Iceland has a GDP of $33.5B compared to $484B for Norway, ranking 108/197 and 32/197 by economy size, respectively.
Iceland has $19.8B in government debt (52.9% of GDP), compared to $207B (42.7% of GDP) in Norway.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Iceland
|
Norway
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $252,169,712 | $2,370,633,619 | $5,197,398,721 | $68,793,506,118 |
| 1961 | $257,703,245 | $2,368,874,988 | $5,669,689,210 | $73,109,153,566 |
| 1962 | $289,200,704 | $2,565,841,580 | $6,107,076,929 | $75,166,405,039 |
| 1963 | $345,175,036 | $2,829,636,122 | $6,553,269,536 | $78,011,485,854 |
| 1964 | $440,797,869 | $3,109,258,337 | $7,206,522,122 | $81,919,589,025 |
| 1965 | $531,569,564 | $3,336,121,643 | $8,111,945,661 | $86,249,538,031 |
| 1966 | $638,349,755 | $3,628,054,270 | $8,753,940,267 | $89,515,388,221 |
| 1967 | $630,567,116 | $3,582,329,882 | $9,577,383,653 | $95,115,541,631 |
| 1968 | $481,532,848 | $3,385,363,291 | $10,227,087,165 | $97,265,034,480 |
| 1969 | $420,945,148 | $3,466,260,284 | $11,136,187,440 | $101,646,446,366 |
| 1970 | $526,704,545 | $3,724,778,935 | $12,814,123,115 | $103,621,742,272 |
| 1971 | $670,251,136 | $4,211,266,267 | $14,583,114,840 | $109,500,837,087 |
| 1972 | $839,652,164 | $4,471,410,267 | $17,358,610,850 | $115,337,894,011 |
| 1973 | $1,154,440,253 | $4,775,734,886 | $22,534,253,703 | $120,566,084,506 |
| 1974 | $1,515,190,595 | $5,048,252,272 | $27,145,693,810 | $125,294,905,499 |
| 1975 | $1,406,875,081 | $5,080,871,813 | $32,877,805,200 | $131,499,638,270 |
| 1976 | $1,669,488,390 | $5,383,659,634 | $35,942,270,686 | $139,160,194,320 |
| 1977 | $2,208,509,076 | $5,858,621,017 | $41,508,030,431 | $144,950,253,122 |
| 1978 | $2,511,826,196 | $6,211,117,520 | $46,522,900,254 | $150,558,892,164 |
| 1979 | $2,853,435,054 | $6,513,014,004 | $53,132,244,624 | $157,142,089,506 |
| 1980 | $3,381,419,251 | $6,887,376,883 | $64,439,382,896 | $164,314,436,253 |
| 1981 | $3,492,997,010 | $7,181,123,997 | $63,596,654,761 | $166,940,746,108 |
| 1982 | $3,206,626,645 | $7,335,846,073 | $62,647,195,538 | $167,333,595,175 |
| 1983 | $2,765,950,336 | $7,178,040,161 | $61,627,240,831 | $173,981,771,260 |
| 1984 | $2,864,441,387 | $7,474,429,927 | $62,057,955,033 | $184,511,811,488 |
| 1985 | $2,984,052,357 | $7,720,551,044 | $65,416,879,914 | $194,758,499,575 |
| 1986 | $3,989,622,739 | $8,204,671,437 | $78,693,118,044 | $202,630,856,643 |
| 1987 | $5,520,318,405 | $8,905,837,716 | $94,229,907,236 | $206,184,106,690 |
| 1988 | $6,106,635,816 | $8,897,846,863 | $101,900,260,856 | $205,657,951,819 |
| 1989 | $5,672,569,449 | $8,920,842,447 | $102,633,934,391 | $207,793,200,369 |
| 1990 | $6,468,736,356 | $9,025,160,130 | $119,791,843,060 | $211,808,370,316 |
| 1991 | $6,909,730,288 | $9,004,986,592 | $121,872,464,483 | $218,341,469,492 |
| 1992 | $7,080,981,738 | $8,701,167,877 | $130,838,040,068 | $226,145,995,698 |
| 1993 | $6,218,581,532 | $8,815,453,321 | $120,579,213,713 | $232,580,262,419 |
| 1994 | $6,389,460,343 | $9,133,590,508 | $127,131,319,429 | $244,337,831,947 |
| 1995 | $7,123,633,418 | $9,144,238,786 | $152,029,612,325 | $254,491,639,971 |
| 1996 | $7,426,082,271 | $9,561,867,469 | $163,520,109,151 | $267,287,258,415 |
| 1997 | $7,569,672,925 | $10,113,741,401 | $161,356,631,888 | $281,412,338,540 |
| 1998 | $8,503,746,468 | $10,858,455,907 | $154,230,295,158 | $288,922,351,937 |
| 1999 | $8,982,047,589 | $11,296,586,996 | $162,383,706,021 | $294,908,959,351 |
