Iceland ranked 108/197 by economy size with a GDP of $33.3B and 9/197 by GDP per capita at $86,041. Iceland has $19.8B in government debt, with a debt-to-GDP ratio of 59.4%.
In 2024, Iceland made up 0.03% of the world's economy, compared to 0.02% in 1960.
Iceland GDP & GDP growth by year
| Year | GDP | GDP growth |
|---|---|---|
| 2024 | $33,255,181,469 | -0.97% |
| 2023 | $31,677,891,897 | 5.19% |
| 2022 | $29,166,102,877 | 8.82% |
| 2021 | $26,234,872,402 | 5.18% |
| 2020 | $22,034,665,041 | -6.65% |
| 2019 | $24,985,687,022 | 1.14% |
| 2018 | $26,677,652,544 | 4.66% |
| 2017 | $25,060,086,488 | 3.49% |
| 2016 | $21,083,713,310 | 6.22% |
| 2015 | $17,700,486,957 | 3.77% |
| 2014 | $18,052,183,515 | 1.91% |
| 2013 | $16,244,319,959 | 3.6% |
| 2012 | $14,943,757,823 | 1.17% |
| 2011 | $15,394,005,872 | 1.38% |
| 2010 | $13,922,711,577 | -2.22% |
| 2009 | $13,212,543,838 | -8.32% |
| 2008 | $18,247,921,360 | 1.7% |
| 2007 | $21,960,110,030 | 8.74% |
| 2006 | $17,671,649,843 | 5.67% |
| 2005 | $17,146,410,561 | 7.03% |
| 2004 | $13,963,943,244 | 7.62% |
| 2003 | $11,564,687,742 | 2.28% |
| 2002 | $9,416,199,700 | 0.54% |
| 2001 | $8,323,401,820 | 3.84% |
| 2000 | $9,140,168,922 | 4.91% |
| 1999 | $9,107,644,691 | 3.9% |
| 1998 | $8,637,732,542 | 7.01% |
| 1997 | $7,716,781,803 | 4.14% |
| 1996 | $7,686,566,105 | 4.5% |
| 1995 | $7,372,640,169 | 0.12% |
| 1994 | $6,612,804,056 | 3.61% |
| 1993 | $6,435,952,174 | 1.31% |
| 1992 | $7,328,497,599 | -3.37% |
| 1991 | $7,151,260,062 | -0.22% |
| 1990 | $6,694,851,159 | 1.17% |
| 1989 | $5,870,854,233 | 0.26% |
| 1988 | $6,320,093,411 | -0.09% |
| 1987 | $5,713,281,235 | 8.55% |
| 1986 | $4,129,080,094 | 6.27% |
| 1985 | $3,088,359,967 | 3.29% |
| 1984 | $2,964,568,006 | 4.13% |
| 1983 | $2,862,634,164 | -2.15% |
| 1982 | $3,318,714,326 | 2.15% |
| 1981 | $3,615,094,820 | 4.27% |
| 1980 | $3,499,616,683 | 5.75% |
| 1979 | $2,953,176,971 | 4.86% |
| 1978 | $2,599,627,089 | 6.02% |
| 1977 | $2,285,707,749 | 8.82% |
| 1976 | $1,727,845,419 | 5.96% |
| 1975 | $1,456,052,700 | 0.65% |
| 1974 | $1,568,154,077 | 5.71% |
| 1973 | $1,194,794,186 | 6.81% |
| 1972 | $869,002,946 | 6.18% |
| 1971 | $693,679,545 | 13.1% |
| 1970 | $545,115,909 | 7.46% |
| 1969 | $435,659,610 | 2.39% |
| 1968 | $498,365,200 | -5.5% |
| 1967 | $652,609,076 | -1.26% |
| 1966 | $660,663,763 | 8.75% |
| 1965 | $550,150,988 | 7.3% |
| 1964 | $456,206,299 | 9.88% |
| 1963 | $357,240,896 | 10.3% |
| 1962 | $299,309,938 | 8.31% |
| 1961 | $266,711,460 | -0.07% |
| 1960 | $260,984,499 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/iceland | CC BY 
Iceland GDP per capita by year
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 2024 | $86,041 | $84,257 |
