Iceland's GDP changed from approximately $3B 434M in 1980 to $33B 338M in 2024, showing an overall 870.8% sharply increased during the period.
The lowest GDP was recorded in 1983 at $2B 793M, and the highest in 2024 at $33B 338M.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 5.3%.
For comparison, the average annual growth rate of Norway was 4.9%, and that of Denmark was 4.1%.
Iceland GDP from 1980 to 2024
The total market value of goods and services produced annually in Iceland.
Overview of Iceland's GDP (1980–2024)
The Gross Domestic Product (GDP) of Iceland recorded a 870.8% sharply increased from 1980 to 2024.
The average GDP during this period was $12B 985M, and the median was $9B 318M.
GDP fluctuated within a range of $30B 545M, with a standard deviation of $8B 447M.
The average annual change was $604M 908K.
Highest and Lowest GDP Records
- Lowest GDP: 1983, $2B 793M
- Highest GDP: 2024, $33B 338M
- Most Recent GDP: 2024, $33B 338M
Notable Annual GDP Changes
- 2007: Significant increase in GDP
- 2009: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Iceland's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $24B 681M → $21B 630M
- Outcome: sharply declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $21B 653M → $13B 154M
- Outcome: sharply declined
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $9B 26M → $8B 234M
- Outcome: declined
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $7B 570M → $8B 504M
- Outcome: sharply increased
Key Economic Indicators of Iceland (1980–2024)
| year | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1980 | 5.738 % | $ 3B 434M | $ 2B 480M | $ 15,129.18 | $ 10,927.82 | 26.14 % | 227,000 people | -2.022 % | 0.843 % |
1981 | 4.265 % | $ 3B 543M | $ 2B 830M | $ 15,449.05 | $ 12,342.52 | 24.52 % | 229,000 people | -4.087 % | 1.274 % |
1982 | 2.154 % | $ 3B 251M | $ 3B 70M | $ 14,003.08 | $ 13,222.94 | 22.54 % | 232,000 people | -7.884 % | 1.302 % |
1983 | -2.151 % | $ 2B 793M | $ 3B 122M | $ 11,857.37 | $ 13,253.63 | 22.57 % | 236,000 people | -1.881 % | -2.536 % |
1984 | 4.129 % | $ 2B 892M | $ 3B 368M | $ 12,130.44 | $ 14,126.35 | 22.61 % | 238,000 people | -4.478 % | 2.121 % |
1985 | 3.293 % | $ 3B 9M | $ 3B 589M | $ 12,506.27 | $ 14,915.91 | 20.48 % | 241,000 people | -3.849 % | -1.719 % |
1986 | 6.27 % | $ 4B 14M | $ 3B 891M | $ 16,571.59 | $ 16,063.72 | 21.93 % | 242,000 people | 0.53 % | -3.515 % |
1987 | 8.546 % | $ 5B 561M | $ 4B 328M | $ 22,776.76 | $ 17,725.62 | 19.23 % | 244,000 people | -3.304 % | -0.618 % |
1988 | -0.09 % | $ 6B 145M | $ 4B 476M | $ 24,820.30 | $ 18,082.15 | 19.52 % | 248,000 people | -3.378 % | -0.809 % |
1989 | 0.258 % | $ 5B 700M | $ 4B 664M | $ 22,627.39 | $ 18,513.88 | 20.60 % | 252,000 people | -1.325 % | -3.005 % |
1990 | 1.169 % | $ 6B 504M | $ 4B 895M | $ 25,629.43 | $ 19,288.48 | 16.53 % | 254,000 people | -2.037 % | -0.99 % |
1991 | -0.224 % | $ 6B 949M | $ 5B 49M | $ 27,159.58 | $ 19,734.44 | 15.69 % | 256,000 people | -3.908 % | 1.104 % |
1992 | -3.374 % | $ 7B 105M | $ 4B 990M | $ 27,357.17 | $ 19,213.27 | 15.41 % | 260,000 people | -2.338 % | 0.012 % |
1993 | 1.313 % | $ 6B 225M | $ 5B 176M | $ 23,725.67 | $ 19,725.04 | 17.31 % | 262,000 people | 0.693 % | -2.3 % |
1994 | 3.609 % | $ 6B 393M | $ 5B 477M | $ 24,117.99 | $ 20,662.39 | 17.64 % | 265,000 people | 1.907 % | -2.336 % |
1995 | 0.117 % | $ 7B 124M | $ 5B 598M | $ 26,682.49 | $ 20,968.77 | 18.37 % | 267,000 people | 0.182 % | -0.173 % |
1996 | 4.567 % | $ 7B 426M | $ 5B 961M | $ 27,713.60 | $ 22,246.25 | 18.31 % | 268,000 people | -2.452 % | 0.883 % |
1997 | 5.772 % | $ 7B 570M | $ 6B 414M | $ 28,048.85 | $ 23,766.03 | 19.42 % | 270,000 people | -2.353 % | 2.303 % |
1998 | 7.363 % | $ 8B 504M | $ 6B 963M | $ 31,219.80 | $ 25,565.17 | 18.66 % | 272,000 people | -7.199 % | 1.986 % |
1999 | 4.024 % | $ 8B 982M | $ 7B 346M | $ 32,577.64 | $ 26,644.50 | 16.45 % | 276,000 people | -7.116 % | 3.248 % |