| 2000 | $9,025,660,362 | $11,859,726,688 | $171,457,201,936 | $304,696,827,580 |
| 2001 | $8,234,846,805 | $12,335,716,527 | $174,239,354,071 | $310,995,308,439 |
| 2002 | $9,318,395,055 | $12,404,737,217 | $195,914,852,576 | $315,279,446,148 |
| 2003 | $11,429,333,038 | $12,670,532,079 | $229,385,469,337 | $318,258,551,155 |
| 2004 | $13,825,302,536 | $13,659,137,605 | $265,268,662,473 | $331,035,320,834 |
| 2005 | $16,852,963,067 | $14,495,683,163 | $309,978,579,744 | $339,924,026,052 |
| 2006 | $17,465,318,552 | $15,411,374,457 | $346,915,160,682 | $348,291,164,570 |
| 2007 | $21,652,505,597 | $16,714,384,607 | $402,643,260,488 | $358,440,508,444 |
| 2008 | $18,074,622,987 | $17,083,688,336 | $464,917,553,191 | $360,167,903,329 |
| 2009 | $13,154,414,219 | $15,774,427,003 | $387,976,400,617 | $353,179,332,378 |
| 2010 | $13,751,161,918 | $15,327,572,990 | $431,052,143,940 | $355,959,036,888 |
| 2011 | $15,221,622,926 | $15,610,486,136 | $501,360,549,669 | $359,894,719,458 |
| 2012 | $14,751,508,134 | $15,776,524,980 | $512,777,309,841 | $369,676,511,271 |
| 2013 | $16,125,060,515 | $16,494,745,015 | $526,014,468,085 | $373,433,130,118 |
| 2014 | $17,867,662,178 | $16,773,046,832 | $501,736,471,833 | $381,081,533,571 |
| 2015 | $17,517,210,519 | $17,517,210,519 | $388,159,512,246 | $388,159,512,246 |
| 2016 | $20,793,168,031 | $18,621,440,663 | $370,956,547,619 | $392,680,500,172 |
| 2017 | $24,728,285,177 | $19,402,600,563 | $401,745,275,035 | $402,355,151,331 |
| 2018 | $26,260,850,582 | $20,351,227,271 | $439,788,625,884 | $405,690,399,924 |
| 2019 | $24,681,343,649 | $20,729,999,825 | $408,742,840,909 | $410,249,333,419 |
| 2020 | $21,629,953,194 | $19,291,243,916 | $367,633,418,887 | $405,005,642,243 |
| 2021 | $25,770,339,317 | $20,262,250,570 | $503,367,986,030 | $420,836,044,192 |
| 2022 | $28,696,453,180 | $22,081,592,143 | $596,297,651,036 | $434,497,344,229 |
| 2023 | $31,452,223,862 | $23,328,420,812 | $482,949,731,777 | $434,810,705,801 |
| 2024 | $33,462,807,983 | $23,448,996,816 | $483,727,398,216 | $443,943,701,526 |
Economic indicators
|
Iceland
|
Norway
|
|
|---|---|---|
| Gross domestic product |
$33.5B
2024 |
$484B
2024 |
| GDP rank |
108/197
2024 |
32/197
2024 |
| GDP growth |
6.39%
2023-2024 |
0.16%
2023-2024 |
| GDP per capita |
$82,704
2024 |
$86,810
2024 |
| GDP per capita rank |
10/197
2024 |
8/197
2024 |
| GDP per capita, PPP |
$78,259
2024 |
$101,032
2024 |
| Government debt |
$19.8B
2024 |
$207B
2024 |
| Debt-to-GDP ratio |
52.9%
2025 |
42.7%
2025 |
| Government debt per person |
$48,859
2024 |
$37,084
2024 |
| Government debt per person rank |
9/185
2024 |
17/185
2024 |
| Average annual personal income after taxes |
$54,155
2025 |
$45,746
2025 |
| Market capitalization of domestic companies | n/a |
$296B
2019 |
| Number of millionaires | n/a |
253,085
2024 |
| Number of billionaires |
1
2025 |
17
2025 |
| 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 |
44.5%
2025 |
47.9%
2025 |
| Consumer prices inflation |
5.86%
2023-2024 |
3.15%
2023-2024 |
| Central bank interest rate |
7.5%
2025 |
4.25%
2025 |
| Unemployment rate |
3.56%
2024 |
3.98%
2024 |
| Population |
412970
|
5642662
|
GDP per capita in Iceland vs Norway
Iceland's GDP per capita is $82,704, ranking 10/197, compared to $86,810 in Norway, ranking 8/197. Adjusted for purchasing power (GDP per capita PPP), Iceland ranks 15th at $78,259, while Norway ranks 7th at $101,032.
