Gross Domestic Product — Value US$ in Iceland
Iceland: Gross Domestic Product — Value US$ was 33,328 million USD in 2024. ◆ Volatile
Gross Domestic Product — Value US$ 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$ in Iceland stood at 33,328 million USD. 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 86.5% over ten years.
Over the whole period, gross domestic product — value us$ in Iceland peaked at 33,328 million USD in 2024 and was at its lowest, 526.71 million USD, in 1970.
That places Iceland 121st out of 236 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 US$ in Iceland, year by year
| Year | million USD | Change |
|---|---|---|
| 1970 | 526.71 million USD | — |
| 1971 | 670.25 million USD | +27.3% |
| 1972 | 839.65 million USD | +25.3% |
| 1973 | 1,154 million USD | +37.5% |
| 1974 | 1,515 million USD | +31.3% |
| 1975 | 1,407 million USD | -7.1% |
| 1976 | 1,669 million USD | +18.7% |
| 1977 | 2,209 million USD | +32.3% |
| 1978 | 2,512 million USD | +13.7% |
| 1979 | 2,853 million USD | +13.6% |
| 1980 | 3,381 million USD | +18.5% |
| 1981 | 3,493 million USD | +3.3% |
| 1982 | 3,207 million USD | -8.2% |
| 1983 | 2,766 million USD | -13.7% |
| 1984 | 2,864 million USD | +3.6% |
| 1985 | 2,984 million USD | +4.2% |
| 1986 | 3,990 million USD | +33.7% |
| 1987 | 5,520 million USD | +38.4% |
| 1988 | 6,107 million USD | +10.6% |
| 1989 | 5,673 million USD | -7.1% |
| 1990 | 6,469 million USD | +14.0% |
| 1991 | 6,910 million USD | +6.8% |
| 1992 | 7,081 million USD | +2.5% |
| 1993 | 6,219 million USD | -12.2% |
| 1994 | 6,389 million USD | +2.7% |
| 1995 | 7,124 million USD | +11.5% |
| 1996 | 7,426 million USD | +4.2% |
| 1997 | 7,570 million USD | +1.9% |
| 1998 | 8,504 million USD | +12.3% |
| 1999 | 8,982 million USD | +5.6% |
| 2000 | 9,026 million USD | +0.5% |
| 2001 | 8,235 million USD | -8.8% |
| 2002 | 9,318 million USD | +13.2% |
| 2003 | 11,429 million USD | +22.7% |
| 2004 | 13,825 million USD | +21.0% |
| 2005 | 16,853 million USD | +21.9% |
| 2006 | 17,465 million USD | +3.6% |
| 2007 | 21,652 million USD | +24.0% |
| 2008 | 18,075 million USD | -16.5% |
| 2009 | 13,154 million USD | -27.2% |
| 2010 | 13,751 million USD | +4.5% |
| 2011 | 15,222 million USD | +10.7% |
| 2012 | 14,752 million USD | -3.1% |
| 2013 | 16,125 million USD | +9.3% |
| 2014 | 17,868 million USD | +10.8% |
| 2015 | 17,517 million USD | -2.0% |
| 2016 | 20,793 million USD | +18.7% |
| 2017 | 24,728 million USD | +18.9% |
| 2018 | 26,261 million USD | +6.2% |
| 2019 | 24,681 million USD | -6.0% |
| 2020 | 21,630 million USD | -12.4% |
| 2021 | 25,825 million USD | +19.4% |
| 2022 | 28,770 million USD | +11.4% |
| 2023 | 31,325 million USD | +8.9% |
| 2024 | 33,328 million USD | +6.4% |
Iceland compared with similar countries
- Iceland's 33,328 million USD is below the median for high income countries, which is 95,350 million USD, 35% of the median. (73 countries reporting)
- Iceland's 33,328 million USD is below the median for Europe & Central Asia, which is 97,163 million USD, 34% of the median. (52 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 1,536 million USD | 526.71 million USD | 2,853 million USD | 10 |
| 1980s | 3,998 million USD | 2,766 million USD | 6,107 million USD | 10 |
| 1990s | 7,267 million USD | 6,219 million USD | 8,982 million USD | 10 |
| 2000s | 13,903 million USD | 8,235 million USD | 21,652 million USD | 10 |
| 2010s | 19,170 million USD | 13,751 million USD | 26,261 million USD | 10 |
| 2020s | 28,176 million USD | 21,630 million USD | 33,328 million USD | 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)
- 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 — value us$ in Iceland?
- Gross domestic product — value us$ in Iceland was 33,328 million USD in 2024, according to Food and Agriculture Organization of the United Nations.
- What is the highest gross domestic product — value us$ recorded in Iceland?
- The highest recorded value was 33,328 million USD in 2024.
- What is the lowest gross domestic product — value us$ recorded in Iceland?
- The lowest recorded value was 526.71 million USD in 1970.
- How does Iceland rank for gross domestic product — value us$?
- Iceland ranks 121st out of 236 countries with data for 2024.
- Is gross domestic product — value us$ rising or falling in Iceland?
- Over the last ten years it is up 86.5%. 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 US$. 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).