| 2023 | $82,139 | $81,608 |
| 2022 | $76,350 | $75,333 |
| 2021 | $70,425 | $61,610 |
| 2020 | $60,128 | $55,797 |
| 2019 | $69,296 | $60,524 |
| 2018 | $75,634 | $57,198 |
| 2017 | $72,976 | $55,638 |
| 2016 | $62,854 | $53,480 |
| 2015 | $53,506 | $49,201 |
| 2014 | $55,140 | $45,997 |
| 2013 | $50,173 | $44,410 |
| 2012 | $46,595 | $42,004 |
| 2011 | $48,255 | $40,937 |
| 2010 | $43,776 | $39,764 |
| 2009 | $41,484 | $41,885 |
| 2008 | $57,489 | $43,728 |
| 2007 | $70,483 | $41,471 |
| 2006 | $58,172 | $39,692 |
| 2005 | $57,784 | $37,323 |
| 2004 | $47,810 | $35,612 |
| 2003 | $39,944 | $32,697 |
| 2002 | $32,749 | $32,607 |
| 2001 | $29,208 | $31,882 |
| 2000 | $32,504 | $29,789 |
| 1999 | $32,834 | $29,558 |
| 1998 | $31,519 | $28,723 |
| 1997 | $28,462 | $26,874 |
| 1996 | $28,584 | $24,776 |
| 1995 | $27,565 | $23,954 |
| 1994 | $24,858 | $23,562 |
| 1993 | $24,404 | $22,460 |
| 1992 | $28,072 | $21,877 |
| 1991 | $27,740 | $22,416 |
| 1990 | $26,272 | $21,985 |
| 1989 | $23,219 | - |
| 1988 | $25,307 | - |
| 1987 | $23,238 | - |
| 1986 | $16,980 | - |
| 1985 | $12,793 | - |
| 1984 | $12,378 | - |
| 1983 | $12,080 | - |
| 1982 | $14,191 | - |
| 1981 | $15,666 | - |
| 1980 | $15,340 | - |
| 1979 | $13,082 | - |
| 1978 | $11,630 | - |
| 1977 | $10,305 | - |
| 1976 | $7,848 | - |
| 1975 | $6,680 | - |
| 1974 | $7,287 | - |
| 1973 | $5,627 | - |
| 1972 | $4,155 | - |
| 1971 | $3,366 | - |
| 1970 | $2,666 | - |
| 1969 | $2,142 | - |
| 1968 | $2,473 | - |
| 1967 | $3,284 | - |
| 1966 | $3,378 | - |
| 1965 | $2,861 | - |
| 1964 | $2,414 | - |
| 1963 | $1,924 | - |
| 1962 | $1,641 | - |
| 1961 | $1,490 | - |
| 1960 | $1,486 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/iceland | CC BY
Iceland has a GDP per capita of $86,041, ranking 9/197, a GDP per capita based on purchasing power parity (PPP) of $84,257, ranking 13/197, and a median annual after tax income of $55,565, ranking 6/197.
Iceland GDP rankings by year
| Year | Rank | ||
|---|---|---|---|
| GDP | GDP per capita | GDP per capita, PPP | |
| 2024 | 107 | 7 | 10 |
| 2023 | 106 | 9 | 11 |
| 2022 | 106 | 11 | 13 |
| 2021 | 107 | 10 | 18 |
| 2020 | 110 | 11 | 17 |
| 2019 | 107 | 8 | 13 |
| 2018 | 105 | 8 | 14 |
| 2017 | 107 | 7 | 12 |
| 2016 | 108 | 8 | 11 |
| 2015 | 114 | 12 | 17 |
| 2014 | 119 | 13 | 23 |
| 2013 | 124 | 19 | 24 |
| 2012 | 123 | 23 | 26 |
| 2011 | 122 | 22 | 26 |
| 2010 | 118 | 22 | 24 |
| 2009 | 112 | 21 | 19 |
| 2008 | 105 | 12 | 19 |
| 2007 | 92 | 6 | 19 |
| 2006 | 95 | 9 | 18 |
| 2005 | 88 | 6 | 17 |
| 2004 | 88 | 7 | 17 |
| 2003 | 91 | 9 | 17 |
| 2002 | 95 | 10 | 17 |
| 2001 | 97 | 10 | 17 |
| 2000 | 91 | 9 | 17 |
| 1999 | 90 | 10 | 15 |
