Iceland has a GDP of $38.6B compared to $531B for Norway, ranking 105/197 and 32/197 by economy size, respectively.
Iceland has $21.6B in government debt (56.1% of GDP), compared to $239B (45% of GDP) in Norway.
Iceland vs Norway GDP by year
| Year | GDP, current $ | |
|---|---|---|
Iceland
|
Norway
|
|
| 2025 | $38,582,528,789 | $530,755,719,439 |
| 2024 | $33,186,621,855 | $500,886,328,034 |
| 2023 | $31,701,996,434 | $502,197,633,323 |
| 2022 | $29,176,227,825 | $617,321,834,099 |
| 2021 | $26,234,872,402 | $521,592,200,233 |
| 2020 | $22,034,665,041 | $382,252,517,922 |
| 2019 | $24,985,687,022 | $424,244,886,364 |
| 2018 | $26,677,652,544 | $454,588,871,811 |
| 2017 | $25,060,086,488 | $415,673,181,543 |
| 2016 | $21,083,713,310 | $383,284,047,619 |
| 2015 | $17,700,486,957 | $400,669,174,331 |
| 2014 | $18,052,183,515 | $515,829,568,897 |
| 2013 | $16,244,319,959 | $540,132,255,319 |
| 2012 | $14,943,757,823 | $525,082,939,407 |
| 2011 | $15,394,005,872 | $512,868,581,628 |
| 2010 | $13,922,711,577 | $440,132,138,425 |
| 2009 | $13,212,543,838 | $395,664,488,017 |
| 2008 | $18,247,921,360 | $472,060,283,688 |
| 2007 | $21,960,110,030 | $407,813,774,161 |
| 2006 | $17,671,649,843 | $349,773,283,645 |
| 2005 | $17,146,410,561 | $311,417,306,946 |
| 2004 | $13,963,943,244 | $265,662,977,688 |
| 2003 | $11,564,687,742 | $229,192,678,173 |
| 2002 | $9,416,199,700 | $195,359,978,957 |
| 2001 | $8,323,401,820 | $173,590,978,347 |
| 2000 | $9,140,168,922 | $170,620,327,660 |
| 1999 | $9,107,644,691 | $161,304,620,987 |
| 1998 | $8,637,732,542 | $152,955,958,172 |
| 1997 | $7,716,781,803 | $160,013,571,974 |
| 1996 | $7,686,566,105 | $162,427,517,132 |
| 1995 | $7,372,640,169 | $151,083,627,983 |
| 1994 | $6,612,804,056 | $126,324,387,894 |
| 1993 | $6,435,952,174 | $119,841,699,440 |
| 1992 | $7,328,497,599 | $129,998,873,602 |
| 1991 | $7,151,260,062 | $121,149,331,318 |
| 1990 | $6,694,851,159 | $119,344,377,526 |
| 1989 | $5,870,854,233 | $102,226,808,603 |
| 1988 | $6,320,093,411 | $101,497,621,605 |
| 1987 | $5,713,281,235 | $93,913,320,965 |
| 1986 | $4,129,080,094 | $78,438,205,742 |
| 1985 | $3,088,359,967 | $65,211,464,198 |
| 1984 | $2,964,568,006 | $61,866,078,539 |
| 1983 | $2,862,634,164 | $61,417,685,434 |
| 1982 | $3,318,714,326 | $62,453,362,256 |
| 1981 | $3,615,094,820 | $63,392,804,251 |
| 1980 | $3,499,616,683 | $64,176,789,764 |
| 1979 | $2,953,176,971 | $52,935,763,512 |
| 1978 | $2,599,627,089 | $46,355,988,784 |
| 1977 | $2,285,707,749 | $41,362,637,363 |
| 1976 | $1,727,845,419 | $35,815,449,464 |
| 1975 | $1,456,052,700 | $32,742,543,381 |
| 1974 | $1,568,154,077 | $27,033,413,362 |
| 1973 | $1,194,794,186 | $22,433,660,550 |
| 1972 | $869,002,946 | $17,283,931,878 |
| 1971 | $693,679,545 | $14,523,306,736 |
| 1970 | $545,115,909 | $12,753,503,479 |
| 1969 | $435,659,610 | $11,083,505,596 |
| 1968 | $498,365,200 | $10,178,705,992 |
| 1967 | $652,609,076 | $9,532,076,026 |
| 1966 | $660,663,763 | $8,712,528,095 |
| 1965 | $550,150,988 | $8,073,570,566 |
| 1964 | $456,206,299 | $7,172,430,304 |
| 1963 | $357,240,896 | $6,522,268,053 |
| 1962 | $299,309,938 | $6,078,186,245 |
| 1961 | $266,711,460 | $5,642,867,672 |
| 1960 | $260,984,499 | $5,172,811,442 |
Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).
