Iceland GDP Trends from 1980 to 2024: A overall increase with some decline Flow

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%.

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.


Iceland GDP from 1980 to 2024

The total market value of goods and services produced annually in Iceland.

Change Chart

    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)

    yearNominal GDPGDP per CapitaPPP per CapitaPPP GDPGDP GrowthCurrent AccountSavingsFiscal BalancePopulation
    1980
    $ 3B 434M
    $ 15,129.18
    $ 10,927.82
    $ 2B 480M
    5.738 %
    -2.022 %
    26.14 %
    0.843 %
    227,000 people
    1981
    $ 3B 543M
    $ 15,449.05
    $ 12,342.52
    $ 2B 830M
    4.265 %
    -4.087 %
    24.52 %
    1.274 %
    229,000 people
    1982
    $ 3B 251M
    $ 14,003.08
    $ 13,222.94
    $ 3B 70M
    2.154 %
    -7.884 %
    22.54 %
    1.302 %
    232,000 people
    1983
    $ 2B 793M
    $ 11,857.37
    $ 13,253.63
    $ 3B 122M
    -2.151 %
    -1.881 %
    22.57 %
    -2.536 %
    236,000 people
    1984
    $ 2B 892M
    $ 12,130.44
    $ 14,126.35
    $ 3B 368M
    4.129 %
    -4.478 %
    22.61 %
    2.121 %
    238,000 people
    1985
    $ 3B 9M
    $ 12,506.27
    $ 14,915.91
    $ 3B 589M
    3.293 %
    -3.849 %
    20.48 %
    -1.719 %
    241,000 people
    1986
    $ 4B 14M
    $ 16,571.59
    $ 16,063.72
    $ 3B 891M
    6.27 %
    0.53 %
    21.93 %
    -3.515 %
    242,000 people
    1987
    $ 5B 561M
    $ 22,776.76
    $ 17,725.62
    $ 4B 328M
    8.546 %
    -3.304 %
    19.23 %
    -0.618 %
    244,000 people
    1988
    $ 6B 145M
    $ 24,820.30
    $ 18,082.15
    $ 4B 476M
    -0.09 %
    -3.378 %
    19.52 %
    -0.809 %
    248,000 people
    1989
    $ 5B 700M
    $ 22,627.39
    $ 18,513.88
    $ 4B 664M
    0.258 %
    -1.325 %
    20.60 %
    -3.005 %
    252,000 people
    1990
    $ 6B 504M
    $ 25,629.43
    $ 19,288.48
    $ 4B 895M
    1.169 %
    -2.037 %
    16.53 %
    -0.99 %
    254,000 people
    1991
    $ 6B 949M
    $ 27,159.58
    $ 19,734.44
    $ 5B 49M
    -0.224 %
    -3.908 %
    15.69 %
    1.104 %
    256,000 people
    1992
    $ 7B 105M
    $ 27,357.17
    $ 19,213.27
    $ 4B 990M
    -3.374 %
    -2.338 %
    15.41 %
    0.012 %
    260,000 people
    1993
    $ 6B 225M
    $ 23,725.67
    $ 19,725.04
    $ 5B 176M
    1.313 %
    0.693 %
    17.31 %
    -2.3 %
    262,000 people
    1994
    $ 6B 393M
    $ 24,117.99
    $ 20,662.39
    $ 5B 477M
    3.609 %
    1.907 %
    17.64 %
    -2.336 %
    265,000 people
    1995
    $ 7B 124M
    $ 26,682.49
    $ 20,968.77
    $ 5B 598M
    0.117 %
    0.182 %
    18.37 %
    -0.173 %
    267,000 people
    1996
    $ 7B 426M
    $ 27,713.60
    $ 22,246.25
    $ 5B 961M
    4.567 %
    -2.452 %
    18.31 %
    0.883 %
    268,000 people
    1997
    $ 7B 570M
    $ 28,048.85
    $ 23,766.03
    $ 6B 414M
    5.772 %
    -2.353 %
    19.42 %
    2.303 %
    270,000 people
    1998
    $ 8B 504M
    $ 31,219.80
    $ 25,565.17
    $ 6B 963M
    7.363 %
    -7.199 %
    18.66 %
    1.986 %
    272,000 people
    1999
    $ 8B 982M
    $ 32,577.64
    $ 26,644.50
    $ 7B 346M
    4.024 %
    -7.116 %
    16.45 %
    3.248 %
    276,000 people