Iceland has a GDP of $33.5B compared to $99B for Sri Lanka, ranking 108/197 and 71/197 by economy size, respectively.
Iceland has $19.8B in government debt (52.9% of GDP), compared to $98.4B (105.6% of GDP) in Sri Lanka.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Iceland
|
Sri Lanka
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $252,169,712 | $2,370,633,619 | $1,409,873,950 | - |
| 1961 | $257,703,245 | $2,368,874,988 | $1,444,327,731 | $6,526,664,116 |
| 1962 | $289,200,704 | $2,565,841,580 | $1,434,156,379 | $6,775,853,428 |
| 1963 | $345,175,036 | $2,829,636,122 | $1,240,672,269 | $6,946,384,624 |
| 1964 | $440,797,869 | $3,109,258,337 | $1,309,747,899 | $7,217,740,543 |
| 1965 | $531,569,564 | $3,336,121,643 | $1,698,319,328 | $7,400,851,267 |
| 1966 | $638,349,755 | $3,628,054,270 | $1,751,470,588 | $7,772,654,452 |
| 1967 | $630,567,116 | $3,582,329,882 | $1,859,465,021 | $8,273,137,570 |
| 1968 | $481,532,848 | $3,385,363,291 | $1,801,344,538 | $8,753,070,071 |
| 1969 | $420,945,148 | $3,466,260,284 | $1,965,546,218 | $9,428,528,703 |
| 1970 | $526,704,545 | $3,724,778,935 | $2,296,470,588 | $9,791,209,303 |
| 1971 | $670,251,136 | $4,211,266,267 | $2,369,308,600 | $9,919,171,146 |
| 1972 | $839,652,164 | $4,471,410,267 | $2,553,936,348 | $9,878,454,941 |
| 1973 | $1,154,440,253 | $4,775,734,886 | $2,875,625,000 | $10,575,616,915 |
| 1974 | $1,515,190,595 | $5,048,252,272 | $3,574,586,466 | $10,982,337,251 |
| 1975 | $1,406,875,081 | $5,080,871,813 | $3,791,298,146 | $11,655,140,838 |
| 1976 | $1,669,488,390 | $5,383,659,634 | $3,591,319,857 | $12,043,852,220 |
| 1977 | $2,208,509,076 | $5,858,621,017 | $4,104,509,583 | $12,658,159,773 |
| 1978 | $2,511,826,196 | $6,211,117,520 | $2,733,183,857 | $13,373,831,476 |
| 1979 | $2,853,435,054 | $6,513,014,004 | $3,364,611,432 | $14,230,232,388 |
| 1980 | $3,381,419,251 | $6,887,376,883 | $4,024,621,900 | $15,062,135,547 |
| 1981 | $3,492,997,010 | $7,181,123,997 | $4,415,844,156 | $15,920,605,692 |
| 1982 | $3,206,626,645 | $7,335,846,073 | $4,768,765,017 | $16,579,956,893 |
| 1983 | $2,765,950,336 | $7,178,040,161 | $5,167,913,302 | $17,378,114,521 |
| 1984 | $2,864,441,387 | $7,474,429,927 | $6,043,474,843 | $18,264,250,049 |
| 1985 | $2,984,052,357 | $7,720,551,044 | $5,978,460,972 | $19,177,354,129 |
| 1986 | $3,989,622,739 | $8,204,671,437 | $6,405,210,564 | $20,012,632,786 |
| 1987 | $5,520,318,405 | $8,905,837,716 | $6,682,167,120 | $20,357,972,917 |
