Real gdp growth in Iceland
Iceland: Real gdp growth was -1.28 in 2024. ◆ Volatile
Real gdp growth in Iceland, 1980–2024
Source: Our World in Data.
Analysis
The most recent figure for real gdp growth in Iceland is -1.28, measured in 2024.
The figure is down 125.5% on the previous year and down 167.0% over ten years.
Over the whole period, real gdp growth in Iceland peaked at 8.86 in 2022 and was at its lowest, -8.32, in 2009.
That places Iceland 186th out of 196 countries with data for 2024, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Real gdp growth in Iceland, year by year
| Year | Value | Change |
|---|---|---|
| 1980 | 5.74 | — |
| 1981 | 4.26 | -25.7% |
| 1982 | 2.15 | -49.5% |
| 1983 | -2.15 | -199.9% |
| 1984 | 4.13 | -292.0% |
| 1985 | 3.29 | -20.2% |
| 1986 | 6.27 | +90.4% |
| 1987 | 8.55 | +36.3% |
| 1988 | -0.09 | -101.1% |
| 1989 | 0.258 | -386.7% |
| 1990 | 1.17 | +353.1% |
| 1991 | -0.224 | -119.2% |
| 1992 | -3.37 | +1406.2% |
| 1993 | 1.31 | -138.9% |
| 1994 | 3.61 | +174.9% |
| 1995 | 0.117 | -96.8% |
| 1996 | 4.5 | +3744.4% |
| 1997 | 4.14 | -7.9% |
| 1998 | 7.01 | +69.3% |
| 1999 | 3.9 | -44.4% |
| 2000 | 4.91 | +25.8% |
| 2001 | 3.84 | -21.7% |
| 2002 | 0.542 | -85.9% |
| 2003 | 2.28 | +320.8% |
| 2004 | 7.62 | +234.2% |
| 2005 | 7.03 | -7.8% |
| 2006 | 5.67 | -19.3% |
| 2007 | 8.74 | +54.1% |
| 2008 | 1.7 | -80.6% |
| 2009 | -8.32 | -589.5% |
| 2010 | -2.22 | -73.3% |
| 2011 | 1.38 | -162.1% |
| 2012 | 1.17 | -15.3% |
| 2013 | 3.6 | +207.7% |
| 2014 | 1.91 | -46.8% |
| 2015 | 3.77 | +96.9% |
| 2016 | 6.22 | +65.0% |
| 2017 | 3.48 | -44.0% |
| 2018 | 4.66 | +33.7% |
| 2019 | 1.14 | -75.6% |
| 2020 | -6.65 | -684.0% |
| 2021 | 5.18 | -178.0% |
| 2022 | 8.86 | +71.0% |
| 2023 | 5.03 | -43.2% |
| 2024 | -1.28 | -125.5% |
Iceland compared with similar countries
- Iceland's -1.28 is below the median for high income countries, which is 2.4. (67 countries reporting)
- Iceland's -1.28 is below the median for Europe & Central Asia, which is 2.55. (51 countries reporting)
Biggest year-on-year movements
Years where Real gdp growth 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 |
|---|---|---|---|
| 1996 | +3744.4% | 0.117 | 4.5 |
| 1992 | -1406.2% | -0.224 | -3.37 |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1980s | 3.24 | -2.15 | 8.55 | 10 |
| 1990s | 2.22 | -3.37 | 7.01 | 10 |
| 2000s | 3.4 | -8.32 | 8.74 | 10 |
| 2010s | 2.51 | -2.22 | 6.22 | 10 |
| 2020s | 2.23 | -6.65 | 8.86 | 5 |
Countries ranked near Iceland
More economy & growth data for Iceland
- Real gdp growth, annual growth rate -125.5 % change on previous year (2024)
- 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)
Frequently asked questions
- What is real gdp growth in Iceland?
- Real gdp growth in Iceland was -1.28 in 2024, according to Our World in Data.
- What is the highest real gdp growth recorded in Iceland?
- The highest recorded value was 8.86 in 2022.
- What is the lowest real gdp growth recorded in Iceland?
- The lowest recorded value was -8.32 in 2009.
- How does Iceland rank for real gdp growth?
- Iceland ranks 186th out of 196 countries with data for 2024.
- Is real gdp growth rising or falling in Iceland?
- Over the last ten years it is down 167.0%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from Our World in Data, published as part of Real gdp growth. Statizoid updates them automatically from the source API.
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