Gross value added at basic prices (GVA) in Iceland
Iceland: Gross value added at basic prices (GVA) was 4.46 trillion current LCU in 2025. ◆ Volatile
Gross value added at basic prices (GVA) in Iceland, 1973–2025
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current LCU.
Analysis
The most recent figure for gross value added at basic prices (gva) in Iceland is 4.46 trillion current LCU, measured in 2025. That is the highest value across all 53 years on record.
The figure is up 9.4% on the previous year and up 112.5% over ten years.
Over the whole period, gross value added at basic prices (gva) in Iceland peaked at 4.46 trillion current LCU in 2025 and was at its lowest, 953.34 million current LCU, in 1973.
That places Iceland 71st out of 207 countries with data for 2025, 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 value added at basic prices (GVA) in Iceland, year by year
| Year | current LCU | Change |
|---|---|---|
| 1973 | 953.34 million current LCU | — |
| 1974 | 1.35 billion current LCU | +41.7% |
| 1975 | 1.92 billion current LCU | +42.2% |
| 1976 | 2.65 billion current LCU | +37.9% |
| 1977 | 3.78 billion current LCU | +42.6% |
| 1978 | 5.87 billion current LCU | +55.3% |
| 1979 | 8.80 billion current LCU | +50.1% |
| 1980 | 14.23 billion current LCU | +61.7% |
| 1981 | 21.92 billion current LCU | +54.0% |
| 1982 | 34.73 billion current LCU | +58.4% |
| 1983 | 61.70 billion current LCU | +77.6% |
| 1984 | 81.01 billion current LCU | +31.3% |
| 1985 | 110.78 billion current LCU | +36.7% |
| 1986 | 144.79 billion current LCU | +30.7% |
| 1987 | 199.89 billion current LCU | +38.1% |
| 1988 | 244.73 billion current LCU | +22.4% |
| 1989 | 290.61 billion current LCU | +18.7% |
| 1990 | 340.00 billion current LCU | +17.0% |
| 1991 | 368.03 billion current LCU | +8.2% |
| 1992 | 373.38 billion current LCU | +1.5% |
| 1993 | 378.98 billion current LCU | +1.5% |
| 1994 | 403.12 billion current LCU | +6.4% |
| 1995 | 414.60 billion current LCU | +2.8% |
| 1996 | 442.43 billion current LCU | +6.7% |
| 1997 | 474.42 billion current LCU | +7.2% |
| 1998 | 532.89 billion current LCU | +12.3% |
| 1999 | 565.50 billion current LCU | +6.1% |
| 2000 | 623.05 billion current LCU | +10.2% |
| 2001 | 719.09 billion current LCU | +15.4% |
| 2002 | 764.57 billion current LCU | +6.3% |
| 2003 | 779.11 billion current LCU | +1.9% |
| 2004 | 850.52 billion current LCU | +9.2% |
| 2005 | 923.34 billion current LCU | +8.6% |
| 2006 | 1.06 trillion current LCU | +14.9% |
| 2007 | 1.22 trillion current LCU | +14.7% |
| 2008 | 1.43 trillion current LCU | +17.4% |
| 2009 | 1.48 trillion current LCU | +3.3% |
| 2010 | 1.54 trillion current LCU | +4.0% |
| 2011 | 1.61 trillion current LCU | +4.7% |
| 2012 | 1.68 trillion current LCU | +4.3% |
| 2013 | 1.78 trillion current LCU | +6.4% |
| 2014 | 1.89 trillion current LCU | +6.2% |
| 2015 | 2.10 trillion current LCU | +10.8% |
| 2016 | 2.28 trillion current LCU | +8.9% |
| 2017 | 2.38 trillion current LCU | +4.2% |
| 2018 | 2.58 trillion current LCU | +8.3% |
| 2019 | 2.76 trillion current LCU | +7.0% |
| 2020 | 2.69 trillion current LCU | -2.4% |
| 2021 | 2.99 trillion current LCU | +11.1% |
| 2022 | 3.55 trillion current LCU | +18.7% |
| 2023 | 3.92 trillion current LCU | +10.3% |
| 2024 | 4.07 trillion current LCU | +3.9% |
| 2025 | 4.46 trillion current LCU | +9.4% |
Iceland compared with similar countries
- Iceland's 4.46 trillion current LCU is above the median for high income countries, which is 266.17 billion current LCU, 16.7× the median. (77 countries reporting)
- Iceland's 4.46 trillion current LCU is above the median for Europe & Central Asia, which is 380.52 billion current LCU, 11.7× the median. (56 countries reporting)
Biggest year-on-year movements
Years where Gross value added at basic prices (GVA) 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 |
|---|---|---|---|
| 1983 | +77.6% | 34.73 billion current LCU | 61.70 billion current LCU |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 3.62 billion current LCU | 953.34 million current LCU | 8.80 billion current LCU | 7 |
| 1980s | 120.44 billion current LCU | 14.23 billion current LCU | 290.61 billion current LCU | 10 |
| 1990s | 429.34 billion current LCU | 340.00 billion current LCU | 565.50 billion current LCU | 10 |
| 2000s | 984.29 billion current LCU | 623.05 billion current LCU | 1.48 trillion current LCU | 10 |
| 2010s | 2.06 trillion current LCU | 1.54 trillion current LCU | 2.76 trillion current LCU | 10 |
| 2020s | 3.61 trillion current LCU | 2.69 trillion current LCU | 4.46 trillion current 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 4.46 trillion current LCU in 2025, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest gross value added at basic prices (gva) recorded in Iceland?
- The highest recorded value was 4.46 trillion current LCU in 2025.
- What is the lowest gross value added at basic prices (gva) recorded in Iceland?
- The lowest recorded value was 953.34 million current LCU in 1973.
- How does Iceland rank for gross value added at basic prices (gva)?
- Iceland ranks 71st out of 207 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 112.5%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from Country official statistics, National Statistical Organizations and/or Central Banks, published as part of Gross value added at basic prices (GVA) (current LCU). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 53 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
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 current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.