| 1988 | $6,106,635,816 | $8,897,846,863 | $6,978,371,581 | $20,861,361,467 |
| 1989 | $5,672,569,449 | $8,920,842,447 | $6,987,267,684 | $21,341,027,046 |
| 1990 | $6,468,736,356 | $9,025,160,130 | $8,032,551,173 | $22,706,851,776 |
| 1991 | $6,909,730,288 | $9,004,986,592 | $9,000,362,582 | $23,751,364,061 |
| 1992 | $7,080,981,738 | $8,701,167,877 | $9,703,011,636 | $24,796,422,002 |
| 1993 | $6,218,581,532 | $8,815,453,321 | $10,338,679,636 | $26,507,390,805 |
| 1994 | $6,389,460,343 | $9,133,590,508 | $11,717,604,209 | $27,991,783,146 |
| 1995 | $7,123,633,418 | $9,144,238,786 | $13,029,697,561 | $29,531,355,077 |
| 1996 | $7,426,082,271 | $9,561,867,469 | $13,897,738,375 | $30,653,536,886 |
| 1997 | $7,569,672,925 | $10,113,741,401 | $15,091,913,884 | $32,617,018,444 |
| 1998 | $8,503,746,468 | $10,858,455,907 | $15,794,972,847 | $34,149,503,956 |
| 1999 | $8,982,047,589 | $11,296,586,996 | $15,656,327,860 | $35,618,117,204 |
| 2000 | $9,025,660,362 | $11,859,726,688 | $16,330,814,180 | $37,755,216,046 |
| 2001 | $8,234,846,805 | $12,335,716,527 | $15,749,753,805 | $37,171,743,867 |
| 2002 | $9,318,395,055 | $12,404,737,217 | $16,536,535,647 | $38,645,482,957 |
| 2003 | $11,429,333,038 | $12,670,532,079 | $18,881,765,437 | $40,941,128,632 |
| 2004 | $13,825,302,536 | $13,659,137,605 | $20,662,525,941 | $43,170,398,174 |
| 2005 | $16,852,963,067 | $14,495,683,163 | $24,405,791,045 | $45,864,985,657 |
| 2006 | $17,465,318,552 | $15,411,374,457 | $28,279,802,406 | $49,382,046,638 |
| 2007 | $21,652,505,597 | $16,714,384,607 | $32,350,238,760 | $52,738,458,482 |
| 2008 | $18,074,622,987 | $17,083,688,336 | $40,713,826,215 | $55,876,443,248 |
| 2009 | $13,154,414,219 | $15,774,427,003 | $42,066,224,093 | $57,853,861,433 |
| 2010 | $13,751,161,918 | $15,327,572,990 | $58,636,161,082 | $62,491,408,088 |
| 2011 | $15,221,622,926 | $15,610,486,136 | $67,753,284,044 | $67,909,090,095 |
| 2012 | $14,751,508,134 | $15,776,524,980 | $70,447,216,891 | $73,771,125,926 |
| 2013 | $16,125,060,515 | $16,494,745,015 | $77,000,578,167 | $76,760,144,813 |
| 2014 | $17,867,662,178 | $16,773,046,832 | $82,528,535,714 | $81,655,890,647 |
| 2015 | $17,517,210,519 | $17,517,210,519 | $85,090,301,052 | $85,090,301,052 |
| 2016 | $20,793,168,031 | $18,621,440,663 | $88,000,211,172 | $89,390,445,685 |
| 2017 | $24,728,285,177 | $19,402,600,563 | $94,369,350,286 | $95,165,677,467 |