| Year | Current $ | |||
|---|---|---|---|---|
|
Iceland
|
Norway
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $1,436 | - | $1,451 | - |
| 1961 | $1,439 | - | $1,571 | - |
| 1962 | $1,586 | - | $1,678 | - |
| 1963 | $1,859 | - | $1,787 | - |
| 1964 | $2,332 | - | $1,951 | - |
| 1965 | $2,764 | - | $2,179 | - |
| 1966 | $3,264 | - | $2,333 | - |
| 1967 | $3,173 | - | $2,531 | - |
| 1968 | $2,390 | - | $2,680 | - |
| 1969 | $2,070 | - | $2,894 | - |
| 1970 | $2,576 | - | $3,306 | - |
| 1971 | $3,252 | - | $3,736 | - |
| 1972 | $4,015 | - | $4,414 | - |
| 1973 | $5,437 | - | $5,690 | - |
| 1974 | $7,041 | - | $6,812 | - |
| 1975 | $6,454 | - | $8,204 | - |
| 1976 | $7,583 | - | $8,927 | - |
| 1977 | $9,957 | - | $10,266 | - |
| 1978 | $11,237 | - | $11,463 | - |
| 1979 | $12,641 | - | $13,047 | - |
| 1980 | $14,822 | - | $15,772 | - |
| 1981 | $15,137 | - | $15,513 | - |
| 1982 | $13,712 | - | $15,225 | - |
| 1983 | $11,672 | - | $14,928 | - |
| 1984 | $11,960 | - | $14,989 | - |
| 1985 | $12,361 | - | $15,754 | - |
| 1986 | $16,406 | - | $18,883 | - |
| 1987 | $22,453 | - | $22,506 | - |
| 1988 | $24,452 | - | $24,207 | - |
| 1989 | $22,434 | - | $24,281 | - |
| 1990 | $25,385 | $21,970 | $28,243 | $18,449 |
| 1991 | $26,803 | $22,401 | $28,597 | $19,567 |
| 1992 | $27,124 | $21,863 | $30,524 | $20,609 |
| 1993 | $23,580 | $22,445 | $27,964 | $21,569 |
| 1994 | $24,019 | $23,547 | $29,316 | $23,012 |
| 1995 | $26,634 | $23,938 | $34,876 | $24,344 |
| 1996 | $27,615 | $24,767 | $37,322 | $26,816 |
| 1997 | $27,919 | $26,868 | $36,629 | $28,603 |
| 1998 | $31,030 | $28,721 | $34,803 | $28,198 |
| 1999 | $32,382 | $29,558 | $36,393 | $30,574 |
| 2000 | $32,096 | $29,783 | $38,178 | $36,986 |
| 2001 | $28,897 | $31,885 | $38,602 | $37,833 |
| 2002 | $32,409 | $32,607 | $43,171 | $38,056 |
| 2003 | $39,477 | $32,701 | $50,250 | $38,685 |
| 2004 | $47,335 | $35,617 | $57,769 | $42,673 |
| 2005 | $56,795 | $37,323 | $67,047 | $47,967 |
| 2006 | $57,493 | $39,700 | $74,434 | $54,369 |
| 2007 | $69,496 | $41,473 | $85,502 | $56,181 |
| 2008 | $56,943 | $43,728 | $97,504 | $62,073 |
| 2009 | $41,301 | $41,863 | $80,348 | $55,619 |
| 2010 | $43,237 | $39,768 | $88,163 | $58,220 |
| 2011 | $47,715 | $40,937 | $101,222 | $62,460 |
| 2012 | $45,996 | $42,004 | $102,176 | $65,774 |
| 2013 | $49,805 | $44,410 | $103,554 | $67,378 |
| 2014 | $54,577 | $45,997 | $97,667 | $66,332 |
| 2015 | $52,952 | $49,214 | $74,810 | $60,754 |
| 2016 | $61,988 | $53,480 | $70,867 | $59,280 |