| 1998 | 92 | 10 | 14 |
| 1997 | 96 | 11 | 15 |
| 1996 | 93 | 13 | 15 |
| 1995 | 94 | 14 | 14 |
| 1994 | 90 | 13 | 12 |
| 1993 | 91 | 11 | 13 |
| 1992 | 87 | 9 | 13 |
| 1991 | 88 | 8 | 13 |
| 1990 | 90 | 10 | 13 |
| 1989 | 83 | 9 | - |
| 1988 | 81 | 5 | - |
| 1987 | 83 | 4 | - |
| 1986 | 85 | 12 | - |
| 1985 | 92 | 11 | - |
| 1984 | 92 | 13 | - |
| 1983 | 92 | 13 | - |
| 1982 | 90 | 10 | - |
| 1981 | 88 | 9 | - |
| 1980 | 89 | 12 | - |
| 1979 | 87 | 12 | - |
| 1978 | 86 | 11 | - |
| 1977 | 87 | 11 | - |
| 1976 | 88 | 16 | - |
| 1975 | 90 | 19 | - |
| 1974 | 86 | 11 | - |
| 1973 | 84 | 12 | - |
| 1972 | 86 | 12 | - |
| 1971 | 87 | 14 | - |
| 1970 | 91 | 18 | - |
| 1969 | 91 | 18 | - |
| 1968 | 87 | 12 | - |
| 1967 | 83 | 4 | - |
| 1966 | 80 | 4 | - |
| 1965 | 83 | 5 | - |
| 1964 | 80 | 8 | - |
| 1963 | 84 | 9 | - |
| 1962 | 85 | 12 | - |
| 1961 | 85 | 12 | - |
| 1960 | 84 | 8 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/iceland | CC BY
Compared with 2000, in 2024 Iceland is ranked 107th out of 182 by GDP (down from 91st), 7th by GDP per capita (up from 9th), and 10th by GDP per capita PPP (up from 17th).
Economic indicators
Iceland
|
Rank | |
|---|---|---|
| Gross domestic product |
$33.3B
2024 |
108/197 |
| GDP growth |
-0.97%
2023-2024 |
180/194 |
| GDP per capita |
$86,041
2024 |
9/197 |
| GDP per capita, PPP |
$84,257
2024 |
13/197 |
| Government debt |
$19.8B
2024 |
101/185 |
| Debt-to-GDP ratio |
59.4%
2024 |
80/185 |
| Government debt per person |
$51,148
2024 |
9/185 |
| Average annual personal income after taxes |
$55,565
2026 |
6/197 |
| Listed domestic companies |
34
2004 |
80/103 |
| Number of billionaires |
1
2025 |
68/78 |
| Billionaire frequency |
1 in 293,296
2025 |
12/78 |
| Income share by richest 10% |
22.4%
2019 |
155/169 |
| Income share by poorest 10% |
3.7%
2019 |
24/169 |
| Government expenditure, % of GDP |
46.5%
2024 |
29/195 |
| Consumer prices inflation |
5.86%
2023-2024 |
43/195 |
| Central bank interest rate |
7.25%
2025 |
37/106 |
| Unemployment rate |
3.56%
2024 |
136/196 |
| Population |
397129
|
173/197 |
Government spending, deficit, and debt by year
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 2024 | 46.5% | 59.4% | -3.51% |
| 2023 | 45% | 61.5% | -2.28% |
| 2022 | 45.9% | 66.4% | -3.93% |
| 2021 | 48.7% | 73.6% | -8.33% |
| 2020 | 50.2% | 76.1% | -8.73% |
| 2019 | 43% | 65.7% | -1.57% |
| 2018 | 43.2% | 62.3% | 0.94% |
| 2017 | 43.8% | 70.8% | 0.97% |
| 2016 | 45.8% | 81.3% | 12.4% |
| 2015 | 43% | 96.3% | -0.39% |
| 2014 | 45.4% | 114.1% | 0.29% |
| 2013 | 45.6% | 121.1% | -1.24% |
| 2012 | 47.1% | 132.2% | -2.59% |
| 2011 | 50% | 136.6% | -6.46% |
| 2010 | 48.2% | 131.5% | -6.58% |
