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: 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
- 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 total factor productivity in Iceland?
- Total factor productivity in Iceland was 1.04 in 2023, according to 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 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).