| 1984 | 32.12 % | -56.3% |
| 1985 | 36.43 % | +13.4% |
| 1986 | 32.4 % | -11.1% |
| 1987 | 30.2 % | -6.8% |
| 1988 | 23.02 % | -23.8% |
| 1989 | 23.19 % | +0.7% |
| 1990 | 16.52 % | -28.8% |
| 1991 | 8.12 % | -50.8% |
| 1992 | -0.041 % | -100.5% |
| 1993 | 3.17 % | -7833.9% |
| 1994 | 6.31 % | +99.0% |
| 1995 | 3.12 % | -50.6% |
| 1996 | 7.16 % | +129.6% |
| 1997 | 8.68 % | +21.3% |
| 1998 | 12.42 % | +43.1% |
| 1999 | 7.67 % | -38.2% |
| 2000 | 9.21 % | +20.0% |
| 2001 | 13.07 % | +41.9% |
| 2002 | 6.46 % | -50.5% |
| 2003 | 2.65 % | -59.1% |
| 2004 | 10.69 % | +304.0% |
| 2005 | 9.38 % | -12.2% |
| 2006 | 15.48 % | +65.0% |
| 2007 | 13.15 % | -15.0% |
| 2008 | 14.61 % | +11.1% |
| 2009 | 2.31 % | -84.2% |
| 2010 | 3.36 % | +45.1% |
| 2011 | 5 % | +49.0% |
| 2012 | 4.54 % | -9.2% |
| 2013 | 6.77 % | +49.2% |
| 2014 | 5.9 % | -12.9% |
| 2015 | 10.76 % | +82.4% |
| 2016 | 8.71 % | -19.1% |
| 2017 | 5.17 % | -40.6% |
| 2018 | 7.65 % | +47.9% |
| 2019 | 6.4 % | -16.3% |
| 2020 | -3.2 % | -150.0% |
| 2021 | 11.96 % | -473.4% |
| 2022 | 18.68 % | +56.1% |
| 2023 | 11.02 % | -41.0% |
| 2024 | 6.4 % | -41.9% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 41.05 % | 25.64 % | 55.05 % | 9 |
| 1980s | 42.46 % | 23.02 % | 73.49 % | 10 |
| 1990s | 7.31 % | -0.041 % | 16.52 % | 10 |
| 2000s | 9.7 % | 2.31 % | 15.48 % | 10 |
| 2010s | 6.43 % | 3.36 % | 10.76 % | 10 |
| 2020s | 8.97 % | -3.2 % | 18.68 % | 5 |
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)
- Gross capital formation (current US$), annual growth rate 17.72 % change on previous year (2025)
- Gross capital formation (current US$), per unit of GDP 0.2657 current US$ per US$ of GDP (2025)
- Gross capital formation (current US$), per capita 26,128 current US$ per person (2025)
- Gross capital formation (current LCU), annual growth rate 9.6 % change on previous year (2025)
- Gross capital formation (current LCU), per unit of GDP 34.13 current LCU per US$ of GDP (2025)
- Gross capital formation (current LCU), per capita 3.36 million current LCU per person (2025)
- Gross capital formation (constant 2015 US$), annual growth rate 5.88 % change on previous year (2025)
- Gross capital formation (constant 2015 US$), per unit of GDP 0.1585 constant 2015 US$ per US$ of GDP (2025)
Frequently asked questions
- What is gross domestic product — annual growth standard local currency in Iceland?
- Gross domestic product — annual growth standard local currency in Iceland was 6.4 % in 2024, according to Food and Agriculture Organization of the United Nations.
- What is the highest gross domestic product — annual growth standard local currency recorded in Iceland?
- The highest recorded value was 73.49 % in 1983.
- What is the lowest gross domestic product — annual growth standard local currency recorded in Iceland?
- The lowest recorded value was -3.2 % in 2020.
- How does Iceland rank for gross domestic product — annual growth standard local currency?
- Iceland ranks 110th out of 202 countries with data for 2024.
- Is gross domestic product — annual growth standard local currency rising or falling in Iceland?
- Over the last ten years it is up 8.6%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from Food and Agriculture Organization of the United Nations, published as part of Gross Domestic Product — Annual growth Standard Local Currency. Statizoid updates them automatically from the source API.
Download this data
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About this data
The FAOSTAT Macro Indicators database provides a selection of country-level macro indicators relating to total economy (Gross Domestic Product, Gross Fixed Capital Formation); agriculture activity; agriculture, forestry and fishing activity; total manufacturing activity; manufacturing of food products and beverages activity; manufacturing activity of tobacco products; and manufacturing activity of food, beverage and tobacco products.It releases time series for a selection of National Accounts variables, including gross domestic product, gross fixed capital formation, industry-level value added and gross output. The database also proposes additional indicators such as gross domestic product per capita, year-on-year growth rates and measures of industry contribution to gross domestic product. All data relating to Gross Domestic Product, Gross Fixed Capital Formation, agriculture, forestry and fishing activity, and to total manufacturing activity originates from the United Nations Statistics Division (UNSD) National Accounts Estimates of Main Aggregates database, which consists of a complete and consistent set of time series of the main National Accounts aggregates of all UN Members States and other territories in the world for which National Accounts information is available. The UNSD database's content is based on the countries' official National Accounts data reported to UNSD through the annual National Accounts Questionnaire, supplemented with data estimates for any years and countries with incomplete or inconsistent information (See http://unstats.un.org/unsd/snaama/Introduction.asp). Data series relating to the sub-industry Agriculture activity are obtained from the UNSD national accounts Official Country Data databases while series on the Manufacturing activity of food and beverages products, manufacturing activity of tobacco products and manufacturing activity of food, beverages and tobacco products originates from the United Nations Industrial Development Organization (UNIDO) INDSTAT2 database. In order to ensure that sub-industry series are consistent in levels with National Accounts based series, which is needed to support comparability across industries (agriculture vs. agro-industry and sub-industries), UNIDO originating series are rescaled on UNSD National Accounts Estimates of Main Aggregates data series (See Section 17.5 for a more detailed description of the data processing steps).