GeoRank.org/economy/iceland/norway | CC BY 
GDP per capita in Iceland vs Norway by year
| Year | Current $ | |||
|---|---|---|---|---|
|
Iceland
|
Norway
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 2025 | $98,323 | - | $94,594 | - |
| 2024 | $85,863 | $84,257 | $89,889 | $102,038 |
| 2023 | $82,201 | $81,608 | $90,984 | $103,638 |
| 2022 | $76,377 | $75,333 | $113,122 | $125,490 |
| 2021 | $70,425 | $61,610 | $96,443 | $88,984 |
| 2020 | $60,128 | $55,797 | $71,058 | $67,111 |
| 2019 | $69,296 | $60,524 | $79,329 | $70,940 |
| 2018 | $75,634 | $57,198 | $85,579 | $70,254 |
| 2017 | $72,976 | $55,638 | $78,771 | $64,590 |
| 2016 | $62,854 | $53,480 | $73,222 | $59,280 |
| 2015 | $53,506 | $49,201 | $77,221 | $60,738 |
| 2014 | $55,140 | $45,997 | $100,410 | $66,332 |
| 2013 | $50,173 | $44,410 | $106,333 | $67,378 |
| 2012 | $46,595 | $42,004 | $104,628 | $65,774 |
| 2011 | $48,255 | $40,937 | $103,545 | $62,460 |
| 2010 | $43,776 | $39,764 | $90,020 | $58,213 |
| 2009 | $41,484 | $41,885 | $81,940 | $55,648 |
| 2008 | $57,489 | $43,728 | $99,002 | $62,073 |
| 2007 | $70,483 | $41,471 | $86,600 | $56,179 |
| 2006 | $58,172 | $39,692 | $75,048 | $54,358 |
| 2005 | $57,784 | $37,323 | $67,358 | $47,967 |
| 2004 | $47,810 | $35,612 | $57,855 | $42,667 |
| 2003 | $39,944 | $32,697 | $50,208 | $38,680 |
| 2002 | $32,749 | $32,607 | $43,048 | $38,056 |
| 2001 | $29,208 | $31,882 | $38,458 | $37,829 |
| 2000 | $32,504 | $29,789 | $37,992 | $36,994 |
| 1999 | $32,834 | $29,558 | $36,151 | $30,574 |
| 1998 | $31,519 | $28,723 | $34,516 | $28,200 |
| 1997 | $28,462 | $26,874 | $36,324 | $28,610 |
| 1996 | $28,584 | $24,776 | $37,073 | $26,826 |
| 1995 | $27,565 | $23,954 | $34,659 | $24,360 |
| 1994 | $24,858 | $23,562 | $29,130 | $23,027 |
| 1993 | $24,404 | $22,460 | $27,793 | $21,584 |
| 1992 | $28,072 | $21,877 | $30,328 | $20,623 |
| 1991 | $27,740 | $22,416 | $28,427 | $19,580 |
| 1990 | $26,272 | $21,985 | $28,137 | $18,461 |
| 1989 | $23,219 | - | $24,185 | - |
| 1988 | $25,307 | - | $24,112 | - |
| 1987 | $23,238 | - | $22,430 | - |
| 1986 | $16,980 | - | $18,822 | - |
| 1985 | $12,793 | - | $15,704 | - |
| 1984 | $12,378 | - | $14,943 | - |
| 1983 | $12,080 | - | $14,877 | - |
| 1982 | $14,191 | - | $15,178 | - |
| 1981 | $15,666 | - | $15,463 | - |
| 1980 | $15,340 | - | $15,708 | - |
| 1979 | $13,082 | - | $12,998 | - |
| 1978 | $11,630 | - | $11,421 | - |
| 1977 | $10,305 | - | $10,230 | - |
| 1976 | $7,848 | - | $8,896 | - |
| 1975 | $6,680 | - | $8,171 | - |
| 1974 | $7,287 | - | $6,783 | - |
| 1973 | $5,627 | - | $5,664 | - |
| 1972 | $4,155 | - | $4,395 | - |
| 1971 | $3,366 | - | $3,721 | - |
| 1970 | $2,666 | - | $3,291 | - |
| 1969 | $2,142 | - | $2,881 | - |
| 1968 | $2,473 | - | $2,667 | - |
| 1967 | $3,284 | - | $2,519 | - |
| 1966 | $3,378 | - | $2,321 | - |
| 1965 | $2,861 | - | $2,168 | - |
| 1964 | $2,414 | - | $1,941 | - |
| 1963 | $1,924 | - | $1,779 | - |
| 1962 | $1,641 | - | $1,670 | - |
| 1961 | $1,490 | - | $1,563 | - |
| 1960 | $1,486 | - | $1,444 | - |
Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).
GeoRank.org/economy/iceland/norway | CC BY
Iceland's GDP per capita is $98,323, ranking 8/197, compared to $94,594 in Norway, ranking 9/197. Adjusted for purchasing power (GDP per capita PPP), Iceland ranks 13th at $84,257, while Norway ranks 7th at $102,038.
Economic indicators
|
Iceland
|
Norway
|
|
|---|---|---|
| Gross domestic product |
$38.6B
2025 |
$531B
2025 |
| GDP rank |
105/197
2025 |
32/197
2025 |
| GDP growth |
1.28%
2024-2025 |
1.09%
2024-2025 |
| GDP per capita |
$98,323
2025 |
$94,594
2025 |
| GDP per capita rank |
8/197
2025 |
9/197
2025 |
| GDP per capita, PPP |
$84,257
2024 |
$102,038
2024 |
| GDP per capita PPP rank |
13/197
2024 |
7/197
2024 |
| Government debt |
$21.6B
2025 |
$239B
2025 |
| Debt-to-GDP ratio |
56.1%
2025 |
45%
2025 |
| Government debt per person |
$55,165
2025 |
$42,567
2025 |
| Government debt per person rank |
9/185
2025 |
15/185
2025 |
| Average annual personal income after taxes |
$54,153
2026 |
$50,036
2026 |
| Market capitalization of domestic companies | n/a |
$296B
2019 |
| Number of millionaires | n/a |
348,000
2025 |
| Number of billionaires |
1
2026 |
17
2026 |
| Income share by richest 10% |
22.4%
2019 |
21.6%
2023 |
| Income share by poorest 10% |
3.7%
2019 |
3.6%
2023 |
| Government expenditure, % of GDP |
45%
2025 |
49.6%
2025 |
| Consumer prices inflation |
4.09%
2024-2025 |
3.06%
2024-2025 |
| Central bank interest rate |
7.75%
2026 |
4.25%
2026 |
| Unemployment rate |
4.5%
2025 |
4.5%
2025 |
| Population |
398674
|
5660666
|
Spending and national debt comparison by year
| Year | % of GDP | |||
|---|---|---|---|---|
|
Iceland
|
Norway
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 2025 | 45% | 56.1% | 49.6% | 45% |
| 2024 | 47.1% | 60.4% | 46.9% | 52.8% |
| 2023 | 45.2% | 61.5% | 44.2% | 42.4% |
| 2022 | 46.2% | 66.4% | 36.2% | 34.8% |
| 2021 | 48.7% | 73.6% | 44.7% | 40.1% |
| 2020 | 50.4% | 76.1% | 54.5% | 44.3% |