| 2017 | $72,010 | $55,638 | $76,132 | $64,590 |
| 2018 | $74,452 | $57,198 | $82,793 | $70,254 |
| 2019 | $68,452 | $60,524 | $76,431 | $70,940 |
| 2020 | $59,024 | $55,797 | $68,340 | $67,111 |
| 2021 | $69,178 | $61,610 | $93,073 | $88,984 |
| 2022 | $75,121 | $73,426 | $109,270 | $123,150 |
| 2023 | $79,960 | $76,667 | $87,497 | $100,437 |
| 2024 | $82,704 | $78,259 | $86,810 | $101,032 |
Spending and national debt comparison
In 2024, Iceland's government spending was $15.5B, accounting for 44.5% of its GDP, while Norway's spent $230B, or 47.9% of GDP.
Debt-to-GDP ratio is 52.9% in Iceland and 42.7% in Norway, ranking 102/185 and 128/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Iceland
|
Norway
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1960 | 33.2% | 13.6% | 18% | 29.8% |
| 1961 | 25.3% | 8.49% | 20.4% | 27.7% |
| 1962 | 24.9% | 7.47% | 30.6% | 26.7% |
| 1963 | 26.2% | 7.89% | 31.9% | 25.3% |
| 1964 | 28.2% | 7.97% | 32% | 24.2% |
| 1965 | 28.3% | 7.78% | 32.9% | 23% |
| 1966 | 28.3% | 5.56% | 33.5% | 22.4% |
| 1967 | 31.6% | 8.8% | 34.9% | 22.6% |
| 1968 | 33.3% | 14.2% | 36.2% | 22.5% |
| 1969 | 30.3% | 14.6% | 38% | 22.3% |
| 1970 | 29.9% | 11.4% | 38.9% | 38.6% |
| 1971 | 32.5% | 11.7% | 40.7% | 38.5% |
| 1972 | 33.3% | 14.5% | 42.2% | 38.9% |
| 1973 | 33.7% | 11.5% | 42.3% | 37.7% |
| 1974 | 36.6% | 12.5% | 42.2% | 35.4% |
| 1975 | 36.9% | 16.4% | 43.5% | 36.7% |
| 1976 | 32.1% | 17.2% | 45.2% | 38.5% |
| 1977 | 31.7% | 18.4% | 46.5% | 43.8% |
| 1978 | 31.9% | 19.8% | 47.9% | 49.9% |
| 1979 | 32.4% | 21.1% | 47.2% | 39.6% |
| 1980 | 33.9% | 24.8% | 46.1% | 36.8% |
| 1981 | 35.3% | 22.4% | 46.1% | 32.9% |
| 1982 | 36% | 28.9% | 46.6% | 29.7% |
| 1983 | 37.8% | 30.8% | 46.4% | 27.4% |
| 1984 | 34.7% | 32.4% | 44.5% | 27.8% |
| 1985 | 37% | 32% | 44% | 30.2% |
| 1986 | 39.5% | 29.9% | 48.1% | 37.8% |
| 1987 | 36.5% | 27.3% | 50.5% | 31.3% |
| 1988 | 41.4% | 30.6% | 52.6% | 30.5% |
| 1989 | 42.9% | 35.3% | 52.2% | 30.4% |
| 1990 | 42.6% | 35.5% | 48.9% | 28.9% |
| 1991 | 42.8% | 37.6% | 50% | 39.2% |
| 1992 | 44.7% | 45.4% | 51.3% | 45% |
| 1993 | 45.1% | 52.3% | 50.2% | 53.7% |
| 1994 | 45% | 54.8% | 49.4% | 50.6% |
| 1995 | 44.4% | 58.1% | 49.3% | 32.7% |
| 1996 | 43.9% | 55.6% | 47% | 28.4% |
| 1997 | 42.1% | 52% | 45.5% | 25.8% |
| 1998 | 40.9% | 44% | 47.8% | 23.6% |
| 1999 | 45.4% | 76.6% | 46.4% | 25% |
| 2000 | 44.8% | 75.8% | 41.3% | 28.7% |
| 2001 | 47.4% | 83.4% | 43.2% | 27.2% |
