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.

Total factor productivity in Iceland

Name: Total factor productivity in Iceland
Creator: Feenstra et al. - Penn World Table (2025) – with major processing by Our World in Data
License: CC BY 4.0 (Our World in Data)

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

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.

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

11 Trinidad and Tobago 1.05 compare
12 Niger 1.05 compare
13 Croatia 1.04 compare
15 Malaysia 1.04 compare
16 Greece 1.04 compare
17 Ecuador 1.04 compare

See the full ranking of 120 places →

More economy & growth data for Iceland

External balance on goods and services as a percent of GDP -2.3% (2025)
Inflation of consumer prices 4.1% (2025)
GDP per capita 58,910 constant 2015 US$ (2025)
Share of manufacturing in gross domestic product (GDP) 8.5% (2025)
Gross domestic product (GDP) 23.12 billion constant 2015 US$ (2025)
GDP per capita in international and market dollars 58,910 constant 2015 US$ (2025)
DEC alternative conversion factor 128.44 LCU per US$ (2025)
Net secondary income (Net current transfers from abroad) -52.84 billion current LCU (2024)
Net secondary income (Net current transfers from abroad) -383.05 million current US$ (2024)
Taxes less subsidies on products 498.69 billion current LCU (2025)

All data for Iceland →

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

Indicator: Total factor productivity
Source: Feenstra et al. - Penn World Table (2025) – with major processing by Our World in Data
Licence: CC BY 4.0 (Our World in Data)
Coverage: 120 places, 6,892 data points, 1954–2023
Last refreshed: 07 August 2026

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.