| 2019 | 43% | 65.7% | 48.4% | 39% |
| 2018 | 43.4% | 62.3% | 46.1% | 38.1% |
| 2017 | 43.8% | 70.8% | 47.6% | 36.9% |
| 2016 | 45.8% | 81.3% | 48.8% | 36.7% |
| 2015 | 43% | 96.3% | 46.7% | 33.2% |
| 2014 | 45.3% | 114.1% | 44% | 28.8% |
| 2013 | 45.6% | 121.1% | 42.3% | 30.6% |
| 2012 | 47.2% | 132.2% | 41.4% | 30.2% |
| 2011 | 50% | 136.6% | 42.3% | 28.9% |
| 2010 | 48.2% | 131.5% | 43.6% | 42.1% |
| 2009 | 53.4% | 128.2% | 44.7% | 41.7% |
| 2008 | 62.8% | 109.3% | 39.2% | 46.8% |
| 2007 | 44.2% | 67.4% | 40.5% | 48.9% |
| 2006 | 44.3% | 69.8% | 40.1% | 52.2% |
| 2005 | 44.2% | 67.8% | 41.6% | 42.1% |
| 2004 | 46.2% | 80.1% | 44.7% | 43.8% |
| 2003 | 47.3% | 84.1% | 47.7% | 43.1% |
| 2002 | 45% | 81.3% | 46.3% | 34% |
| 2001 | 47% | 82.5% | 43.4% | 27.3% |
| 2000 | 44.3% | 74.8% | 41.5% | 28.8% |
| 1999 | 44.8% | 75.5% | 46.7% | 25.1% |
| 1998 | 40.3% | 43.3% | 48.2% | 23.8% |
| 1997 | 41.4% | 51.1% | 45.9% | 26% |
| 1996 | 42.5% | 53.7% | 47.4% | 28.6% |
| 1995 | 43% | 56.1% | 49.6% | 32.9% |
| 1994 | 43.6% | 53% | 49.7% | 51% |
| 1993 | 43.7% | 50.6% | 50.5% | 54% |
| 1992 | 43.3% | 43.9% | 51.6% | 45.3% |
| 1991 | 41.6% | 36.4% | 50.3% | 39.5% |
| 1990 | 41.4% | 34.4% | 49.1% | 29.1% |
| 1989 | 42.9% | 35.3% | 52.2% | 30.4% |
| 1988 | 41.4% | 30.6% | 52.6% | 30.5% |
| 1987 | 36.5% | 27.3% | 50.5% | 31.3% |
| 1986 | 39.5% | 29.9% | 48.1% | 37.8% |
| 1985 | 37% | 32% | 44% | 30.2% |
| 1984 | 34.7% | 32.4% | 44.5% | 27.8% |
| 1983 | 37.8% | 30.8% | 46.4% | 27.4% |
| 1982 | 36% | 28.9% | 46.6% | 29.7% |
| 1981 | 35.3% | 22.4% | 46.1% | 32.9% |
| 1980 | 33.9% | 24.8% | 46.1% | 36.8% |
| 1979 | 32.4% | 21.1% | 47.2% | 39.6% |
| 1978 | 31.9% | 19.8% | 47.9% | 49.9% |
| 1977 | 31.7% | 18.4% | 46.5% | 43.8% |
| 1976 | 32.1% | 17.2% | 45.2% | 38.5% |
| 1975 | 36.9% | 16.4% | 43.5% | 36.7% |
| 1974 | 36.6% | 12.5% | 42.2% | 35.4% |
| 1973 | 33.7% | 11.5% | 42.3% | 37.7% |
| 1972 | 33.3% | 14.5% | 42.2% | 38.9% |
| 1971 | 32.5% | 11.7% | 40.7% | 38.5% |
| 1970 | 29.9% | 11.4% | 38.9% | 38.6% |
| 1969 | 30.3% | 14.6% | 38% | 22.3% |
| 1968 | 33.3% | 14.2% | 36.2% | 22.5% |
| 1967 | 31.6% | 8.8% | 34.9% | 22.6% |
| 1966 | 28.3% | 5.56% | 33.5% | 22.4% |
| 1965 | 28.3% | 7.78% | 32.9% | 23% |
| 1964 | 28.2% | 7.97% | 32% | 24.2% |
| 1963 | 26.2% | 7.89% | 31.9% | 25.3% |
| 1962 | 24.9% | 7.47% | 30.6% | 26.7% |
| 1961 | 25.3% | 8.49% | 20.4% | 27.7% |
| 1960 | 33.2% | 13.6% | 18% | 29.8% |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1989, retrieved 2026-07-08).
