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Economy of Iceland vs Sudan compared: GDP & Debt

Updated on by Georank team

Iceland has a GDP of $33.3B compared to $49.7B for Sudan, ranking 108/197 and 94/197 by economy size, respectively.

Iceland has $19.8B in government debt (59.4% of GDP), compared to $130B (261.4% of GDP) in Sudan.

Iceland vs Sudan GDP by year

Iceland
Sudan
1x
Year GDP, current $
Iceland Sudan
2024 $33,255,181,469 $49,672,435,513
2023 $31,677,891,897 $39,898,289,821
2022 $29,166,102,877 $51,666,875,363
2021 $26,234,872,402 $34,229,513,775
2020 $22,034,665,041 $27,034,593,750
2019 $24,985,687,022 $32,338,079,165
2018 $26,677,652,544 $32,333,780,383
2017 $25,060,086,488 $41,283,617,976
2016 $21,083,713,310 $42,630,376,000
2015 $17,700,486,957 $51,726,758,677
2014 $18,052,183,515 $49,516,748,618
2013 $16,244,319,959 $43,024,018,082
2012 $14,943,757,823 $37,632,919,967
2011 $15,394,005,872 $55,018,567,211
2010 $13,922,711,577 $58,962,978,034
2009 $13,212,543,838 $51,621,044,077
2008 $18,247,921,360 $64,833,083,257
2007 $21,960,110,030 $59,440,139,775
2006 $17,671,649,843 $45,263,831,634
2005 $17,146,410,561 $35,182,711,988
2004 $13,963,943,244 $26,646,007,251
2003 $11,564,687,742 $21,355,298,460
2002 $9,416,199,700 $18,137,128,388
2001 $8,323,401,820 $15,716,361,792
2000 $9,140,168,922 $12,257,299,147
1999 $9,107,644,691 $10,682,028,340
1998 $8,637,732,542 $11,250,221,537
1997 $7,716,781,803 $11,681,175,864
1996 $7,686,566,105 $9,018,300,725
1995 $7,372,640,169 $13,830,363,900
1994 $6,612,804,056 $12,793,794,737
1993 $6,435,952,174 $8,881,005,436
1992 $7,328,497,599 $7,031,933,492
1991 $7,151,260,062 $44,171,194,366
1990 $6,694,851,159 $33,641,222,222
1989 $5,870,854,233 $21,408,111,111
1988 $6,320,093,411 $14,372,555,556
1987 $5,713,281,235 $12,093,333,333
1986 $4,129,080,094 $10,092,200,000
1985 $3,088,359,967 $8,075,259,600
1984 $2,964,568,006 $10,447,615,385
1983 $2,862,634,164 $8,230,153,846
1982 $3,318,714,326 $8,732,542,274
1981 $3,615,094,820 $10,753,888,154
1980 $3,499,616,683 $8,951,800,000
1979 $2,953,176,971 $8,418,407,787
1978 $2,599,627,089 $8,128,719,315
1977 $2,285,707,749 $7,499,005,639
1976 $1,727,845,419 $6,013,210,816
1975 $1,456,052,700 $4,823,090,192
1974 $1,568,154,077 $3,958,931,660
1973 $1,194,794,186 $3,077,254,460
1972 $869,002,946 $2,483,055,722
1971 $693,679,545 $2,288,340,041
1970 $545,115,909 $2,100,229,759
1969 $435,659,610 $1,847,501,441
1968 $498,365,200 $1,677,771,401
1967 $652,609,076 $1,607,409,539
1966 $660,663,763 $1,484,491,676
1965 $550,150,988 $1,446,869,619
1964 $456,206,299 $1,388,282,600
1963 $357,240,896 $1,351,234,926
1962 $299,309,938 $1,328,259,625
1961 $266,711,460 $1,222,860,429
1960 $260,984,499 $1,126,364,162