| 2002 | 45.5% | 82.2% | 46.1% | 33.9% |
| 2003 | 47.8% | 85.1% | 47.6% | 43.1% |
| 2004 | 46.7% | 80.9% | 44.7% | 43.8% |
| 2005 | 45% | 68.9% | 41.8% | 42.3% |
| 2006 | 44.8% | 70.7% | 40.5% | 52.6% |
| 2007 | 44.7% | 68.4% | 41% | 49.5% |
| 2008 | 63.4% | 110.4% | 39.8% | 47.5% |
| 2009 | 53.6% | 128.8% | 45.6% | 42.5% |
| 2010 | 48.8% | 133.1% | 44.5% | 43% |
| 2011 | 50.5% | 138.2% | 43.3% | 29.6% |
| 2012 | 47.7% | 133.9% | 42.4% | 30.9% |
| 2013 | 46% | 122% | 43.5% | 31.4% |
| 2014 | 45.8% | 115.3% | 45.2% | 29.7% |
| 2015 | 43.5% | 97.3% | 48.2% | 34.3% |
| 2016 | 46.4% | 82.5% | 50.4% | 37.9% |
| 2017 | 44.4% | 71.7% | 49.2% | 38.3% |
| 2018 | 43.8% | 63.2% | 47.7% | 39.4% |
| 2019 | 43.6% | 66.5% | 50.2% | 40.6% |
| 2020 | 51.1% | 77.5% | 56.7% | 46.1% |
| 2021 | 49.6% | 74.9% | 46.3% | 41.6% |
| 2022 | 46.7% | 67.5% | 37.5% | 36.1% |
| 2023 | 45.3% | 62% | 45.9% | 44.2% |
| 2024 | 46.3% | 59.1% | 47.5% | 42.7% |
| 2025 | 44.5% | 52.9% | 47.9% | 42.7% |
Government deficit by year
In 2024, Iceland's government deficit, the difference between spending and revenue, was -$1.17B, equivalent to -3.48% of GDP. This compares to Norway's surplus of $61.8B, or 12.8% of GDP.
Over the past 65 years, Iceland recorded a fiscal deficit in 40 of those years, while Norway ran a deficit in 5 years. On average, Iceland posted an annual deficit equal to -1.02% of GDP, compared to surplus of +6.37% of GDP for Norway.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Iceland
|
Norway
|
|
| 1881 | - | -1.13% |
| 1882 | - | -0.62% |
| 1883 | - | -0.17% |
| 1884 | - | -0.08% |
| 1885 | - | -0.005% |
| 1886 | - | -0.2% |
| 1887 | - | -0.17% |
| 1888 | - | -0.23% |
| 1889 | - | -0.07% |
| 1890 | - | -0.2% |
| 1891 | - | -0.44% |
| 1892 | - | -0.94% |
| 1893 | - | -1.25% |
| 1894 | - | -1.13% |
| 1895 | - | -1.66% |
| 1896 | - | -1.57% |
| 1897 | - | -0.63% |
| 1898 | - | -1.39% |
| 1899 | - | -1.35% |
| 1900 | - | -1.99% |
| 1901 | - | -1.41% |
| 1902 | - | -1.52% |
| 1903 | - | -1.12% |
| 1904 | - | -0.75% |
| 1905 | - | -0.52% |
| 1906 | - | -0.59% |
| 1907 | - | 0.16% |
| 1908 | - | -0.06% |
| 1909 | -2.15% | -0.52% |
| 1910 | -1.27% | 0.3% |
| 1911 | -3.06% | -0.05% |
| 1912 | -2.93% | -0.89% |
| 1913 | -2.3% | -0.9% |
| 1914 | -3.21% | -1.09% |
| 1915 | -2.06% | -2.04% |
| 1916 | -2.53% | -0.36% |
| 1917 | -11.3% | 0.2% |
| 1918 | -7.43% | -1.17% |
| 1919 | -2.5% | -2.11% |
| 1920 | -7.45% | -1.15% |
| 1921 | -6.12% | -5.47% |
| 1922 | -4.67% | -4.28% |
| 1923 | -4.99% | -3.58% |
