Value of imported goods as a share of GDP in Iceland
Iceland: Value of imported goods as a share of GDP was 29.6% in 2024. ▲ Rising
Latest (2024)
29.6%
Change on year
down 0.9%
World rank
109th
of 201 countries
All-time high
34.7%
in 2006
All-time low
19.4%
in 2020
Years of data
65
1960–2024
Value of imported goods as a share of GDP in Iceland, 1960–2024
Source: International Monetary Fund (2025); National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – with major processing by Our World in Data. Measured in %.
Analysis
Iceland recorded 29.6% for value of imported goods as a share of gdp in 2024.
The figure is down 0.9% on the previous year and down 0.5% over ten years.
Over the whole period, value of imported goods as a share of gdp in Iceland peaked at 34.7% in 2006 and was at its lowest, 19.4%, in 2020.
That places Iceland 109th out of 201 countries with data for 2024, putting it in the middle of the range.
The long-run direction has been consistently rising across the 65 years of available data.
Value of imported goods as a share of GDP in Iceland, year by year
| Year | % | Change |
|---|---|---|
| 1960 | 28.0% | — |
| 1961 | 24.0% | -14.5% |
| 1962 | 25.4% | +5.8% |
| 1963 | 26.1% | +2.9% |
| 1964 | 25.2% | -3.4% |
| 1965 | 21.4% | -15.1% |
| 1966 | 20.5% | -4.3% |
| 1967 | 21.0% | +2.7% |
| 1968 | 22.6% | +7.4% |
| 1969 | 23.1% | +2.4% |
| 1970 | 24.0% | +3.6% |
| 1971 | 24.9% | +3.8% |
| 1972 | 22.3% | -10.3% |
| 1973 | 25.2% | +12.9% |
| 1974 | 28.3% | +12.5% |
| 1975 | 28.8% | +1.6% |
| 1976 | 23.2% | -19.4% |
| 1977 | 23.1% | -0.6% |
| 1978 | 22.3% | -3.3% |
| 1979 | 23.7% | +6.2% |
| 1980 | 25.1% | +6.0% |
| 1981 | 24.3% | -3.4% |
| 1982 | 24.2% | -0.3% |
| 1983 | 24.5% | +1.2% |
| 1984 | 23.9% | -2.2% |
| 1985 | 24.6% | +2.7% |
| 1986 | 22.4% | -9.1% |
| 1987 | 22.9% | +2.2% |
| 1988 | 21.5% | -5.9% |
| 1989 | 20.8% | -3.3% |
| 1990 | 24.6% | +18.2% |
| 1991 | 22.7% | -7.8% |
| 1992 | 22.5% | -0.8% |
| 1993 | 20.6% | -8.6% |
| 1994 | 21.7% | +5.5% |
| 1995 | 23.3% | +7.6% |
| 1996 | 25.9% | +11.1% |
| 1997 | 26.4% | +1.7% |
| 1998 | 28.5% | +8.1% |
| 1999 | 27.6% | -3.0% |
| 2000 | 28.3% | +2.4% |
| 2001 | 27.3% | -3.4% |
| 2002 | 24.2% | -11.6% |
| 2003 | 24.5% | +1.3% |
| 2004 | 26.5% | +8.5% |
| 2005 | 28.3% | +6.5% |
| 2006 | 34.7% | +22.8% |
| 2007 | 30.2% | -13.0% |
| 2008 | 34.0% | +12.6% |
| 2009 | 27.3% | -19.7% |
| 2010 | 28.0% | +2.7% |
| 2011 | 31.2% | +11.3% |
| 2012 | 31.9% | +2.4% |
| 2013 | 30.9% | -3.2% |
| 2014 | 29.8% | -3.7% |
| 2015 | 30.0% | +0.8% |
| 2016 | 27.0% | -10.0% |
| 2017 | 27.6% | +2.2% |
| 2018 | 28.7% | +4.0% |
| 2019 | 26.2% | -8.6% |
| 2020 | 19.4% | -26.2% |
| 2021 | 29.9% | +54.4% |
| 2022 | 33.3% | +11.3% |
| 2023 | 29.9% | -10.1% |
| 2024 | 29.6% | -0.9% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 23.7% | 20.5% | 28.0% | 10 |
| 1970s | 24.6% | 22.3% | 28.8% | 10 |
| 1980s | 23.4% | 20.8% | 25.1% | 10 |
| 1990s | 24.4% | 20.6% | 28.5% | 10 |
| 2000s | 28.5% | 24.2% | 34.7% | 10 |
| 2010s | 29.1% | 26.2% | 31.9% | 10 |
| 2020s | 28.4% | 19.4% | 33.3% | 5 |
Countries ranked near Iceland
- 106 Trinidad and Tobago 29.9% compare
- 107 Sierra Leone 29.8% compare
- 108 Bahamas 29.7% compare
- 110 Congo, Democratic Republic of the 29.5% compare
- 111 Aruba 29.5% compare
- 112 Nepal 29.1% 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)
- Total reserves minus gold (current US$), annual growth rate 19.51 % change on previous year (2025)
- Total reserves minus gold (current US$), per unit of GDP 0.1932 current US$ per US$ of GDP (2025)
- Total reserves minus gold (current US$), per capita 18,994 current US$ per person (2025)
- General government final consumption expenditure (current US$) 16.88 % change on previous year (2025)
- General government final consumption expenditure (current US$), per 0.2606 current US$ per US$ of GDP (2025)
- General government final consumption expenditure (current US$), per 25,628 current US$ per person (2025)
- General government final consumption expenditure (current LCU) 8.82 % change on previous year (2025)
- General government final consumption expenditure (current LCU), per 33.48 current LCU per US$ of GDP (2025)
Frequently asked questions
- What is value of imported goods as a share of gdp in Iceland?
- Value of imported goods as a share of gdp in Iceland was 29.6% in 2024, according to International Monetary Fund (2025); National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – with major processing by Our World in Data.
- What is the highest value of imported goods as a share of gdp recorded in Iceland?
- The highest recorded value was 34.7% in 2006.
- What is the lowest value of imported goods as a share of gdp recorded in Iceland?
- The lowest recorded value was 19.4% in 2020.
- How does Iceland rank for value of imported goods as a share of gdp?
- Iceland ranks 109th out of 201 countries with data for 2024.
- Is value of imported goods as a share of gdp rising or falling in Iceland?
- Over the last ten years it is down 0.5%. The long-run trend across the full record is rising.
- Where does this Iceland data come from?
- The figures come from International Monetary Fund (2025); National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – with major processing by Our World in Data, published as part of Value of imported goods as a share of GDP. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 65 observations, free to reuse under CC BY 4.0 (Our World in Data).
About this data
Value of a country’s total goods imports, including freight and insurance costs, as a percentage of a country’s gross domestic product (GDP).