GeoRank.org/economy/iceland/norway | CC BY
In 2025, Iceland's government spending was $17.4B, accounting for 45% of its GDP, while Norway spent $263B, or 49.6% of GDP.
Debt-to-GDP ratio is 56.1% in Iceland and 45% in Norway, ranking 86/185 and 117/185, respectively.
Government deficit by year
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Iceland
|
Norway
|
|
| 2025 | -2.77% | 9.34% |
| 2024 | -3.71% | 12.8% |
| 2023 | -2.32% | 15.9% |
| 2022 | -3.82% | 24.7% |
| 2021 | -7.96% | 9.93% |
| 2020 | -8.81% | -2.46% |
| 2019 | -1.45% | 6.28% |
| 2018 | 1.04% | 7.56% |
| 2017 | 1.28% | 4.79% |
| 2016 | 12.7% | 3.91% |
| 2015 | -0.14% | 5.8% |
| 2014 | 0.59% | 8.34% |
| 2013 | -0.88% | 10.3% |
| 2012 | -2.59% | 13.4% |
| 2011 | -6.42% | 13% |
| 2010 | -6.56% | 10.6% |
| 2009 | -8.5% | 10% |
| 2008 | -12% | 18.3% |
| 2007 | 5.57% | 16.8% |
| 2006 | 6.42% | 17.7% |
| 2005 | 4.96% | 14.7% |
| 2004 | 0.33% | 10.8% |
| 2003 | -2.25% | 7.21% |
| 2002 | -2.21% | 9.05% |
| 2001 | -0.27% | 13.2% |
| 2000 | 1.43% | 15.1% |
| 1999 | 1.3% | 5.75% |
| 1998 | -0.55% | 3.09% |
| 1997 | 0.05% | 7.41% |
| 1996 | -1.46% | 6.05% |
| 1995 | -2.77% | 2.98% |
| 1994 | -4.44% | 0.04% |
| 1993 | -4.21% | -1.65% |
| 1992 | -1.8% | -2.08% |
| 1991 | -0.63% | -0.12% |
| 1990 | -3.06% | 1.96% |
| 1989 | -4.29% | 1.81% |
| 1988 | -1.93% | 2.65% |
| 1987 | -0.79% | 4.56% |
| 1986 | -3.93% | 5.87% |
| 1985 | -1.56% | 9.84% |
| 1984 | 2.25% | 6.97% |
| 1983 | -1.96% | 6.03% |
| 1982 | 1.72% | 3.96% |
| 1981 | 1.32% | 4.82% |
| 1980 | 1.37% | 5.38% |
| 1979 | -0.07% | 2.16% |
| 1978 | -0.9% | 0.94% |
| 1977 | -1.2% | 1.01% |
| 1976 | 0.02% | 2.2% |
| 1975 | -3.87% | 2.88% |
| 1974 | -3.64% | 4.06% |
| 1973 | -0.74% | 4.99% |
| 1972 | 0.05% | 3.93% |
| 1971 | -0.69% | 3.71% |
| 1970 | 0.27% | 2.83% |
| 1969 | -0.88% | 3.57% |
| 1968 | -0.89% | 3.38% |
| 1967 | 0.78% | 4.19% |
| 1966 | 1.69% | 3.59% |
| 1965 | 0.15% | 2.78% |
| 1964 | -0.41% | 3.08% |
| 1963 | 1.8% | 2.6% |
| 1962 | 2.25% | 4% |
| 1961 | 1.64% | -0.7% |
| 1960 | 2.38% | 1.42% |
| 1959 | 2.44% | 1.89% |
| 1958 | 2.16% | 1.7% |
| 1957 | 1.2% | 1.55% |
| 1956 | -0.09% | 1.22% |
| 1955 | 1.57% | 0.82% |