| 2018 | $26,260,850,582 | $20,351,227,271 | $94,450,015,983 | $97,364,084,799 |
| 2019 | $24,681,343,649 | $20,729,999,825 | $88,998,706,297 | $97,149,412,680 |
| 2020 | $21,629,953,194 | $19,291,243,916 | $84,335,574,582 | $92,656,723,482 |
| 2021 | $25,770,339,317 | $20,262,250,570 | $88,556,698,938 | $96,555,233,344 |
| 2022 | $28,696,453,180 | $22,081,592,143 | $74,143,020,263 | $89,459,202,881 |
| 2023 | $31,452,223,862 | $23,328,420,812 | $83,716,142,582 | $87,374,939,262 |
| 2024 | $33,462,807,983 | $23,448,996,816 | $98,963,185,510 | $91,751,304,717 |
Economic indicators
|
Iceland
|
Sri Lanka
|
|
|---|---|---|
| Gross domestic product |
$33.5B
2024 |
$99B
2024 |
| GDP rank |
108/197
2024 |
71/197
2024 |
| GDP growth |
6.39%
2023-2024 |
18.2%
2023-2024 |
| GDP per capita |
$82,704
2024 |
$4,516
2024 |
| GDP per capita rank |
10/197
2024 |
125/197
2024 |
| GDP per capita, PPP |
$78,259
2024 |
$15,633
2024 |
| Government debt |
$19.8B
2024 |
$98.4B
2024 |
| Debt-to-GDP ratio |
52.9%
2025 |
105.6%
2025 |
| Government debt per person |
$48,859
2024 |
$4,490
2024 |
| Government debt per person rank |
9/185
2024 |
86/185
2024 |
| Average annual personal income after taxes |
$54,155
2025 |
$2,982
2025 |
| Market capitalization of domestic companies | n/a |
$19.5B
2024 |
| Number of billionaires |
1
2025 |
n/a |
| Income share by richest 10% |
22.4%
2019 |
30.8%
2019 |
| Income share by poorest 10% |
3.7%
2019 |
3.1%
2019 |
| Government expenditure, % of GDP |
44.5%
2025 |
20.2%
2025 |
| Consumer prices inflation |
5.86%
2023-2024 |
-0.43%
2023-2024 |
| Central bank interest rate |
7.5%
2025 |
7.75%
2025 |
| Unemployment rate |
3.56%
2024 |
4.53%
2022 |
| Population |
412970
|
22125995
|
GDP per capita in Iceland vs Sri Lanka
Iceland's GDP per capita is $82,704, ranking 10/197, compared to $4,516 in Sri Lanka, ranking 125/197. Adjusted for purchasing power (GDP per capita PPP), Iceland ranks 15th at $78,259, while Sri Lanka ranks 112th at $15,633.
| Year | Current $ | |||
|---|---|---|---|---|
|
Iceland
|
Sri Lanka
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $1,436 | - | $145.9 | - |
| 1961 | $1,439 | - | $145.9 | - |
| 1962 | $1,586 | - | $141.4 | - |
| 1963 | $1,859 | - | $119.4 | - |
| 1964 | $2,332 | - | $122.9 | - |
| 1965 | $2,764 | - | $155.6 | - |
| 1966 | $3,264 | - | $156.6 | - |
| 1967 | $3,173 | - | $162.3 | - |
| 1968 | $2,390 | - | $153.5 | - |
| 1969 | $2,070 | - | $163.6 | - |
| 1970 | $2,576 | - | $186.9 | - |
