Gross Domestic Product — Value US$, 2015 prices in Iceland
Iceland: Gross Domestic Product — Value US$, 2015 prices was 23,366 million USD in 2024. ▲ Rising
Gross Domestic Product — Value US$, 2015 prices in Iceland, 1970–2024
Source: Food and Agriculture Organization of the United Nations. Measured in million USD.
Analysis
In 2024, gross domestic product — value us$, 2015 prices in Iceland stood at 23,366 million USD. That is the highest value across all 55 years on record.
That represents a change of up 0.5% on the previous year and up 39.3% over ten years.
Over the whole period, gross domestic product — value us$, 2015 prices in Iceland peaked at 23,366 million USD in 2024 and was at its lowest, 3,725 million USD, in 1970.
Iceland ranks 110th of 203 countries on this measure, in the middle of the range.
The long-run direction has been consistently rising across the 55 years of available data.
Gross Domestic Product — Value US$, 2015 prices in Iceland, year by year
| Year | million USD | Change |
|---|---|---|
| 1970 | 3,725 million USD | — |
| 1971 | 4,211 million USD | +13.1% |
| 1972 | 4,471 million USD | +6.2% |
| 1973 | 4,776 million USD | +6.8% |
| 1974 | 5,048 million USD | +5.7% |
| 1975 | 5,081 million USD | +0.6% |
| 1976 | 5,384 million USD | +6.0% |
| 1977 | 5,859 million USD | +8.8% |
| 1978 | 6,211 million USD | +6.0% |
| 1979 | 6,513 million USD | +4.9% |
| 1980 | 6,887 million USD | +5.7% |
| 1981 | 7,181 million USD | +4.3% |
| 1982 | 7,336 million USD | +2.2% |
| 1983 | 7,178 million USD | -2.2% |
| 1984 | 7,474 million USD | +4.1% |
| 1985 | 7,721 million USD | +3.3% |
| 1986 | 8,205 million USD | +6.3% |
| 1987 | 8,906 million USD | +8.5% |
| 1988 | 8,898 million USD | -0.1% |
| 1989 | 8,921 million USD | +0.3% |
| 1990 | 9,025 million USD | +1.2% |
| 1991 | 9,005 million USD | -0.2% |
| 1992 | 8,701 million USD | -3.4% |
| 1993 | 8,816 million USD | +1.3% |
| 1994 | 9,134 million USD | +3.6% |
| 1995 | 9,144 million USD | +0.1% |
| 1996 | 9,562 million USD | +4.6% |
| 1997 | 10,114 million USD | +5.8% |
| 1998 | 10,858 million USD | +7.4% |
| 1999 | 11,297 million USD | +4.0% |
| 2000 | 11,860 million USD | +5.0% |
| 2001 | 12,336 million USD | +4.0% |
| 2002 | 12,405 million USD | +0.6% |
| 2003 | 12,670 million USD | +2.1% |
| 2004 | 13,659 million USD | +7.8% |
| 2005 | 14,496 million USD | +6.1% |
| 2006 | 15,411 million USD | +6.3% |
| 2007 | 16,714 million USD | +8.5% |
| 2008 | 17,084 million USD | +2.2% |
| 2009 | 15,774 million USD | -7.7% |
| 2010 | 15,328 million USD | -2.8% |
| 2011 | 15,610 million USD | +1.8% |
| 2012 | 15,776 million USD | +1.1% |
| 2013 | 16,495 million USD | +4.6% |
| 2014 | 16,773 million USD | +1.7% |
| 2015 | 17,517 million USD | +4.4% |
| 2016 | 18,621 million USD | +6.3% |
| 2017 | 19,403 million USD | +4.2% |
| 2018 | 20,351 million USD | +4.9% |
| 2019 | 20,730 million USD | +1.9% |
| 2020 | 19,291 million USD | -6.9% |
| 2021 | 20,305 million USD | +5.3% |
| 2022 | 22,131 million USD | +9.0% |
| 2023 | 23,246 million USD | +5.0% |
| 2024 | 23,366 million USD | +0.5% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 5,128 million USD | 3,725 million USD | 6,513 million USD | 10 |
| 1980s | 7,871 million USD | 6,887 million USD | 8,921 million USD | 10 |
| 1990s | 9,566 million USD | 8,701 million USD | 11,297 million USD | 10 |
| 2000s | 14,241 million USD | 11,860 million USD | 17,084 million USD | 10 |
| 2010s | 17,660 million USD | 15,328 million USD | 20,730 million USD | 10 |
| 2020s | 21,668 million USD | 19,291 million USD | 23,366 million USD | 5 |
Countries ranked near Iceland
- 107 Papua New Guinea 26,696 million USD compare
- 108 Georgia 25,046 million USD compare
- 109 Zimbabwe 23,616 million USD compare
- 111 Mali 22,403 million USD compare
- 112 Trinidad and Tobago 22,139 million USD compare
- 113 Bosnia and Herzegovina 21,214 million USD 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)
- Gross value added at basic prices (GVA) (current LCU), annual growth 9.45 % change on previous year (2025)
- Gross value added at basic prices (GVA) (current LCU), per unit of GDP 115.52 current LCU per US$ of GDP (2025)
- Gross value added at basic prices (GVA) (current LCU), per capita 11.36 million current LCU per person (2025)
- Gross value added at basic prices (GVA) (constant 2015 US$), annual 1.28 % change on previous year (2025)
- Gross value added at basic prices (GVA) (constant 2015 US$), per unit 0.5382 constant 2015 US$ per US$ of GDP (2025)
- Gross value added at basic prices (GVA) (constant 2015 US$), per 52,920 constant 2015 US$ per person (2025)
- Gross value added at basic prices (GVA) (constant LCU), annual growth 1.28 % change on previous year (2025)
- Gross value added at basic prices (GVA) (constant LCU), per unit of 83.85 constant LCU per US$ of GDP (2025)
Frequently asked questions
- What is gross domestic product — value us$, 2015 prices in Iceland?
- Gross domestic product — value us$, 2015 prices in Iceland was 23,366 million USD in 2024, according to Food and Agriculture Organization of the United Nations.
- What is the highest gross domestic product — value us$, 2015 prices recorded in Iceland?
- The highest recorded value was 23,366 million USD in 2024.
- What is the lowest gross domestic product — value us$, 2015 prices recorded in Iceland?
- The lowest recorded value was 3,725 million USD in 1970.
- How does Iceland rank for gross domestic product — value us$, 2015 prices?
- Iceland ranks 110th out of 203 countries with data for 2024.
- Is gross domestic product — value us$, 2015 prices rising or falling in Iceland?
- Over the last ten years it is up 39.3%. The long-run trend across the full record is rising.
- 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 US$, 2015 prices. Statizoid updates them automatically from the source API.
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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).