| 1954 | 1.25% | -0.54% |
| 1953 | 0.34% | 1.3% |
| 1952 | 3.33% | 2.15% |
| 1951 | 2.73% | 1.59% |
| 1950 | 1.23% | -0.89% |
| 1949 | -0.3% | -0.72% |
| 1948 | 0.67% | -0.35% |
| 1947 | -1.95% | -4.66% |
| 1946 | -0.37% | -3.82% |
| 1945 | -2.33% | - |
| 1944 | -3.23% | - |
| 1943 | -0.89% | - |
| 1942 | -0.75% | - |
| 1941 | -1.33% | - |
| 1940 | -1.35% | - |
| 1939 | -2.6% | -0.54% |
| 1938 | -2.01% | 0.03% |
| 1937 | -2.6% | -0.16% |
| 1936 | -3.34% | -0.7% |
| 1935 | -3.46% | -1.1% |
| 1934 | -4.79% | -0.59% |
| 1933 | -3.42% | -1.29% |
| 1932 | -4.65% | -1.14% |
| 1931 | -4.27% | -1.15% |
| 1930 | -4.94% | -0.46% |
| 1929 | -1.94% | -0.83% |
| 1928 | -1.94% | -0.81% |
| 1927 | -3.45% | -0.76% |
| 1926 | -2.43% | -1.59% |
| 1925 | 0.43% | -1.92% |
| 1924 | -1.78% | -2.96% |
| 1923 | -4.99% | -3.58% |
| 1922 | -4.67% | -4.28% |
| 1921 | -6.12% | -5.47% |
| 1920 | -7.45% | -1.15% |
| 1919 | -2.5% | -2.11% |
| 1918 | -7.43% | -1.17% |
| 1917 | -11.3% | 0.2% |
| 1916 | -2.53% | -0.36% |
| 1915 | -2.06% | -2.04% |
| 1914 | -3.21% | -1.09% |
| 1913 | -2.3% | -0.9% |
| 1912 | -2.93% | -0.89% |
| 1911 | -3.06% | -0.05% |
| 1910 | -1.27% | 0.3% |
| 1909 | -2.15% | -0.52% |
| 1908 | - | -0.06% |
| 1907 | - | 0.16% |
| 1906 | - | -0.59% |
| 1905 | - | -0.52% |
| 1904 | - | -0.75% |
| 1903 | - | -1.12% |
| 1902 | - | -1.52% |
| 1901 | - | -1.41% |
| 1900 | - | -1.99% |
| 1899 | - | -1.35% |
| 1898 | - | -1.39% |
| 1897 | - | -0.63% |
| 1896 | - | -1.57% |
| 1895 | - | -1.66% |
| 1894 | - | -1.13% |
| 1893 | - | -1.25% |
| 1892 | - | -0.94% |
| 1891 | - | -0.44% |
| 1890 | - | -0.2% |
| 1889 | - | -0.07% |
| 1888 | - | -0.23% |
| 1887 | - | -0.17% |
| 1886 | - | -0.2% |
| 1885 | - | -0.005% |
| 1884 | - | -0.08% |
| 1883 | - | -0.17% |
| 1882 | - | -0.62% |
| 1881 | - | -1.13% |
Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1881–1989, retrieved 2026-07-08); International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).
GeoRank.org/economy/iceland/norway | CC BY
In 2025, Iceland's government deficit, the difference between spending and revenue, was $1.07B, equivalent to 2.77% of GDP. This compares to Norway's surplus of $49.6B, or 9.34% of GDP.