| 1971 | $3,252 | - | $188.8 | - |
| 1972 | $4,015 | - | $199.4 | - |
| 1973 | $5,437 | - | $220.2 | - |
| 1974 | $7,041 | - | $268.7 | - |
| 1975 | $6,454 | - | $279.8 | - |
| 1976 | $7,583 | - | $260.3 | - |
| 1977 | $9,957 | - | $292.1 | - |
| 1978 | $11,237 | - | $191 | - |
| 1979 | $12,641 | - | $230.8 | - |
| 1980 | $14,822 | - | $271.1 | - |
| 1981 | $15,137 | - | $292.5 | - |
| 1982 | $13,712 | - | $312 | - |
| 1983 | $11,672 | - | $336 | - |
| 1984 | $11,960 | - | $391 | - |
| 1985 | $12,361 | - | $385 | - |
| 1986 | $16,406 | - | $407 | - |
| 1987 | $22,453 | - | $420 | - |
| 1988 | $24,452 | - | $434 | - |
| 1989 | $22,434 | - | $430 | - |
| 1990 | $25,385 | $21,970 | $491 | $2,527 |
| 1991 | $26,803 | $22,401 | $546 | $2,713 |
| 1992 | $27,124 | $21,863 | $580 | $2,851 |
| 1993 | $23,580 | $22,445 | $607 | $3,067 |
| 1994 | $24,019 | $23,547 | $678 | $3,260 |
| 1995 | $26,634 | $23,938 | $742 | $3,454 |
| 1996 | $27,615 | $24,767 | $776 | $3,582 |
| 1997 | $27,919 | $26,868 | $827 | $3,804 |
| 1998 | $31,030 | $28,721 | $849 | $3,952 |
| 1999 | $32,382 | $29,558 | $826 | $4,103 |
| 2000 | $32,096 | $29,783 | $846 | $4,368 |
| 2001 | $28,897 | $31,885 | $804 | $4,328 |
| 2002 | $32,409 | $32,607 | $835 | $4,522 |
| 2003 | $39,477 | $32,701 | $946 | $4,850 |
| 2004 | $47,335 | $35,617 | $1,029 | $5,216 |
| 2005 | $56,795 | $37,323 | $1,207 | $5,679 |
| 2006 | $57,493 | $39,700 | $1,390 | $6,261 |
| 2007 | $69,496 | $41,473 | $1,579 | $6,820 |
| 2008 | $56,943 | $43,728 | $1,974 | $7,317 |
| 2009 | $41,301 | $41,863 | $2,027 | $7,576 |
| 2010 | $43,237 | $39,768 | $2,808 | $8,234 |
| 2011 | $47,715 | $40,937 | $3,225 | $9,076 |
| 2012 | $45,996 | $42,004 | $3,328 | $10,249 |
| 2013 | $49,805 | $44,410 | $3,741 | $11,253 |
| 2014 | $54,577 | $45,997 | $3,972 | $11,721 |
| 2015 | $52,952 | $49,214 | $4,058 | $12,227 |
| 2016 | $61,988 | $53,480 | $4,149 | $13,079 |
| 2017 | $72,010 | $55,638 | $4,399 | $13,610 |
| 2018 | $74,452 | $57,198 | $4,359 | $14,178 |
| 2019 | $68,452 | $60,524 | $4,082 | $14,113 |
| 2020 | $59,024 | $55,797 | $3,848 | $12,941 |
| 2021 | $69,178 | $61,610 | $3,997 | $14,316 |
| 2022 | $75,121 | $73,426 | $3,343 | $14,194 |
| 2023 | $79,960 | $76,667 | $3,799 | $14,456 |
| 2024 | $82,704 | $78,259 | $4,516 | $15,633 |
Spending and national debt comparison
In 2024, Iceland's government spending was $15.5B, accounting for 44.5% of its GDP, while Sri Lanka's spent $19.1B, or 20.2% of GDP.
