Gross value added at basic prices (GVA) in Iceland
Iceland: Gross value added at basic prices (GVA) was 34.70 billion current US$ in 2025. ◆ Volatile
Latest (2025)
34.70 billion current US$
Change on year
up 17.6%
World rank
105th
of 207 countries
All-time high
34.70 billion current US$
in 2025
All-time low
1.06 billion current US$
in 1973
Years of data
53
1973–2025
Gross value added at basic prices (GVA) in Iceland, 1973–2025
Source: Country official statistics, National Statistical Offices (NSOs). Measured in current US$.
Analysis
Iceland recorded 34.70 billion current US$ for gross value added at basic prices (gva) in 2025. That is the highest value across all 53 years on record.
That represents a change of up 17.6% on the previous year and up 118.2% over ten years.
Over the whole period, gross value added at basic prices (gva) in Iceland peaked at 34.70 billion current US$ in 2025 and was at its lowest, 1.06 billion current US$, in 1973.
That places Iceland 105th out of 207 countries with data for 2025, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Gross value added at basic prices (GVA) in Iceland, year by year
| Year | current US$ | Change |
|---|---|---|
| 1973 | 1.06 billion current US$ | — |
| 1974 | 1.35 billion current US$ | +27.8% |
| 1975 | 1.25 billion current US$ | -7.5% |
| 1976 | 1.45 billion current US$ | +16.3% |
| 1977 | 1.90 billion current US$ | +30.6% |
| 1978 | 2.16 billion current US$ | +13.9% |
| 1979 | 2.50 billion current US$ | +15.4% |
| 1980 | 2.97 billion current US$ | +18.9% |
| 1981 | 3.03 billion current US$ | +2.3% |
| 1982 | 2.81 billion current US$ | -7.3% |
| 1983 | 2.48 billion current US$ | -11.7% |
| 1984 | 2.56 billion current US$ | +2.9% |
| 1985 | 2.67 billion current US$ | +4.4% |
| 1986 | 3.52 billion current US$ | +32.0% |
| 1987 | 5.17 billion current US$ | +46.7% |
| 1988 | 5.69 billion current US$ | +10.1% |
| 1989 | 5.09 billion current US$ | -10.5% |
| 1990 | 5.83 billion current US$ | +14.5% |
| 1991 | 6.24 billion current US$ | +6.9% |
| 1992 | 6.49 billion current US$ | +4.0% |
| 1993 | 5.61 billion current US$ | -13.6% |
| 1994 | 5.76 billion current US$ | +2.8% |
| 1995 | 6.41 billion current US$ | +11.2% |
| 1996 | 6.65 billion current US$ | +3.8% |
| 1997 | 6.69 billion current US$ | +0.6% |
| 1998 | 7.51 billion current US$ | +12.2% |
| 1999 | 7.82 billion current US$ | +4.1% |
| 2000 | 7.93 billion current US$ | +1.4% |
| 2001 | 7.38 billion current US$ | -6.9% |
| 2002 | 8.34 billion current US$ | +13.0% |
| 2003 | 10.16 billion current US$ | +21.8% |
| 2004 | 12.12 billion current US$ | +19.3% |
| 2005 | 14.66 billion current US$ | +21.0% |
| 2006 | 15.12 billion current US$ | +3.1% |
| 2007 | 19.00 billion current US$ | +25.7% |
| 2008 | 16.25 billion current US$ | -14.5% |
| 2009 | 11.94 billion current US$ | -26.5% |
| 2010 | 12.56 billion current US$ | +5.2% |
| 2011 | 13.86 billion current US$ | +10.3% |
| 2012 | 13.39 billion current US$ | -3.3% |
| 2013 | 14.59 billion current US$ | +8.9% |
| 2014 | 16.21 billion current US$ | +11.1% |
| 2015 | 15.90 billion current US$ | -1.9% |
| 2016 | 18.90 billion current US$ | +18.9% |
| 2017 | 22.28 billion current US$ | +17.9% |
| 2018 | 23.80 billion current US$ | +6.9% |
| 2019 | 22.49 billion current US$ | -5.5% |
| 2020 | 19.87 billion current US$ | -11.6% |
| 2021 | 23.55 billion current US$ | +18.5% |
| 2022 | 26.25 billion current US$ | +11.5% |
| 2023 | 28.40 billion current US$ | +8.2% |
| 2024 | 29.52 billion current US$ | +3.9% |
| 2025 | 34.70 billion current US$ | +17.6% |
Iceland compared with similar countries
- Iceland's 34.70 billion current US$ is below the median for high income countries, which is 110.20 billion current US$, 31% of the median. (77 countries reporting)
- Iceland's 34.70 billion current US$ is below the median for Europe & Central Asia, which is 89.25 billion current US$, 39% of the median. (56 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 1.67 billion current US$ | 1.06 billion current US$ | 2.50 billion current US$ | 7 |
| 1980s | 3.60 billion current US$ | 2.48 billion current US$ | 5.69 billion current US$ | 10 |
| 1990s | 6.50 billion current US$ | 5.61 billion current US$ | 7.82 billion current US$ | 10 |
| 2000s | 12.29 billion current US$ | 7.38 billion current US$ | 19.00 billion current US$ | 10 |
| 2010s | 17.40 billion current US$ | 12.56 billion current US$ | 23.80 billion current US$ | 10 |
| 2020s | 27.05 billion current US$ | 19.87 billion current US$ | 34.70 billion current US$ | 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$), annual growth rate 20.76 % change on previous year (2025)
Frequently asked questions
- What is gross value added at basic prices (gva) in Iceland?
- Gross value added at basic prices (gva) in Iceland was 34.70 billion current US$ 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 34.70 billion current US$ in 2025.
- What is the lowest gross value added at basic prices (gva) recorded in Iceland?
- The lowest recorded value was 1.06 billion current US$ in 1973.
- How does Iceland rank for gross value added at basic prices (gva)?
- Iceland ranks 105th 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 118.2%. 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 Offices (NSOs), published as part of Gross value added at basic prices (GVA) (current US$). 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 current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars.