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.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
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 |