| 2009 | 53.3% | 128.2% | -8.54% |
| 2008 | 62.8% | 109.3% | -12% |
| 2007 | 44.1% | 67.4% | 5.52% |
| 2006 | 44.3% | 69.8% | 6.37% |
| 2005 | 44.2% | 67.8% | 4.92% |
| 2004 | 46.2% | 80.1% | 0.28% |
| 2003 | 47.2% | 84.1% | -2.3% |
| 2002 | 45% | 81.3% | -2.25% |
| 2001 | 46.9% | 82.5% | -0.28% |
| 2000 | 44.3% | 74.8% | 1.43% |
| 1999 | 44.8% | 75.5% | 1.3% |
| 1998 | 40.2% | 43.3% | -0.56% |
| 1997 | 41.3% | 51.1% | 0.04% |
| 1996 | 43.9% | 55.6% | -1.52% |
| 1995 | 44.4% | 58.1% | -2.87% |
| 1994 | 45% | 54.8% | -4.59% |
| 1993 | 45.1% | 52.3% | -4.36% |
| 1992 | 44.7% | 45.4% | -1.86% |
| 1991 | 42.8% | 37.6% | -0.66% |
| 1990 | 42.6% | 35.5% | -3.16% |
| 1989 | 42.9% | 35.3% | -4.29% |
| 1988 | 41.4% | 30.6% | -1.93% |
| 1987 | 36.5% | 27.3% | -0.79% |
| 1986 | 39.5% | 29.9% | -3.93% |
| 1985 | 37% | 32% | -1.56% |
| 1984 | 34.7% | 32.4% | 2.25% |
| 1983 | 37.8% | 30.8% | -1.96% |
| 1982 | 36% | 28.9% | 1.72% |
| 1981 | 35.3% | 22.4% | 1.32% |
| 1980 | 33.9% | 24.8% | 1.37% |
| 1979 | 32.4% | 21.1% | -0.07% |
| 1978 | 31.9% | 19.8% | -0.9% |
| 1977 | 31.7% | 18.4% | -1.2% |
| 1976 | 32.1% | 17.2% | 0.02% |
| 1975 | 36.9% | 16.4% | -3.87% |
| 1974 | 36.6% | 12.5% | -3.64% |
| 1973 | 33.7% | 11.5% | -0.74% |
| 1972 | 33.3% | 14.5% | 0.05% |
| 1971 | 32.5% | 11.7% | -0.69% |
| 1970 | 29.9% | 11.4% | 0.27% |
| 1969 | 30.3% | 14.6% | -0.88% |
| 1968 | 33.3% | 14.2% | -0.89% |
| 1967 | 31.6% | 8.8% | 0.78% |
| 1966 | 28.3% | 5.56% | 1.69% |
| 1965 | 28.3% | 7.78% | 0.15% |
| 1964 | 28.2% | 7.97% | -0.41% |
| 1963 | 26.2% | 7.89% | 1.8% |
| 1962 | 24.9% | 7.47% | 2.25% |
| 1961 | 25.3% | 8.49% | 1.64% |
| 1960 | 33.2% | 13.6% | 2.38% |
| 1959 | 36% | 4.96% | 2.44% |
| 1958 | 32.6% | 5.11% | 2.16% |
| 1957 | 29.1% | 6.65% | 1.2% |
| 1956 | 26.9% | 6.71% | -0.09% |
| 1955 | 23.1% | 8.56% | 1.57% |
| 1954 | 22.5% | 9.26% | 1.25% |
| 1953 | 24.5% | 10.7% | 0.34% |
| 1952 | 22% | 13.6% | 3.33% |
| 1951 | 22.6% | 14.4% | 2.73% |
| 1950 | 21.2% | 14.6% | 1.23% |
| 1949 | 24.7% | 12.8% | -0.3% |
| 1948 | 22.6% | 9.39% | 0.67% |
| 1947 | 23.9% | 5.85% | -1.95% |
| 1946 | 20.2% | 2.81% | -0.37% |
| 1945 | 15% | 2.51% | -2.33% |
| 1944 | 13.7% | 4.23% | -3.23% |
| 1943 | 11.3% | 4.38% | -0.89% |
| 1942 | 11.4% | 5.66% | -0.75% |
| 1941 | 10.4% | 9.39% | -1.33% |
| 1940 | 9.19% | 15.5% | -1.35% |
| 1939 | 11.3% | 23.9% | -2.6% |
| 1938 | 11.9% | 22.8% | -2.01% |
| 1937 | 11.9% | 23.2% | -2.6% |
| 1936 | 12.3% | 25.3% | -3.34% |
| 1935 | 12.5% | 26.3% | -3.46% |
| 1934 | 13.3% | 24.2% | -4.79% |
| 1933 | 11.9% | 24.4% | -3.42% |
| 1932 | 12.3% | 28.1% | -4.65% |
| 1931 | 12.7% | 25.3% | -4.27% |
| 1930 | 13% | 21.3% | -4.94% |
| 1929 | 9.75% | 16.2% | -1.94% |