Over the past 66 years, Iceland recorded a fiscal deficit in 41 of those years, while Norway ran a deficit in 5 years. On average, Iceland posted an annual deficit equal to 1% of GDP, compared to surplus of 6.35% of GDP for Norway.
Inflation comparison by year
| Year | Consumer prices inflation | |
|---|---|---|
|
Iceland
|
Norway
|
|
| 2025 | 4.09% | 3.06% |
| 2024 | 5.86% | 3.15% |
| 2023 | 8.74% | 5.52% |
| 2022 | 8.31% | 5.76% |
| 2021 | 4.44% | 3.48% |
| 2020 | 2.85% | 1.29% |
| 2019 | 3.01% | 2.17% |
| 2018 | 2.68% | 2.76% |
| 2017 | 1.76% | 1.88% |
| 2016 | 1.7% | 3.55% |
| 2015 | 1.63% | 2.17% |
| 2014 | 2.04% | 2.04% |
| 2013 | 3.87% | 2.12% |
| 2012 | 5.19% | 0.7% |
| 2011 | 4% | 1.28% |
| 2010 | 5.4% | 2.42% |
| 2009 | 12% | 2.2% |
| 2008 | 12.7% | 3.75% |
| 2007 | 5.05% | 0.71% |
| 2006 | 6.69% | 2.33% |
| 2005 | 3.99% | 1.53% |
| 2004 | 3.16% | 0.45% |
| 2003 | 2.06% | 2.49% |
| 2002 | 5.2% | 1.29% |
| 2001 | 6.41% | 3% |
| 2000 | 5.14% | 3.09% |
| 1999 | 3.23% | 2.37% |
| 1998 | 1.66% | 2.25% |
| 1997 | 1.82% | 2.57% |
Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).
GeoRank.org/economy/iceland/norway | CC BY
Over the past 29 years, Iceland has recorded an average annual inflation rate of 4.64%, compared with 2.46% in Norway. In 2025, inflation was 4.09% in Iceland and 3.06% in Norway.
Top exports between countries
|
Iceland
|
|
|---|---|
| Export category | Export value |
| Processed food, beverages & tobacco | $159M |
| Transport & tourism services | $101M |
| Machinery & equipment | $57.3M |
| Animal & marine products | $29.6M |
| IT & IP services | $25.5M |
| Business & finance services | $13.6M |
| Raw materials & minerals | $9.18M |
| Chemicals & pharma | $2.42M |
| Raw agricultural goods | $1.84M |
| Manufacturing & construction services | $1.84M |
|
Norway
|
|
|---|---|
| Export category | Export value |
| Raw materials & minerals | $454M |
| Machinery & equipment | $266M |
| Processed food, beverages & tobacco | $133M |
| Chemicals & pharma | $31.6M |
| Animal & marine products | $30.3M |
| Miscellaneous | $28.1M |
| Textiles & consumer goods | $26.4M |
| Metals | $12.8M |
| Wood & paper products | $8.36M |
| Weapons & explosives | $577K |
Balance of trade
|
Iceland
|
Norway
|
|
|---|---|---|
|
Current account balance
|
-$1.34B
2025 |
$74.1B
2025 |
| Current account balance ranking |
127/190
2025 |
10/190
2025 |
| Current account balance, % of GDP |
-3.48%
2025 |
+14%
2025 |
| Goods imports |
$10.4B
2025 |
$105B
2025 |
| Goods exports |
$7.4B
2025 |
$177B
2025 |
| Service imports |
$5.98B
2025 |
$73.9B
2025 |
| Service exports |
$8.16B
2025 |
$63.5B
2025 |
| Imports of goods and services, % of GDP |
42.4%
2025 |
33.7%
2025 |
| Exports of goods and services, % of GDP |
40.1%
2025 |
45.4%
2025 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Iceland
|
Norway
|
|
|---|---|---|
| Economic freedom | 75 | 78.8 |
| Economic freedom ranking | 19/197 | 9/197 |
| Property rights | 94.9 | 99.6 |
