Gross domestic product (GDP), annual growth rate (Bolt) in Iceland
Iceland: Gross domestic product (GDP), annual growth rate (Bolt) was 6.44 % change on previous year in 2022. ◆ Volatile
Latest (2022)
6.44 % change on previous year
Change on year
up 48.7%
World rank
29th
of 166 countries
All-time high
13.07 % change on previous year
in 1971
All-time low
-7.67 % change on previous year
in 2009
Years of data
72
1951–2022
Gross domestic product (GDP), annual growth rate in Iceland, 1951–2022
Source: Statizoid (derived). Measured in % change on previous year.
Analysis
In 2022, gross domestic product (gdp), annual growth rate in Iceland stood at 6.44 % change on previous year.
Compared with earlier readings it is up 48.7% on the previous year and up 506.0% over ten years.
Over the whole period, gross domestic product (gdp), annual growth rate in Iceland peaked at 13.07 % change on previous year in 1971 and was at its lowest, -7.67 % change on previous year, in 2009.
Iceland ranks 29th of 166 countries on this measure, in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Gross domestic product (GDP), annual growth rate (Bolt) in Iceland, year by year
| Year | % change on previous year | Change |
|---|---|---|
| 1951 | -3.15 % change on previous year | — |
| 1952 | 10.96 % change on previous year | -448.5% |
| 1953 | 2.81 % change on previous year | -74.4% |
| 1954 | 8.78 % change on previous year | +213.0% |
| 1955 | 9.29 % change on previous year | +5.7% |
| 1956 | 4.39 % change on previous year | -52.7% |
| 1957 | -0.0937 % change on previous year | -102.1% |
| 1958 | 7.18 % change on previous year | -7762.9% |
| 1959 | 3.39 % change on previous year | -52.7% |
| 1960 | 4.51 % change on previous year | +32.9% |
| 1961 | -0.413 % change on previous year | -109.2% |
| 1962 | 8.47 % change on previous year | -2149.8% |
| 1963 | 10.18 % change on previous year | +20.2% |
| 1964 | 10.21 % change on previous year | +0.3% |
| 1965 | 7.25 % change on previous year | -29.0% |
| 1966 | 8.64 % change on previous year | +19.1% |
| 1967 | -1.24 % change on previous year | -114.3% |
| 1968 | -5.58 % change on previous year | +350.7% |
| 1969 | 2.55 % change on previous year | -145.6% |
| 1970 | 7.47 % change on previous year | +193.3% |
| 1971 | 13.07 % change on previous year | +75.0% |
| 1972 | 6.19 % change on previous year | -52.6% |
| 1973 | 6.8 % change on previous year | +9.8% |
| 1974 | 5.7 % change on previous year | -16.1% |
| 1975 | 0.6249 % change on previous year | -89.0% |
| 1976 | 5.99 % change on previous year | +858.0% |
| 1977 | 8.82 % change on previous year | +47.3% |
| 1978 | 6.03 % change on previous year | -31.7% |
| 1979 | 4.83 % change on previous year | -19.8% |
| 1980 | 5.75 % change on previous year | +19.0% |
| 1981 | 4.28 % change on previous year | -25.6% |
| 1982 | 2.16 % change on previous year | -49.5% |
| 1983 | -2.17 % change on previous year | -200.4% |
| 1984 | 4.12 % change on previous year | -290.4% |
| 1985 | 3.31 % change on previous year | -19.7% |
| 1986 | 6.27 % change on previous year | +89.4% |
| 1987 | 8.53 % change on previous year | +36.0% |
| 1988 | -0.088 % change on previous year | -101.0% |
| 1989 | 0.1592 % change on previous year | -280.8% |
| 1990 | 1.16 % change on previous year | +629.0% |
| 1991 | -0.5068 % change on previous year | -143.7% |
| 1992 | -3.81 % change on previous year | +651.2% |
| 1993 | 0.9385 % change on previous year | -124.6% |
| 1994 | 3.18 % change on previous year | +238.7% |
| 1995 | -0.2862 % change on previous year | -109.0% |
| 1996 | 4.41 % change on previous year | -1640.1% |
| 1997 | 6.66 % change on previous year | +51.1% |
| 1998 | 6.15 % change on previous year | -7.7% |
| 1999 | 3.63 % change on previous year | -41.0% |
| 2000 | 4.35 % change on previous year | +19.8% |
| 2001 | 3.49 % change on previous year | -19.8% |
| 2002 | -0.0898 % change on previous year | -102.6% |
| 2003 | 1.94 % change on previous year | -2265.1% |
| 2004 | 7.96 % change on previous year | +309.6% |
| 2005 | 5.81 % change on previous year | -27.1% |
| 2006 | 5.07 % change on previous year | -12.6% |
| 2007 | 8.69 % change on previous year | +71.3% |
| 2008 | 1.82 % change on previous year | -79.1% |
| 2009 | -7.67 % change on previous year | -522.7% |
| 2010 | -4.15 % change on previous year | -45.9% |
| 2011 | 1.61 % change on previous year | -138.7% |
| 2012 | 1.06 % change on previous year | -33.8% |
| 2013 | 4.55 % change on previous year | +328.0% |
| 2014 | 1.69 % change on previous year | -62.9% |
| 2015 | 4.44 % change on previous year | +163.0% |
| 2016 | 6.3 % change on previous year | +42.1% |
| 2017 | 4.19 % change on previous year | -33.5% |
| 2018 | 4.89 % change on previous year | +16.6% |
| 2019 | 1.8 % change on previous year | -63.1% |
| 2020 | -7.24 % change on previous year | -501.2% |
| 2021 | 4.33 % change on previous year | -159.8% |