| 1928 | 8.87% | 17% | -1.94% |
| 1927 | 9.66% | 17.8% | -3.45% |
| 1926 | 10.3% | 16.2% | -2.43% |
| 1925 | 8.13% | 11.9% | 0.43% |
| 1924 | 7.85% | 16.2% | -1.78% |
| 1923 | 10.5% | 24.8% | -4.99% |
| 1922 | 11% | 21.6% | -4.67% |
| 1921 | 12% | 18.7% | -6.12% |
| 1920 | 14% | 10.6% | -7.45% |
| 1919 | 7.82% | 10.7% | -2.5% |
| 1918 | 10.8% | 20.4% | -7.43% |
| 1917 | 15.2% | 21.9% | -11.3% |
| 1916 | 6.65% | 4.9% | -2.53% |
| 1915 | 5.84% | 5.09% | -2.06% |
| 1914 | 7.38% | 5.63% | -3.21% |
| 1913 | 6.58% | 6.08% | -2.3% |
| 1912 | 7.69% | 5.64% | -2.93% |
| 1911 | 7.23% | 4.7% | -3.06% |
| 1910 | 7.37% | 5.13% | -1.27% |
| 1909 | 7.98% | 5.91% | -2.15% |
| 1908 | - | 1.52% | - |
Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1908–1989, retrieved 2026-02-20); International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).
GeoRank.org/economy/iceland | CC BY
This chart shows Iceland's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 50 years, Iceland recorded a fiscal deficit in 34 of them, with an average annual deficit equal to 1.4% of GDP. In 2024, government spending reached $15.5B (46.5% of GDP), with a deficit of 3.51%.
The national debt reached $19.8B, ranking 101st out of 185 countries by total size, with a debt-to-GDP ratio of 59.4%, ranking 80th.
Inflation rate by year
| Year | Inflation |
|---|---|
| 2024 | 5.86% |
| 2023 | 8.74% |
| 2022 | 8.31% |
| 2021 | 4.44% |
| 2020 | 2.85% |
| 2019 | 3.01% |
| 2018 | 2.68% |
| 2017 | 1.76% |
| 2016 | 1.7% |
| 2015 | 1.63% |
| 2014 | 2.04% |
| 2013 | 3.87% |
| 2012 | 5.19% |
| 2011 | 4% |
| 2010 | 5.4% |
| 2009 | 12% |
| 2008 | 12.7% |
| 2007 | 5.05% |
| 2006 | 6.69% |
| 2005 | 3.99% |
| 2004 | 3.16% |
| 2003 | 2.06% |
| 2002 | 5.2% |
| 2001 | 6.41% |
| 2000 | 5.14% |
| 1999 | 3.23% |
| 1998 | 1.66% |
| 1997 | 1.82% |
| 1996 | 2.26% |
| 1995 | 1.65% |
| 1994 | 1.55% |
| 1993 | 4.04% |
| 1992 | 3.95% |
| 1991 | 6.81% |
| 1990 | 15.5% |
| 1989 | 20.8% |
| 1988 | 25.7% |
| 1987 | 18.3% |
| 1986 | 22.1% |
| 1985 | 32% |
| 1984 | 30.9% |
| 1983 | 84% |
| 1982 | 50.2% |
| 1981 | 51.8% |
| 1980 | 58.5% |
| 1979 | 44.4% |
| 1978 | 43.7% |
| 1977 | 30.3% |
| 1976 | 32% |
| 1975 | 49.4% |
| 1974 | 42.5% |
| 1973 | 21.4% |
| 1972 | 9.81% |
| 1971 | 6.73% |
| 1970 | 13.4% |
| 1969 | 21.8% |
| 1968 | 15.2% |
| 1967 | 3.32% |
| 1966 | 10.7% |
| 1965 | 7.32% |
| 1964 | 19.2% |
| 1963 | 12.9% |
| 1962 | 11% |
| 1961 | 4.71% |
| 1960 | 1.99% |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/iceland | CC BY
Over the past 20 years, Iceland has had an average annual inflation rate of 5.1%. In 2024, inflation was 5.86%. The bar chart above shows consumer price inflation by year.