Debt-to-GDP ratio is 52.9% in Iceland and 105.6% in Sri Lanka, ranking 102/185 and 18/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Iceland
|
Sri Lanka
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1960 | 33.2% | 13.6% | - | - |
| 1961 | 25.3% | 8.49% | - | - |
| 1962 | 24.9% | 7.47% | - | - |
| 1963 | 26.2% | 7.89% | - | - |
| 1964 | 28.2% | 7.97% | - | - |
| 1965 | 28.3% | 7.78% | - | - |
| 1966 | 28.3% | 5.56% | - | - |
| 1967 | 31.6% | 8.8% | - | - |
| 1968 | 33.3% | 14.2% | - | - |
| 1969 | 30.3% | 14.6% | - | - |
| 1970 | 29.9% | 11.4% | - | - |
| 1971 | 32.5% | 11.7% | - | - |
| 1972 | 33.3% | 14.5% | - | - |
| 1973 | 33.7% | 11.5% | - | - |
| 1974 | 36.6% | 12.5% | - | - |
| 1975 | 36.9% | 16.4% | - | - |
| 1976 | 32.1% | 17.2% | - | - |
| 1977 | 31.7% | 18.4% | - | - |
| 1978 | 31.9% | 19.8% | - | - |
| 1979 | 32.4% | 21.1% | - | - |
| 1980 | 33.9% | 24.8% | - | - |
| 1981 | 35.3% | 22.4% | - | - |
| 1982 | 36% | 28.9% | - | - |
| 1983 | 37.8% | 30.8% | - | - |
| 1984 | 34.7% | 32.4% | - | - |
| 1985 | 37% | 32% | - | - |
| 1986 | 39.5% | 29.9% | - | - |
| 1987 | 36.5% | 27.3% | - | - |
| 1988 | 41.4% | 30.6% | - | - |
| 1989 | 42.9% | 35.3% | - | - |
| 1990 | 42.6% | 35.5% | 25.4% | 78.9% |
| 1991 | 42.8% | 37.6% | 26.4% | 80.5% |
| 1992 | 44.7% | 45.4% | 23% | 77.9% |
| 1993 | 45.1% | 52.3% | 23.2% | 79.2% |
| 1994 | 45% | 54.8% | 24.1% | 77.9% |
| 1995 | 44.4% | 58.1% | 24.8% | 77.8% |
| 1996 | 43.9% | 55.6% | 23.1% | 76.2% |
| 1997 | 42.1% | 52% | 21.4% | 70.1% |
| 1998 | 40.9% | 44% | 21.4% | 74.2% |
| 1999 | 45.4% | 76.6% | 20.5% | 77.7% |
| 2000 | 44.8% | 75.8% | 21.7% | 79.2% |
| 2001 | 47.4% | 83.4% | 22.4% | 84.4% |
| 2002 | 45.5% | 82.2% | 20.8% | 96.3% |
| 2003 | 47.8% | 85.1% | 19.3% | 86.5% |
| 2004 | 46.7% | 80.9% | 19.3% | 86.5% |
| 2005 | 45% | 68.9% | 20.1% | 76.6% |
| 2006 | 44.8% | 70.7% | 20.5% | 74.3% |
| 2007 | 44.7% | 68.4% | 19.9% | 71.8% |
| 2008 | 63.4% | 110.4% | 19.1% | 68.8% |
| 2009 | 53.6% | 128.8% | 21% | 72.8% |
| 2010 | 48.8% | 133.1% | 19.3% | 68.7% |
| 2011 | 50.5% | 138.2% | 19.1% | 69.4% |
| 2012 | 47.7% | 133.9% | 17.3% | 67.5% |
| 2013 | 46% | 122% | 16.6% | 69.5% |
| 2014 | 45.8% | 115.3% | 17.2% | 69.6% |
| 2015 | 43.5% | 97.3% | 19.3% | 76.3% |
| 2016 | 46.4% | 82.5% | 18.2% | 75% |
| 2017 | 44.4% | 71.7% | 17.9% | 72.3% |
| 2018 | 43.8% | 63.2% | 17.5% | 83.6% |
| 2019 | 43.6% | 66.5% | 19.5% | 82.6% |
| 2020 | 51.1% | 77.5% | 22.1% | 96.9% |
| 2021 | 49.6% | 74.9% | 20% | 102.7% |
| 2022 | 46.7% | 67.5% | 18.6% | 115.9% |
| 2023 | 45.3% | 62% | 19.5% | 110.4% |
| 2024 | 46.3% | 59.1% | 19.3% | 99.4% |
| 2025 | 44.5% | 52.9% | 20.2% | 105.6% |
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 Sri Lanka's deficit of -$5.58B, or -5.64% of GDP.
