Total factor productivity in Iceland
Iceland: Total factor productivity was 1.04 in 2023. ▲ Rising
Latest (2023)
1.04
Change on year
up 1.3%
World rank
14th
of 120 countries
All-time high
1.04
in 2023
All-time low
0.4953
in 1954
Years of data
70
1954–2023
Total factor productivity in Iceland, 1954–2023
Source: Feenstra et al. – Penn World Table (2025) – with major processing by Our World in Data.
Analysis
The most recent figure for total factor productivity in Iceland is 1.04, measured in 2023. That is the highest value across all 70 years on record.
That represents a change of up 1.3% on the previous year and up 9.3% over ten years.
Over the whole period, total factor productivity in Iceland peaked at 1.04 in 2023 and was at its lowest, 0.4953, in 1954.
Iceland ranks 14th of 120 countries on this measure, in the top quarter.
The long-run direction has been consistently rising across the 70 years of available data.
Total factor productivity in Iceland, year by year
| Year | Value | Change |
|---|---|---|
| 1954 | 0.4953 | — |
| 1955 | 0.5278 | +6.6% |
| 1956 | 0.5322 | +0.8% |
| 1957 | 0.5278 | -0.8% |
| 1958 | 0.5656 | +7.2% |
| 1959 | 0.5633 | -0.4% |
| 1960 | 0.5671 | +0.7% |
| 1961 | 0.5519 | -2.7% |
| 1962 | 0.5778 | +4.7% |
| 1963 | 0.6161 | +6.6% |
| 1964 | 0.6211 | +0.8% |
| 1965 | 0.6325 | +1.8% |
| 1966 | 0.6572 | +3.9% |
| 1967 | 0.6379 | -2.9% |
| 1968 | 0.5968 | -6.4% |
| 1969 | 0.6063 | +1.6% |
| 1970 | 0.6307 | +4.0% |
| 1971 | 0.6783 | +7.5% |
| 1972 | 0.7001 | +3.2% |
| 1973 | 0.7161 | +2.3% |
| 1974 | 0.7222 | +0.9% |
| 1975 | 0.7092 | -1.8% |
| 1976 | 0.7276 | +2.6% |
| 1977 | 0.7836 | +7.7% |
| 1978 | 0.8106 | +3.4% |
| 1979 | 0.8321 | +2.7% |
| 1980 | 0.8448 | +1.5% |
| 1981 | 0.8373 | -0.9% |
| 1982 | 0.8216 | -1.9% |
| 1983 | 0.7906 | -3.8% |
| 1984 | 0.8025 | +1.5% |
| 1985 | 0.7951 | -0.9% |
| 1986 | 0.8167 | +2.7% |
| 1987 | 0.8371 | +2.5% |
| 1988 | 0.8404 | +0.4% |
| 1989 | 0.8413 | +0.1% |
| 1990 | 0.8475 | +0.7% |
| 1991 | 0.8333 | -1.7% |
| 1992 | 0.797 | -4.4% |
| 1993 | 0.7986 | +0.2% |
| 1994 | 0.826 | +3.4% |
| 1995 | 0.8084 | -2.1% |
| 1996 | 0.8262 | +2.2% |
| 1997 | 0.8155 | -1.3% |
| 1998 | 0.8252 | +1.2% |
| 1999 | 0.8255 | +0.0% |
| 2000 | 0.8173 | -1.0% |
| 2001 | 0.8211 | +0.5% |
| 2002 | 0.8341 | +1.6% |
| 2003 | 0.8506 | +2.0% |
| 2004 | 0.8991 | +5.7% |
| 2005 | 0.906 | +0.8% |
| 2006 | 0.905 | -0.1% |
| 2007 | 0.9418 | +4.1% |
| 2008 | 0.9436 | +0.2% |
| 2009 | 0.9453 | +0.2% |
| 2010 | 0.9233 | -2.3% |
| 2011 | 0.9228 | -0.0% |
| 2012 | 0.9255 | +0.3% |
| 2013 | 0.9518 | +2.8% |
| 2014 | 0.9521 | +0.0% |
| 2015 | 0.9649 | +1.3% |
| 2016 | 0.9786 | +1.4% |
| 2017 | 0.9833 | +0.5% |
| 2018 | 1 | +1.8% |
| 2019 | 1.01 | +1.3% |
| 2020 | 0.971 | -4.3% |
| 2021 | 1 | +3.0% |
| 2022 | 1.03 | +2.7% |
| 2023 | 1.04 | +1.3% |
Iceland compared with similar countries
- Iceland's 1.04 is above the median for high income countries, which is 0.994, 1.0× the median. (52 countries reporting)
- Iceland's 1.04 is above the median for Europe & Central Asia, which is 0.9969, 1.0× the median. (40 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1950s | 0.5353 | 0.4953 | 0.5656 | 6 |
| 1960s | 0.6065 | 0.5519 | 0.6572 | 10 |
| 1970s | 0.7311 | 0.6307 | 0.8321 | 10 |
| 1980s | 0.8228 | 0.7906 | 0.8448 | 10 |
| 1990s | 0.8203 | 0.797 | 0.8475 | 10 |
| 2000s | 0.8864 | 0.8173 | 0.9453 | 10 |
| 2010s | 0.9617 | 0.9228 | 1.01 | 10 |
| 2020s | 1.01 | 0.971 | 1.04 | 4 |
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 total factor productivity in Iceland?
- Total factor productivity in Iceland was 1.04 in 2023, according to Feenstra et al. – Penn World Table (2025) – with major processing by Our World in Data.
- What is the highest total factor productivity recorded in Iceland?
- The highest recorded value was 1.04 in 2023.
- What is the lowest total factor productivity recorded in Iceland?
- The lowest recorded value was 0.4953 in 1954.
- How does Iceland rank for total factor productivity?
- Iceland ranks 14th out of 120 countries with data for 2023.
- Is total factor productivity rising or falling in Iceland?
- Over the last ten years it is up 9.3%. The long-run trend across the full record is rising.
- Where does this Iceland data come from?
- The figures come from Feenstra et al. – Penn World Table (2025) – with major processing by Our World in Data, published as part of Total factor productivity. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 70 observations, free to reuse under CC BY 4.0 (Our World in Data).
About this data
This is the level of total factor productivity, relative to each country's value in 2021 (which is set to 1). This data is adjusted for inflation and differences in living costs between countries.