Balance of trade
|
Iceland
|
Rank | |
|---|---|---|
|
Current account balance
|
-$867M
2024 |
121/190 |
| Current account balance, % of GDP |
-2.61%
2024 |
115/190 |
| Goods imports |
$9.3B
2024 |
110/189 |
| Goods exports |
$6.99B
2024 |
111/189 |
| Service imports |
$5.16B
2024 |
90/189 |
| Service exports |
$7.12B
2024 |
82/189 |
| Imports of goods and services, % of GDP |
43.5%
2024 |
90/181 |
| Exports of goods and services, % of GDP |
42.5%
2024 |
72/193 |
Iceland top 10 trading partners
Iceland's biggest trading partner accounting for 15.5% of all exports and imports is the United States, with a trade balance between the two of +$1.17B: Iceland exports $2.56B worth of goods and services to the United States and imports $1.38B.
Below is the list of the top 10 trade partners of Iceland.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
United States
|
$3.94B | 15.5% | $2.56B | $1.38B | Transport & tourism services | Machinery & equipment |
| 2 |
Netherlands
|
$3.47B | 13.7% | $2.47B | $997M | Metals | Machinery & equipment |
| 3 |
United Kingdom
|
$2.04B | 8.03% | $1.21B | $828M | Animal & marine products | Transport & tourism services |
| 4 |
Germany
|
$1.78B | 7.01% | $789M | $992M | Transport & tourism services | Machinery & equipment |
| 5 |
Norway
|
$1.68B | 6.61% | $481M | $1.2B | Processed food, beverages & tobacco | Raw materials & minerals |
| 6 |
Denmark
|
$1.27B | 5% | $382M | $887M | Animal & marine products | Machinery & equipment |
| 7 |
China
|
$1.25B | 4.91% | $164M | $1.08B | Animal & marine products | Machinery & equipment |
| 8 |
France
|
$1.03B | 4.04% | $698M | $329M | Animal & marine products | Machinery & equipment |
| 9 |
Spain
|
$915M | 3.6% | $414M | $500M | Animal & marine products | Transport & tourism services |
| 10 |
Sweden
|
$781M | 3.07% | $204M | $576M | IT & IP services | Machinery & equipment |
Top 10 exports
|
Iceland
|
Rank | |
|---|---|---|
| Transport & tourism services | $5.22B | 65/188 |
| Metals | $2.55B | 57/192 |
| Animal & marine products | $2.45B | 36/192 |
| Machinery & equipment | $766M | 88/193 |
| Business & finance services | $720M | 81/188 |
| Processed food, beverages & tobacco | $632M | 92/192 |
| IT & IP services | $581M | 72/183 |
| Raw materials & minerals | $249M | 135/193 |
| Chemicals & pharma | $198M | 100/193 |
| Manufacturing & construction services | $104M | 82/164 |
Top 10 imports
|
Iceland
|
Rank | |
|---|---|---|
| Machinery & equipment | $3.9B | 96/193 |
| Transport & tourism services | $2.69B | 89/188 |
| Raw materials & minerals | $2.16B | 114/193 |
| Business & finance services | $1.06B | 88/188 |
| Textiles & consumer goods | $869M | 104/193 |
| Chemicals & pharma | $856M | 118/193 |
| Processed food, beverages & tobacco | $809M | 114/193 |
| IT & IP services | $557M | 68/182 |
| Metals | $494M | 123/193 |
| Wood & paper products | $296M | 101/193 |
Economic freedom indices
|
Iceland
|
Rank | |
|---|---|---|
| Economic freedom | 75 | 19/197 |
| Property rights | 94.9 | 9/182 |
| Government integrity | 85 | 13/182 |
| Judicial effectiveness | 95.2 | 12/182 |
| Tax burden | 72.2 | 135/182 |
| Government spending | 37 | 154/180 |
| Fiscal health | 76.2 | 90/181 |
| Business freedom | 86.8 | 8/182 |
| Labor freedom | 59.3 | 57/182 |