| Government integrity | 85 | 94.3 |
| Judicial effectiveness | 95.2 | 96.4 |
| Tax burden | 72.2 | 63.3 |
| Government spending | 37 | 42 |
| Fiscal health | 76.2 | 96.4 |
| Business freedom | 86.8 | 91.2 |
| Labor freedom | 59.3 | 69.3 |
| Monetary freedom | 73.5 | 72.4 |
| Trade freedom | 79.8 | 85.6 |
| Investment freedom | 70 | 75 |
| Financial freedom | 70 | 60 |
Economic freedom comparison by year
| Year | Economic freedom index | |
|---|---|---|
|
Iceland
|
Norway
|
|
| 2026 | 75 | 78.8 |
| 2025 | 72.8 | 78.3 |
| 2024 | 70.5 | 77.5 |
| 2023 | 72.2 | 76.9 |
| 2022 | 77 | 76.9 |
| 2021 | 77.4 | 73.4 |
| 2020 | 77.1 | 73.4 |
| 2019 | 77.1 | 73 |
| 2018 | 77 | 74.3 |
| 2017 | 74.4 | 74 |
| 2016 | 73.3 | 70.8 |
| 2015 | 72 | 71.8 |
| 2014 | 72.4 | 70.9 |
| 2013 | 72.1 | 70.5 |
| 2012 | 70.9 | 68.8 |
| 2011 | 68.2 | 70.3 |
| 2010 | 73.7 | 69.4 |
| 2009 | 75.9 | 70.2 |
| 2008 | 75.8 | 68.6 |
| 2007 | 76 | 67.9 |
| 2006 | 75.8 | 67.9 |
| 2005 | 76.6 | 64.5 |
| 2004 | 72.1 | 66.2 |
| 2003 | 73.5 | 67.2 |
| 2002 | 73.1 | 67.4 |
| 2001 | 73.4 | 67.1 |
| 2000 | 74 | 70.1 |
| 1999 | 71.4 | 68.6 |
| 1998 | 71.2 | 68 |
| 1997 | 70.5 | 65.1 |
| 1996 | - | 65.4 |
Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08).
GeoRank.org/economy/iceland/norway | CC BY
The Economic Freedom Index for Iceland is 75, ranking 19/197, compared to 78.8 for Norway, ranking 9/197. The chart above displays a comparison of annual changes in economic freedom indexes.
Other economic metrics
|
Iceland
|
Norway
|
|
|---|---|---|
| Services, % of GDP |
66.2%
2025 |
55%
2025 |
| Industry, % of GDP |
20.1%
2025 |
34.5%
2025 |
| Agriculture, forestry, and fishing, % of GDP |
3.65%
2025 |
1.64%
2025 |
|
GNI, Atlas method
|
$35B
2025 |
$546B
2025 |
| GNI per capita, PPP |
$83,250
2025 |
$107,770
2025 |
| Total reserves including gold |
$7.73B
2025 |
$85.5B
2025 |
| Total reserves ranking |
88/177
2025 |
34/177
2025 |
|
Net foreign direct investment
|
-$650M
2025 |
$8.93B
2025 |
|
Net inflows of foreign direct investment
|
$2.83B
2024 |
$12.1B
2024 |
|
Net outflows of foreign direct investment
|
$300M
2024 |
$5.62B
2024 |
| Poverty at national poverty lines |
8.8%
2017 |
12.2%
2021 |
|
Gross capital formation, % of GDP
|
26.6%
2025 |
23.2%
2025 |
GDP per capita map
Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).
GeoRank.org/economy/iceland/norway | CC BY
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Data sources:
- World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
- International Monetary Fund (IMF) | Public Finances in Modern History (1881–1989, retrieved 2026-07-08)
- International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
- The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08)
- U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
- TradeMap (2023–2025, retrieved 2026-07-08)
- United Nations | World Population Prospects (2026, retrieved 2026-07-08)
- LivingCost (2026, retrieved 2026-07-08)
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.