| 1924 | -1.78% | -2.96% |
| 1925 | 0.43% | -1.92% |
| 1926 | -2.43% | -1.59% |
| 1927 | -3.45% | -0.76% |
| 1928 | -1.94% | -0.81% |
| 1929 | -1.94% | -0.83% |
| 1930 | -4.94% | -0.46% |
| 1931 | -4.27% | -1.15% |
| 1932 | -4.65% | -1.14% |
| 1933 | -3.42% | -1.29% |
| 1934 | -4.79% | -0.59% |
| 1935 | -3.46% | -1.1% |
| 1936 | -3.34% | -0.7% |
| 1937 | -2.6% | -0.16% |
| 1938 | -2.01% | 0.03% |
| 1939 | -2.6% | -0.54% |
| 1940 | -1.35% | -0.54% |
| 1941 | -1.33% | -0.54% |
| 1942 | -0.75% | -0.54% |
| 1943 | -0.89% | -0.54% |
| 1944 | -3.23% | -0.54% |
| 1945 | -2.33% | -0.54% |
| 1946 | -0.37% | -3.82% |
| 1947 | -1.95% | -4.66% |
| 1948 | 0.67% | -0.35% |
| 1949 | -0.3% | -0.72% |
| 1950 | 1.23% | -0.89% |
| 1951 | 2.73% | 1.59% |
| 1952 | 3.33% | 2.15% |
| 1953 | 0.34% | 1.3% |
| 1954 | 1.25% | -0.54% |
| 1955 | 1.57% | 0.82% |
| 1956 | -0.09% | 1.22% |
| 1957 | 1.2% | 1.55% |
| 1958 | 2.16% | 1.7% |
| 1959 | 2.44% | 1.89% |
| 1960 | 2.38% | 1.42% |
| 1961 | 1.64% | -0.7% |
| 1962 | 2.25% | 4% |
| 1963 | 1.8% | 2.6% |
| 1964 | -0.41% | 3.08% |
| 1965 | 0.15% | 2.78% |
| 1966 | 1.69% | 3.59% |
| 1967 | 0.78% | 4.19% |
| 1968 | -0.89% | 3.38% |
| 1969 | -0.88% | 3.57% |
| 1970 | 0.27% | 2.83% |
| 1971 | -0.69% | 3.71% |
| 1972 | 0.05% | 3.93% |
| 1973 | -0.74% | 4.99% |
| 1974 | -3.64% | 4.06% |
| 1975 | -3.87% | 2.88% |
| 1976 | 0.02% | 2.2% |
| 1977 | -1.2% | 1.01% |
| 1978 | -0.9% | 0.94% |
| 1979 | -0.07% | 2.16% |
| 1980 | 1.37% | 5.38% |
| 1981 | 1.32% | 4.82% |
| 1982 | 1.72% | 3.96% |
| 1983 | -1.96% | 6.03% |
| 1984 | 2.25% | 6.97% |
| 1985 | -1.56% | 9.84% |
| 1986 | -3.93% | 5.87% |
| 1987 | -0.79% | 4.56% |
| 1988 | -1.93% | 2.65% |
| 1989 | -4.29% | 1.81% |
| 1990 | -3.16% | 1.95% |
| 1991 | -0.66% | -0.12% |
| 1992 | -1.86% | -2.07% |
| 1993 | -4.36% | -1.64% |
| 1994 | -4.59% | 0.04% |
| 1995 | -2.87% | 2.96% |
| 1996 | -1.52% | 6.01% |
| 1997 | 0.04% | 7.35% |
| 1998 | -0.57% | 3.07% |
| 1999 | 1.32% | 5.71% |
| 2000 | 1.45% | 15% |
| 2001 | -0.28% | 13.2% |
| 2002 | -2.27% | 9.03% |
| 2003 | -2.32% | 7.2% |
| 2004 | 0.29% | 10.8% |
| 2005 | 5.01% | 14.7% |
| 2006 | 6.45% | 17.9% |
| 2007 | 5.6% | 17% |
| 2008 | -12.1% | 18.5% |
| 2009 | -8.58% | 10.2% |
| 2010 | -6.66% | 10.9% |
| 2011 | -6.53% | 13.3% |
| 2012 | -2.62% | 13.7% |
| 2013 | -1.25% | 10.6% |
| 2014 | 0.3% | 8.57% |
| 2015 | -0.4% | 5.99% |
| 2016 | 12.5% | 4.04% |
| 2017 | 0.98% | 4.96% |
| 2018 | 0.96% | 7.81% |
| 2019 | -1.59% | 6.52% |
| 2020 | -8.9% | -2.56% |