Over the past 35 years, Iceland recorded a fiscal deficit in 24 of those years, while Sri Lanka ran a deficit in 35 years. On average, Iceland posted an annual deficit equal to -1.61% of GDP, compared to deficit of -6.85% of GDP for Sri Lanka.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Iceland
|
Sri Lanka
|
|
| 1909 | -2.15% | - |
| 1910 | -1.27% | - |
| 1911 | -3.06% | - |
| 1912 | -2.93% | - |
| 1913 | -2.3% | - |
| 1914 | -3.21% | - |
| 1915 | -2.06% | - |
| 1916 | -2.53% | - |
| 1917 | -11.3% | - |
| 1918 | -7.43% | - |
| 1919 | -2.5% | - |
| 1920 | -7.45% | - |
| 1921 | -6.12% | - |
| 1922 | -4.67% | - |
| 1923 | -4.99% | - |
| 1924 | -1.78% | - |
| 1925 | 0.43% | - |
| 1926 | -2.43% | - |
| 1927 | -3.45% | - |
| 1928 | -1.94% | - |
| 1929 | -1.94% | - |
| 1930 | -4.94% | - |
| 1931 | -4.27% | - |
| 1932 | -4.65% | - |
| 1933 | -3.42% | - |
| 1934 | -4.79% | - |
| 1935 | -3.46% | - |
| 1936 | -3.34% | - |
| 1937 | -2.6% | - |
| 1938 | -2.01% | - |
| 1939 | -2.6% | - |
| 1940 | -1.35% | - |
| 1941 | -1.33% | - |
| 1942 | -0.75% | - |
| 1943 | -0.89% | - |
| 1944 | -3.23% | - |
| 1945 | -2.33% | - |
| 1946 | -0.37% | - |
| 1947 | -1.95% | - |
| 1948 | 0.67% | - |
| 1949 | -0.3% | - |
| 1950 | 1.23% | - |
| 1951 | 2.73% | - |
| 1952 | 3.33% | - |
| 1953 | 0.34% | - |
| 1954 | 1.25% | - |
| 1955 | 1.57% | - |
| 1956 | -0.09% | - |
| 1957 | 1.2% | - |
| 1958 | 2.16% | - |
| 1959 | 2.44% | - |
| 1960 | 2.38% | - |
| 1961 | 1.64% | - |
| 1962 | 2.25% | - |
| 1963 | 1.8% | - |
| 1964 | -0.41% | - |
| 1965 | 0.15% | - |
| 1966 | 1.69% | - |
| 1967 | 0.78% | - |
| 1968 | -0.89% | - |
| 1969 | -0.88% | - |
| 1970 | 0.27% | - |
| 1971 | -0.69% | - |
| 1972 | 0.05% | - |
| 1973 | -0.74% | - |
| 1974 | -3.64% | - |
| 1975 | -3.87% | - |
| 1976 | 0.02% | - |
| 1977 | -1.2% | - |
| 1978 | -0.9% | - |
| 1979 | -0.07% | - |
| 1980 | 1.37% | - |
| 1981 | 1.32% | - |
| 1982 | 1.72% | - |
| 1983 | -1.96% | - |
| 1984 | 2.25% | - |
| 1985 | -1.56% | - |
| 1986 | -3.93% | - |
| 1987 | -0.79% | - |
| 1988 | -1.93% | - |
| 1989 | -4.29% | - |
| 1990 | -3.16% | -6.39% |
| 1991 | -0.66% | -7.97% |
| 1992 | -1.86% | -4.95% |
| 1993 | -4.36% | -5.77% |
| 1994 | -4.59% | -7.41% |
| 1995 | -2.87% | -7.11% |
| 1996 | -1.52% | -6.89% |
| 1997 | 0.04% | -5.71% |
| 1998 | -0.57% | -6.79% |
| 1999 | 1.32% | -5.58% |
| 2000 | 1.45% | -7.78% |
| 2001 | -0.28% | -8.48% |
| 2002 | -2.27% | -6.9% |
| 2003 | -2.32% | -6.15% |
| 2004 | 0.29% | -6.32% |
| 2005 | 5.01% | -5.93% |
| 2006 | 6.45% | -5.91% |
| 2007 | 5.6% | -5.81% |