| Monetary freedom | 73.5 | 94/180 |
| Trade freedom | 79.8 | 28/181 |
| Investment freedom | 70 | 32/181 |
| Financial freedom | 70 | 29/181 |
Economic freedom by year
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 2026 | 75 | 95.2 | 72.2 | 37 | 76.2 |
| 2025 | 72.8 | 95.6 | 72.6 | 33.2 | 55.2 |
| 2024 | 70.5 | 95.3 | 73.6 | 26.3 | 10.5 |
| 2023 | 72.2 | 83.9 | 72.9 | 31.5 | 28.8 |
| 2022 | 77 | 94.8 | 72.9 | 36.8 | 76.1 |
| 2021 | 77.4 | 72.6 | 72.4 | 46.2 | 97.6 |
| 2020 | 77.1 | 63.2 | 71.7 | 44.1 | 97.5 |
| 2019 | 77.1 | 63.8 | 72.7 | 44 | 96.7 |
| 2018 | 77 | 72.6 | 72.1 | 44.2 | 94.3 |
| 2017 | 74.4 | 71.5 | 70.9 | 41.1 | 90.6 |
| 2016 | 73.3 | - | 73.3 | 42.1 | - |
| 2015 | 72 | - | 72 | 32.6 | - |
| 2014 | 72.4 | - | 72.9 | 32.9 | - |
| 2013 | 72.1 | - | 72.7 | 36.2 | - |
| 2012 | 70.9 | - | 73.5 | 21.8 | - |
| 2011 | 68.2 | - | 69.8 | 0 | - |
| 2010 | 73.7 | - | 75.4 | 45.8 | - |
| 2009 | 75.9 | - | 76.2 | 44 | - |
| 2008 | 75.8 | - | 73.6 | 46.3 | - |
| 2007 | 76 | - | 73.5 | 41.7 | - |
| 2006 | 75.8 | - | 73.7 | 32 | - |
| 2005 | 76.6 | - | 72.5 | 30.9 | - |
| 2004 | 72.1 | - | 58.7 | 37.9 | - |
| 2003 | 73.5 | - | 69 | 43 | - |
| 2002 | 73.1 | - | 63.1 | 44.5 | - |
| 2001 | 73.4 | - | 62.9 | 58.9 | - |
| 2000 | 74 | - | 64.8 | 58.9 | - |
| 1999 | 71.4 | - | 60.5 | 43.5 | - |
| 1998 | 71.2 | - | 61.2 | 42.4 | - |
| 1997 | 70.5 | - | 61.6 | 40.6 | - |
Data sources: The Heritage Foundation | Economic Freedom Index (1997–2026, retrieved 2026-03-09).
GeoRank.org/economy/iceland | CC BY
Iceland is ranked 16/174 for economic freedom with a score of 75, compared to 10/162 and a score of 75.8 in 2006.
Other economic metrics
|
Iceland
|
Rank | |
|---|---|---|
| Services, % of GDP |
64.9%
2024 |
47/191 |
| Industry, % of GDP |
20.1%
2024 |
129/194 |
| Agriculture, forestry, and fishing, % of GDP |
3.98%
2024 |
116/193 |
|
GNI, Atlas method
|
$31.8B
2024 |
106/194 |
| GNI per capita, PPP |
$84,060
2024 |
11/191 |
| Total reserves including gold |
$6.4B
2024 |
90/177 |
|
Net foreign direct investment
|
-$2.24B
2024 |
142/189 |
|
Net inflows of foreign direct investment
|
$2.7B
2024 |
63/193 |
|
Net outflows of foreign direct investment
|
$461M
2024 |
62/193 |
| Poverty at national poverty lines |
8.8%
2017 |
157/176 |
|
Gross capital formation, % of GDP
|
26.1%
2024 |
58/178 |
Compare Iceland vs other countries
GDP per capita map
Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).
GeoRank.org/economy/iceland | CC BY
Help us show the world through your eyes
Share a photo of your city and help others discover what it looks like to live there. Your contribution makes our data come alive.
Data sources:
- World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
- International Monetary Fund (IMF) | Public Finances in Modern History (1908–1989, retrieved 2026-02-20)
- International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
- The Heritage Foundation | Economic Freedom Index (1997–2026, retrieved 2026-03-09)
- U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
- TradeMap (2023–2024, retrieved 2026-02-08)
- United Nations | World Population Prospects (2026, retrieved 2026-03-10)
- LivingCost (2026, retrieved 2025-10-14)
Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.