Iceland
GDP growth in Iceland
GDP growth in Iceland: 5.7% a year in 1980 and -0.9% a year in 2024, by IMF estimates.
- Latest, 2024
- -0.9% a year
- Since 1980
- −6.6 percentage points
- Projected, 2031
- 2.4% a year
- IMF projection (World Economic Outlook, October 2026)
% a year · IMF
What the numbers say
- The IMF projection (World Economic Outlook, October 2026) puts it at 2.4% a year in 2031.
- The highest was 8.9% a year in 2022, the lowest -8.3% a year in 2009.
Every year
% a year · IMF
| Year | Iceland |
|---|---|
| 2024 | -0.9 |
| 2023 | 5.2 |
| 2022 | 8.9 |
| 2021 | 5.2 |
| 2020 | -6.6 |
| 2019 | 1.1 |
| 2018 | 4.7 |
| 2017 | 3.5 |
| 2016 | 6.2 |
| 2015 | 3.8 |
| 2014 | 1.9 |
| 2013 | 3.6 |
| 2012 | 1.2 |
| 2011 | 1.4 |
| 2010 | -2.2 |
| 2009 | -8.3 |
| 2008 | 1.7 |
| 2007 | 8.7 |
| 2006 | 5.7 |
| 2005 | 7 |
| 2004 | 7.6 |
| 2003 | 2.3 |
| 2002 | 0.5 |
| 2001 | 3.8 |
| 2000 | 4.9 |
| 1999 | 3.9 |
| 1998 | 7 |
| 1997 | 4.1 |
| 1996 | 4.5 |
| 1995 | 0.1 |
| 1994 | 3.6 |
| 1993 | 1.3 |
| 1992 | -3.4 |
| 1991 | -0.2 |
| 1990 | 1.2 |
| 1989 | 0.3 |
| 1988 | -0.1 |
| 1987 | 8.5 |
| 1986 | 6.3 |
| 1985 | 3.3 |
| 1984 | 4.1 |
| 1983 | -2.2 |
| 1982 | 2.2 |
| 1981 | 4.3 |
| 1980 | 5.7 |
IMF projection (World Economic Outlook, October 2026) · 2025–2031
| Year | Iceland |
|---|---|
| 2025 | 1.1 |
| 2026 | 1.4 |
| 2027 | 1.8 |
| 2028 | 2.1 |
| 2029 | 2.4 |
| 2030 | 2.4 |
| 2031 | 2.4 |
Good to know
- How much the economy grew or shrank in a year, after inflation.
- Source: IMF, World Economic Outlook, October 2026.
- The dashed line is the IMF projection (World Economic Outlook, October 2026), a scenario rather than a forecast.
How the layers work, where their data comes from and what they can’t tell you: Countries through time
Iceland in numbers
Every measure for Iceland on one page
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Military
- Military spending0% of GDP in 2025
- Military spending in US dollars$0 in 2025
- Military spending per person$0 in 2025
- Military share of state spending0% of government spending in 2025
- Armed forces personnel0 people in 2020
- National power0% of world capability in 2022
- Armed forces, share of workers0% of the labour force in 2020
- Arms imports50 million TIV in 2011
- Arms exports5 million TIV in 1993