Gross value added at basic prices (GVA) in Iceland
Iceland: Gross value added at basic prices (GVA) was 3.24 trillion constant LCU in 2025. ▲ Rising
Gross value added at basic prices (GVA) in Iceland, 1995–2025
Source: Country official statistics, National Statistical Offices (NSOs). Measured in constant LCU.
Analysis
In 2025, gross value added at basic prices (gva) in Iceland stood at 3.24 trillion constant LCU.
The figure is up 1.3% on the previous year and up 30.6% over ten years.
Over the whole period, gross value added at basic prices (gva) in Iceland peaked at 3.24 trillion constant LCU in 2023 and was at its lowest, 1.35 trillion constant LCU, in 1995.
That places Iceland 62nd out of 198 countries with data for 2025, putting it in the middle of the range.
The long-run direction has been consistently rising across the 31 years of available data.
Gross value added at basic prices (GVA) in Iceland, year by year
| Year | constant LCU | Change |
|---|---|---|
| 1995 | 1.35 trillion constant LCU | — |
| 1996 | 1.41 trillion constant LCU | +4.5% |
| 1997 | 1.47 trillion constant LCU | +4.1% |
| 1998 | 1.57 trillion constant LCU | +7.0% |
| 1999 | 1.63 trillion constant LCU | +3.9% |
| 2000 | 1.71 trillion constant LCU | +4.9% |
| 2001 | 1.78 trillion constant LCU | +3.8% |
| 2002 | 1.79 trillion constant LCU | +0.5% |
| 2003 | 1.83 trillion constant LCU | +2.3% |
| 2004 | 1.97 trillion constant LCU | +7.6% |
| 2005 | 2.10 trillion constant LCU | +7.0% |
| 2006 | 2.22 trillion constant LCU | +5.7% |
| 2007 | 2.42 trillion constant LCU | +8.7% |
| 2008 | 2.46 trillion constant LCU | +1.7% |
| 2009 | 2.25 trillion constant LCU | -8.3% |
| 2010 | 2.20 trillion constant LCU | -2.2% |
| 2011 | 2.24 trillion constant LCU | +1.4% |
| 2012 | 2.26 trillion constant LCU | +1.2% |
| 2013 | 2.34 trillion constant LCU | +3.6% |
| 2014 | 2.39 trillion constant LCU | +1.9% |
| 2015 | 2.48 trillion constant LCU | +3.8% |
| 2016 | 2.63 trillion constant LCU | +6.2% |
| 2017 | 2.72 trillion constant LCU | +3.5% |
| 2018 | 2.85 trillion constant LCU | +4.7% |
| 2019 | 2.88 trillion constant LCU | +1.1% |
| 2020 | 2.69 trillion constant LCU | -6.6% |
| 2021 | 2.83 trillion constant LCU | +5.2% |
| 2022 | 3.08 trillion constant LCU | +8.9% |
| 2023 | 3.24 trillion constant LCU | +5.0% |
| 2024 | 3.19 trillion constant LCU | -1.3% |
| 2025 | 3.24 trillion constant LCU | +1.3% |
Iceland compared with similar countries
- Iceland's 3.24 trillion constant LCU is above the median for high income countries, which is 270.55 billion constant LCU, 12.0× the median. (70 countries reporting)
- Iceland's 3.24 trillion constant LCU is above the median for Europe & Central Asia, which is 405.98 billion constant LCU, 8.0× the median. (54 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 1.48 trillion constant LCU | 1.35 trillion constant LCU | 1.63 trillion constant LCU | 5 |
| 2000s | 2.05 trillion constant LCU | 1.71 trillion constant LCU | 2.46 trillion constant LCU | 10 |
| 2010s | 2.50 trillion constant LCU | 2.20 trillion constant LCU | 2.88 trillion constant LCU | 10 |
| 2020s | 3.04 trillion constant LCU | 2.69 trillion constant LCU | 3.24 trillion constant LCU | 6 |
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 value added at basic prices (gva) in Iceland?
- Gross value added at basic prices (gva) in Iceland was 3.24 trillion constant LCU in 2025, according to Country official statistics, National Statistical Offices (NSOs).
- What is the highest gross value added at basic prices (gva) recorded in Iceland?
- The highest recorded value was 3.24 trillion constant LCU in 2023.
- What is the lowest gross value added at basic prices (gva) recorded in Iceland?
- The lowest recorded value was 1.35 trillion constant LCU in 1995.
- How does Iceland rank for gross value added at basic prices (gva)?
- Iceland ranks 62nd out of 198 countries with data for 2025.
- Is gross value added at basic prices (gva) rising or falling in Iceland?
- Over the last ten years it is up 30.6%. The long-run trend across the full record is rising.
- Where does this Iceland data come from?
- The figures come from Country official statistics, National Statistical Offices (NSOs), published as part of Gross value added at basic prices (GVA) (constant LCU). Statizoid updates them automatically from the source API.
Download this data
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About this data
Gross value added at basic prices reflects the price of products receivable by the producer exclusive of taxes payable on products and inclusive of subsidies receivable on products, less intermediate consumption valued at purchasers' prices. This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment varies by country. This series is expressed in local currency units.