| 2021 | -8.48% | 10.3% |
| 2022 | -3.99% | 25.5% |
| 2023 | -2.29% | 16.6% |
| 2024 | -3.48% | 12.8% |
| 2025 | -1.64% | 13.2% |
Inflation comparison by year
Over the past 29 years, Iceland has recorded an average annual inflation rate of 4.58%, compared with 2.4% in Norway. In 2024, inflation was 5.86% in Iceland and 3.15% in Norway.
| Year | Inflation | ||
|---|---|---|---|
|
Iceland
|
Norway
|
Iceland
|
Norway
|
| 1996 | 2.26% | 1.26% | |
| 1997 | 1.82% | 2.57% | |
| 1998 | 1.66% | 2.25% | |
| 1999 | 3.23% | 2.37% | |
| 2000 | 5.14% | 3.09% | |
| 2001 | 6.41% | 3% | |
| 2002 | 5.2% | 1.29% | |
| 2003 | 2.06% | 2.49% | |
| 2004 | 3.16% | 0.45% | |
| 2005 | 3.99% | 1.53% | |
| 2006 | 6.69% | 2.33% | |
| 2007 | 5.05% | 0.71% | |
| 2008 | 12.7% | 3.75% | |
| 2009 | 12% | 2.2% | |
| 2010 | 5.4% | 2.42% | |
| 2011 | 4% | 1.28% | |
| 2012 | 5.19% | 0.7% | |
| 2013 | 3.87% | 2.12% | |
| 2014 | 2.04% | 2.04% | |
| 2015 | 1.63% | 2.17% | |
| 2016 | 1.7% | 3.55% | |
| 2017 | 1.76% | 1.88% | |
| 2018 | 2.68% | 2.76% | |
| 2019 | 3.01% | 2.17% | |
| 2020 | 2.85% | 1.29% | |
| 2021 | 4.44% | 3.48% | |
| 2022 | 8.31% | 5.76% | |
| 2023 | 8.74% | 5.52% | |
| 2024 | 5.86% | 3.15% | |
Top exports between countries
|
Iceland
|
|
|---|---|
| Export category | Export value |
| Processed food, beverages & tobacco | $239M |
| Machinery & equipment | $78.1M |
| Transport & tourism services | $62.4M |
| Animal & marine products | $31.9M |
| Raw materials & minerals | $17.7M |
| IT & IP services | $17.5M |
| Business & finance services | $16.2M |
| Chemicals & pharma | $3.85M |
| Raw agricultural goods | $2.13M |
| Manufacturing & construction services | $1.77M |
|
Norway
|
|
|---|---|
| Export category | Export value |
| Raw materials & minerals | $488M |
| Machinery & equipment | $242M |
| Processed food, beverages & tobacco | $114M |
| Animal & marine products | $43.9M |
| Chemicals & pharma | $31.4M |
| Miscellaneous | $27M |
| Textiles & consumer goods | $18.4M |
| Metals | $10.3M |
| Wood & paper products | $8.12M |
| Weapons & explosives | $521K |
Balance of trade
|
Iceland
|
Norway
|
|
|---|---|---|
Current account balance
|
-$867M
2024 |
$79.8B
2024 |
| Current account balance ranking |
120/189
2024 |
8/189
2024 |
| Current account balance, % of GDP |
-2.59%
2024 |
+16.5%
2024 |
| Goods imports |
$9.3B
2024 |
$98.7B
2024 |
| Goods exports |
$6.99B
2024 |
$171B
2024 |
| Service imports |
$5.16B
2024 |
$64.6B
2024 |
| Service exports |
$7.12B
2024 |
$56.8B
2024 |