| 2008 | -12.1% | -5.93% |
| 2009 | -8.58% | -8.33% |
| 2010 | -6.66% | -6.73% |
| 2011 | -6.53% | -6.01% |
| 2012 | -2.62% | -5.44% |
| 2013 | -1.25% | -5% |
| 2014 | 0.3% | -5.99% |
| 2015 | -0.4% | -6.64% |
| 2016 | 12.5% | -5% |
| 2017 | 0.98% | -5.1% |
| 2018 | 0.96% | -4.96% |
| 2019 | -1.59% | -7.52% |
| 2020 | -8.9% | -13.4% |
| 2021 | -8.48% | -11.7% |
| 2022 | -3.99% | -10.2% |
| 2023 | -2.29% | -8.32% |
| 2024 | -3.48% | -5.64% |
| 2025 | -1.64% | -5.49% |
Inflation comparison by year
Over the past 29 years, Iceland has recorded an average annual inflation rate of 4.58%, compared with 9.57% in Sri Lanka. In 2024, inflation was 5.86% in Iceland and -0.43% in Sri Lanka.
| Year | Inflation | ||
|---|---|---|---|
|
Iceland
|
Sri Lanka
|
Iceland
|
Sri Lanka
|
| 1996 | 2.26% | 15.9% | |
| 1997 | 1.82% | 9.57% | |
| 1998 | 1.66% | 9.36% | |
| 1999 | 3.23% | 4.69% | |
| 2000 | 5.14% | 6.18% | |
| 2001 | 6.41% | 14.2% | |
| 2002 | 5.2% | 9.55% | |
| 2003 | 2.06% | 6.31% | |
| 2004 | 3.16% | 7.58% | |
| 2005 | 3.99% | 11.6% | |
| 2006 | 6.69% | 10% | |
| 2007 | 5.05% | 15.8% | |
| 2008 | 12.7% | 22.6% | |
| 2009 | 12% | 3.46% | |
| 2010 | 5.4% | 6.22% | |
| 2011 | 4% | 6.72% | |
| 2012 | 5.19% | 7.54% | |
| 2013 | 3.87% | 6.91% | |
| 2014 | 2.04% | 3.18% | |
| 2015 | 1.63% | 3.77% | |
| 2016 | 1.7% | 3.96% | |
| 2017 | 1.76% | 7.7% | |
| 2018 | 2.68% | 2.14% | |
| 2019 | 3.01% | 3.53% | |
| 2020 | 2.85% | 6.15% | |
| 2021 | 4.44% | 7.01% | |
| 2022 | 8.31% | 49.7% | |
| 2023 | 8.74% | 16.5% | |
| 2024 | 5.86% | -0.43% | |
Top exports between countries
|
Iceland
|
|
|---|---|
| Export category | Export value |
| Processed food, beverages & tobacco | $25K |
| Machinery & equipment | $5K |
| Animal & marine products | $2K |
| Metals | $1K |
| Miscellaneous | $1K |
|
Sri Lanka
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $250K |
| Textiles & consumer goods | $219K |
| Raw agricultural goods | $91K |
| Raw materials & minerals | $67K |
| Processed food, beverages & tobacco | $49K |
| Wood & paper products | $2K |
| Metals | $1K |
Balance of trade
|
Iceland
|
Sri Lanka
|
|
|---|---|---|
Current account balance
|
-$867M
2024 |
$1.56B
2023 |
| Current account balance ranking |
120/189
2024 |
50/189
2023 |
| Current account balance, % of GDP |
-2.59%
2024 |
+1.86%
2023 |
| Goods imports |
$9.3B
2024 |
$16.8B
2023 |
| Goods exports |
$6.99B
2024 |
$11.9B
2023 |
| Service imports |
$5.16B
2024 |
$2.01B
2023 |
| Service exports |
$7.12B
2024 |
$5.42B
2023 |
| Imports of goods and services, % of GDP |
42.7%
2024 |
22.5%