| 2022 | 6.44 % change on previous year | +48.7% |
Iceland compared with similar countries
- Iceland's 6.44 % change on previous year is above the median for high income countries, which is 3.67 % change on previous year, 1.8× the median. (55 countries reporting)
- Iceland's 6.44 % change on previous year is above the median for Europe & Central Asia, which is 3.71 % change on previous year, 1.7× the median. (48 countries reporting)
Biggest year-on-year movements
Years where Gross domestic product (GDP), annual growth rate (Bolt) in Iceland changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 1958 | +7762.9% | -0.0937 % change on previous year | 7.18 % change on previous year |
| 2003 | +2265.1% | -0.0898 % change on previous year | 1.94 % change on previous year |
| 1962 | +2149.8% | -0.413 % change on previous year | 8.47 % change on previous year |
| 1996 | +1640.1% | -0.2862 % change on previous year | 4.41 % change on previous year |
| 1976 | +858.0% | 0.6249 % change on previous year | 5.99 % change on previous year |
| 1992 | -651.2% | -0.5068 % change on previous year | -3.81 % change on previous year |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1950s | 4.84 % change on previous year | -3.15 % change on previous year | 10.96 % change on previous year | 9 |
| 1960s | 4.46 % change on previous year | -5.58 % change on previous year | 10.21 % change on previous year | 10 |
| 1970s | 6.55 % change on previous year | 0.6249 % change on previous year | 13.07 % change on previous year | 10 |
| 1980s | 3.23 % change on previous year | -2.17 % change on previous year | 8.53 % change on previous year | 10 |
| 1990s | 2.15 % change on previous year | -3.81 % change on previous year | 6.66 % change on previous year | 10 |
| 2000s | 3.14 % change on previous year | -7.67 % change on previous year | 8.69 % change on previous year | 10 |
| 2010s | 2.64 % change on previous year | -4.15 % change on previous year | 6.3 % change on previous year | 10 |
| 2020s | 1.18 % change on previous year | -7.24 % change on previous year | 6.44 % change on previous year | 3 |
Countries ranked near Iceland
- 26 Cote d'Ivoire 6.7 % change on previous year compare
- 27 Portugal 6.69 % change on previous year compare
- 28 Democratic Republic of Congo 6.63 % change on previous year compare
- 30 Botswana 6.43 % change on previous year compare
- 31 Israel 6.43 % change on previous year compare
- 32 Montenegro 6.41 % change on previous year 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)
- SDRs holdings, US dollar, annual growth rate 5.55 % change on previous year (2025)
- SDRs holdings, US dollar, per unit of GDP 0.0153 units per US$ of GDP (2025)
- SDRs holdings, US dollar, per capita 1,500 units per person (2025)
- SDRs holdings, SDR, annual growth rate 0.5124 % change on previous year (2025)
- SDRs holdings, SDR, per unit of GDP 0.0111 units per US$ of GDP (2025)
- SDRs holdings, SDR, per capita 1,095 units per person (2025)
- IMF holdings of currency, US dollar, annual growth rate 5.01 % change on previous year (2025)
- IMF holdings of currency, US dollar, per unit of GDP 0.0089 units per US$ of GDP (2025)
Frequently asked questions
- What is gross domestic product (gdp), annual growth rate in Iceland?
- Gross domestic product (gdp), annual growth rate in Iceland was 6.44 % change on previous year in 2022, according to Statizoid (derived).
- What is the highest gross domestic product (gdp), annual growth rate recorded in Iceland?
- The highest recorded value was 13.07 % change on previous year in 1971.
- What is the lowest gross domestic product (gdp), annual growth rate recorded in Iceland?
- The lowest recorded value was -7.67 % change on previous year in 2009.
- How does Iceland rank for gross domestic product (gdp), annual growth rate?
- Iceland ranks 29th out of 166 countries with data for 2022.
- Is gross domestic product (gdp), annual growth rate rising or falling in Iceland?
- Over the last ten years it is up 506.0%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from Statizoid (derived), published as part of Gross domestic product (GDP), annual growth rate. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 72 observations, free to reuse under Derived by Statizoid from the sources named on the page.
How this figure is calculated
The year-on-year percentage change in Gross domestic product (GDP). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.
Computed from
- Gross domestic product (GDP) Bolt and van Zanden – Maddison Project Database 2023 – with major processing by Our World in Data
Statizoid computes this series; the underlying measurements belong to the publishers named above. The arithmetic is applied to every country and year where both inputs report, and nothing is estimated unless the page says so.
About this data
The year-on-year percentage change in Gross domestic product (GDP). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.