Gross Domestic Product — Value Standard Local Currency in Iceland
Iceland: Gross Domestic Product — Value Standard Local Currency was 4.60 million million SLC in 2024. ◆ Volatile
Gross Domestic Product — Value Standard Local Currency in Iceland, 1970–2024
Source: Food and Agriculture Organization of the United Nations. Measured in million SLC.
Analysis
Iceland recorded 4.60 million million SLC for gross domestic product — value standard local currency in 2024. That is the highest value across all 55 years on record.
Compared with earlier readings it is up 6.4% on the previous year and up 120.4% over ten years.
Over the whole period, gross domestic product — value standard local currency in Iceland peaked at 4.60 million million SLC in 2024 and was at its lowest, 463.5 million SLC, in 1970.
That places Iceland 73rd out of 218 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 — Value Standard Local Currency in Iceland, year by year
| Year | million SLC | Change |
|---|---|---|
| 1970 | 463.5 million SLC | — |
| 1971 | 589.82 million SLC | +27.3% |
| 1972 | 741.08 million SLC | +25.6% |
| 1973 | 1,040 million SLC | +40.4% |
| 1974 | 1,514 million SLC | +45.5% |
| 1975 | 2,162 million SLC | +42.8% |
| 1976 | 3,041 million SLC | +40.6% |
| 1977 | 4,392 million SLC | +44.4% |
| 1978 | 6,810 million SLC | +55.0% |
| 1979 | 10,061 million SLC | +47.7% |
| 1980 | 16,223 million SLC | +61.2% |
| 1981 | 25,234 million SLC | +55.5% |
| 1982 | 39,607 million SLC | +57.0% |
| 1983 | 68,714 million SLC | +73.5% |
| 1984 | 90,785 million SLC | +32.1% |
| 1985 | 123,861 million SLC | +36.4% |
| 1986 | 163,990 million SLC | +32.4% |
| 1987 | 213,510 million SLC | +30.2% |
| 1988 | 262,671 million SLC | +23.0% |
| 1989 | 323,574 million SLC | +23.2% |
| 1990 | 377,023 million SLC | +16.5% |
| 1991 | 407,649 million SLC | +8.1% |
| 1992 | 407,481 million SLC | -0.0% |
| 1993 | 420,396 million SLC | +3.2% |
| 1994 | 446,907 million SLC | +6.3% |
| 1995 | 460,840 million SLC | +3.1% |
| 1996 | 493,834 million SLC | +7.2% |
| 1997 | 536,722 million SLC | +8.7% |
| 1998 | 603,408 million SLC | +12.4% |
| 1999 | 649,719 million SLC | +7.7% |
| 2000 | 709,561 million SLC | +9.2% |
| 2001 | 802,277 million SLC | +13.1% |
| 2002 | 854,140 million SLC | +6.5% |
| 2003 | 876,733 million SLC | +2.6% |
| 2004 | 970,422 million SLC | +10.7% |
| 2005 | 1.06 million million SLC | +9.4% |
| 2006 | 1.23 million million SLC | +15.5% |
| 2007 | 1.39 million million SLC | +13.2% |
| 2008 | 1.59 million million SLC | +14.6% |
| 2009 | 1.63 million million SLC | +2.3% |
| 2010 | 1.68 million million SLC | +3.4% |
| 2011 | 1.77 million million SLC | +5.0% |
| 2012 | 1.85 million million SLC | +4.5% |
| 2013 | 1.97 million million SLC | +6.8% |
| 2014 | 2.09 million million SLC | +5.9% |
| 2015 | 2.31 million million SLC | +10.8% |
| 2016 | 2.51 million million SLC | +8.7% |
| 2017 | 2.64 million million SLC | +5.2% |
| 2018 | 2.84 million million SLC | +7.6% |
| 2019 | 3.03 million million SLC | +6.4% |
| 2020 | 2.93 million million SLC | -3.2% |
| 2021 | 3.28 million million SLC | +12.0% |
| 2022 | 3.89 million million SLC | +18.7% |
| 2023 | 4.32 million million SLC | +11.0% |
| 2024 | 4.60 million million SLC | +6.4% |
Iceland compared with similar countries
- Iceland's 4.60 million million SLC is above the median for high income countries, which is 257,567 million SLC, 17.9× the median. (72 countries reporting)
- Iceland's 4.60 million million SLC is above the median for Europe & Central Asia, which is 507,692 million SLC, 9.1× the median. (52 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 3,082 million SLC | 463.5 million SLC | 10,061 million SLC | 10 |
| 1980s | 132,817 million SLC | 16,223 million SLC | 323,574 million SLC | 10 |
| 1990s | 480,398 million SLC | 377,023 million SLC | 649,719 million SLC | 10 |
| 2000s | 1.11 million million SLC | 709,561 million SLC | 1.63 million million SLC | 10 |
| 2010s | 2.27 million million SLC | 1.68 million million SLC | 3.03 million million SLC | 10 |
| 2020s | 3.80 million million SLC | 2.93 million million SLC | 4.60 million million SLC | 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)
- 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 — value standard local currency in Iceland?
- Gross domestic product — value standard local currency in Iceland was 4.60 million million SLC in 2024, according to Food and Agriculture Organization of the United Nations.
- What is the highest gross domestic product — value standard local currency recorded in Iceland?
- The highest recorded value was 4.60 million million SLC in 2024.
- What is the lowest gross domestic product — value standard local currency recorded in Iceland?
- The lowest recorded value was 463.5 million SLC in 1970.
- How does Iceland rank for gross domestic product — value standard local currency?
- Iceland ranks 73rd out of 218 countries with data for 2024.
- Is gross domestic product — value standard local currency rising or falling in Iceland?
- Over the last ten years it is up 120.4%. 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 — Value 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).