2024 |
| Exports of goods and services, % of GDP |
41.6%
2024 |
19.9%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Iceland
|
Sri Lanka
|
|
|---|---|---|
| Economic freedom | 72.8 | 49.4 |
| Economic freedom ranking | 26/197 | 164/197 |
| Property rights | 97 | 51.3 |
| Government integrity | 81.5 | 37.4 |
| Judicial effectiveness | 95.6 | 47.4 |
| Tax burden | 72.6 | 77.5 |
| Government spending | 33.2 | 88.8 |
| Fiscal health | 55.2 | 0 |
| Business freedom | 86.3 | 55.8 |
| Labor freedom | 60.1 | 54.6 |
| Monetary freedom | 71.8 | 54.5 |
| Trade freedom | 80.4 | 65 |
| Investment freedom | 70 | 30 |
| Financial freedom | 70 | 30 |
Economic freedom by year comparison
The Economic Freedom Index for Iceland is 72.8, ranking 26/197, compared to 49.4 for Sri Lanka, ranking 164/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Iceland
|
Sri Lanka
|
|
| 1995 | - | 60.6 |
| 1996 | - | 62.5 |
| 1997 | 70.5 | 65.5 |
| 1998 | 71.2 | 64.6 |
| 1999 | 71.4 | 64 |
| 2000 | 74 | 63.2 |
| 2001 | 73.4 | 66 |
| 2002 | 73.1 | 64 |
| 2003 | 73.5 | 62.5 |
| 2004 | 72.1 | 61.6 |
| 2005 | 76.6 | 61 |
| 2006 | 75.8 | 58.7 |
| 2007 | 76 | 59.4 |
| 2008 | 75.8 | 58.4 |
| 2009 | 75.9 | 56 |
| 2010 | 73.7 | 54.6 |
| 2011 | 68.2 | 57.1 |
| 2012 | 70.9 | 58.3 |
| 2013 | 72.1 | 60.7 |
| 2014 | 72.4 | 60 |
| 2015 | 72 | 58.6 |
| 2016 | 73.3 | 59.9 |
| 2017 | 74.4 | 57.4 |
| 2018 | 77 | 57.8 |
| 2019 | 77.1 | 56.4 |
| 2020 | 77.1 | 57.4 |
| 2021 | 77.4 | 55.7 |
| 2022 | 77 | 53.3 |
| 2023 | 72.2 | 52.2 |
| 2024 | 70.5 | 49.2 |
| 2025 | 72.8 | 49.4 |
More economic indicators
|
Iceland
|
Sri Lanka
|
|
|---|---|---|
| Services, % of GDP |
65.5%
2024 |
57.5%
2024 |
| Industry, % of GDP |
19.4%
2024 |
25.5%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
4.05%
2024 |
8.3%
2024 |
|
GNI, Atlas method
|
$31.8B
2024 |
$84.6B
2024 |
| GNI per capita, PPP |
$78,080
2024 |
$15,240
2024 |
| Total reserves including gold |
$6.4B
2024 |
$6.09B
2024 |
| Total reserves ranking |
90/177
2024 |
92/177
2024 |
|
Net foreign direct investment
|
-$2.24B
2024 |
-$678M
2023 |
|
Net inflows of foreign direct investment
|
$2.7B
2024 |
$761M
2024 |
|
Net outflows of foreign direct investment
|
$461M
2024 |
$110M
2024 |
|
Servicing debt to the IMF, % of GNI
|
n/a |
3.48%
2023 |
| Poverty at national poverty lines |
8.8%
2017 |
14.3%
2019 |
|
Gross capital formation, % of GDP
|
26.6%
2024 |
27%
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.
Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.
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.