| Imports of goods and services, % of GDP |
42.7%
2024 |
33.7%
2024 |
| Exports of goods and services, % of GDP |
41.6%
2024 |
47.6%
2024 |
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 | 72.8 | 78.3 |
| Economic freedom ranking | 26/197 | 10/197 |
| Property rights | 97 | 97.7 |
| Government integrity | 81.5 | 94.8 |
| Judicial effectiveness | 95.6 | 98.5 |
| Tax burden | 72.6 | 62.4 |
| Government spending | 33.2 | 44 |
| Fiscal health | 55.2 | 96.1 |
| Business freedom | 86.3 | 86.7 |
| Labor freedom | 60.1 | 69.3 |
| Monetary freedom | 71.8 | 70.3 |
| Trade freedom | 80.4 | 85 |
| Investment freedom | 70 | 75 |
| Financial freedom | 70 | 60 |
Economic freedom by year comparison
The Economic Freedom Index for Iceland is 72.8, ranking 26/197, compared to 78.3 for Norway, ranking 10/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Iceland
|
Norway
|
|
| 1996 | - | 65.4 |
| 1997 | 70.5 | 65.1 |
| 1998 | 71.2 | 68 |
| 1999 | 71.4 | 68.6 |
| 2000 | 74 | 70.1 |
| 2001 | 73.4 | 67.1 |
| 2002 | 73.1 | 67.4 |
| 2003 | 73.5 | 67.2 |
| 2004 | 72.1 | 66.2 |
| 2005 | 76.6 | 64.5 |
| 2006 | 75.8 | 67.9 |
| 2007 | 76 | 67.9 |
| 2008 | 75.8 | 68.6 |
| 2009 | 75.9 | 70.2 |
| 2010 | 73.7 | 69.4 |
| 2011 | 68.2 | 70.3 |
| 2012 | 70.9 | 68.8 |
| 2013 | 72.1 | 70.5 |
| 2014 | 72.4 | 70.9 |
| 2015 | 72 | 71.8 |
| 2016 | 73.3 | 70.8 |
| 2017 | 74.4 | 74 |
| 2018 | 77 | 74.3 |
| 2019 | 77.1 | 73 |
| 2020 | 77.1 | 73.4 |
| 2021 | 77.4 | 73.4 |
| 2022 | 77 | 76.9 |
| 2023 | 72.2 | 76.9 |
| 2024 | 70.5 | 77.5 |
| 2025 | 72.8 | 78.3 |
More economic indicators
|
Iceland
|
Norway
|
|
|---|---|---|
| Services, % of GDP |
65.5%
2024 |
51.8%
2024 |
| Industry, % of GDP |
19.4%
2024 |
37%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
4.05%
2024 |
2.04%
2024 |
|
GNI, Atlas method
|
$31.8B
2024 |
$548B
2024 |
| GNI per capita, PPP |
$78,080
2024 |
$105,770
2024 |
| Total reserves including gold |
$6.4B
2024 |
$81.2B
2024 |
| Total reserves ranking |
90/177
2024 |
32/177
2024 |
|
Net foreign direct investment
|
-$2.24B
2024 |
-$9.78B
2024 |
|
Net inflows of foreign direct investment
|
$2.7B
2024 |
$12.6B
2024 |
|
Net outflows of foreign direct investment
|
$461M
2024 |
$2.86B
2024 |
| Poverty at national poverty lines |
8.8%
2017 |
12.2%
2021 |
|
Gross capital formation, % of GDP
|
26.6%
2024 |
24%
2024 |
GDP per capita map
GDP per capita
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Economy comparisons
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.