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/iceland/sudan | CC BY

GDP per capita in Iceland vs Sudan by year

Iceland
GDP per capita

GDP per capita, PPP
Sudan
GDP per capita

GDP per capita, PPP
1x
Year Current $
Iceland Sudan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $86,041 $84,257 $985 $2,116
2023 $82,139 $81,608 $797 $2,421
2022 $76,350 $75,333 $1,046 $3,355
2021 $70,425 $61,610 $712 $3,249
2020 $60,128 $55,797 $578 $3,349
2019 $69,296 $60,524 $710 $3,914
2018 $75,634 $57,198 $731 $4,199
2017 $72,976 $55,638 $967 $4,252
2016 $62,854 $53,480 $1,033 $4,470
2015 $53,506 $49,201 $1,292 $4,217
2014 $55,140 $45,997 $1,275 $4,261
2013 $50,173 $44,410 $1,139 $3,725
2012 $46,595 $42,004 $1,019 $3,710
2011 $48,255 $40,937 $1,522 $4,112
2010 $43,776 $39,764 $1,665 $3,806
2009 $41,484 $41,885 $1,493 $3,732
2008 $57,489 $43,728 $1,928 $3,938
2007 $70,483 $41,471 $1,814 $3,836
2006 $58,172 $39,692 $1,415 $3,637
2005 $57,784 $37,323 $1,125 $3,407
2004 $47,810 $35,612 $872 $3,215
2003 $39,944 $32,697 $714 $3,058
2002 $32,749 $32,607 $621 $2,898
2001 $29,208 $31,882 $551 $2,769
2000 $32,504 $29,789 $441 $2,616
1999 $32,834 $29,558 $394 $2,475
1998 $31,519 $28,723 $425 $2,428
1997 $28,462 $26,874 $453 $2,358
1996 $28,584 $24,776 $357 $2,006
1995 $27,565 $23,954 $561 $1,902
1994 $24,858 $23,562 $532 $1,805
1993 $24,404 $22,460 $379 $1,794
1992 $28,072 $21,877 $307 $1,710
1991 $27,740 $22,416 $1,966 $1,599
1990 $26,272 $21,985 $1,528 $1,468
1989 $23,219 - $992 -
1988 $25,307 - $680 -
1987 $23,238 - $584 -
1986 $16,980 - $497 -
1985 $12,793 - $406 -
1984 $12,378 - $534 -
1983 $12,080 - $431 -
1982 $14,191 - $472 -
1981 $15,666 - $605 -
1980 $15,340 - $525 -
1979 $13,082 - $515 -
1978 $11,630 - $518 -
1977 $10,305 - $497 -
1976 $7,848 - $413 -
1975 $6,680 - $343 -
1974 $7,287 - $291.5 -
1973 $5,627 - $235.8 -
1972 $4,155 - $198.2 -
1971 $3,366 - $189 -
1970 $2,666 - $179.6 -
1969 $2,142 - $163.5 -
1968 $2,473 - $153.7 -
1967 $3,284 - $152.4 -
1966 $3,378 - $145.6 -
1965 $2,861 - $146.8 -
1964 $2,414 - $145.7 -
1963 $1,924 - $146.6 -
1962 $1,641 - $148.9 -
1961 $1,490 - $141.6 -
1960 $1,486 - $134.7 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/iceland/sudan | CC BY

Iceland's GDP per capita is $86,041, ranking 9/197, compared to $985 in Sudan, ranking 179/197. Adjusted for purchasing power (GDP per capita PPP), Iceland ranks 13th at $84,257, while Sudan ranks 185th at $2,116.

Economic indicators

Iceland Sudan
Gross domestic product
$33.3B
2024
$49.7B
2024
GDP rank
108/197
2024
94/197
2024
GDP growth
-0.97%
2023-2024
-14%
2023-2024
GDP per capita
$86,041
2024
$985
2024
GDP per capita rank
9/197
2024
179/197
2024
GDP per capita, PPP
$84,257
2024
$2,116
2024
GDP per capita PPP rank
13/197
2024
185/197
2024
Government debt
$19.8B
2024
$130B
2024
Debt-to-GDP ratio
59.4%
2024
261.4%
2024
Government debt per person
$51,148
2024
$2,574
2024
Government debt per person rank
9/185
2024
109/185
2024
Average annual personal income after taxes
$55,565
2026
$1,704
2026
Number of billionaires
1
2025
n/a
Income share by richest 10%
22.4%
2019
27.8%
2014
Income share by poorest 10%
3.7%
2019
3.2%
2014
Government expenditure, % of GDP
46.5%
2024
6.39%
2024
Consumer prices inflation
5.86%
2023-2024
138.8%
2021-2022
Central bank interest rate
7.25%
2025
n/a
Unemployment rate
3.56%
2024
7.53%
2022
Population
397129
53335233

Spending and national debt comparison by year

Iceland
Spending

Debt
Sudan
Spending

Debt
1x
Year % of GDP
Iceland Sudan
Government spending Government debt Government spending Government debt
2024 46.5% 59.4% 6.39% 261.4%
2023 45% 61.5% 8.23% 259.9%
2022 45.9% 66.4% 17.9% 186.9%
2021 48.7% 73.6% 9.84% 189.6%
2020 50.2% 76.1% 10.9% 278.3%
2019 43% 65.7% 18.7% 216.5%
2018 43.2% 62.3% 16.8% 209.8%
2017 43.8% 70.8% 12.8% 149.5%
2016 45.8% 81.3% 9.98% 109.9%
2015 43% 96.3% 12.4% 93.2%
2014 45.4% 114.1% 13.5% 84.4%
2013 45.6% 121.1% 15.3% 105.8%
2012 47.1% 132.2% 16.5% 117.7%
2011 50% 136.6% 18.2% 78.1%
2010 48.2% 131.5% 17.4% 74.6%
2009 53.3% 128.2% 18.8% 71%
2008 62.8% 109.3% 19.7% 55.8%
2007 44.1% 67.4% 19.6% 53.7%
2006 44.3% 69.8% 18.8% 63.7%
2005 44.2% 67.8% 19.7% 75.5%
2004 46.2% 80.1% 16.5% 97.8%
2003 47.2% 84.1% 12.5% 117.4%
2002 45% 81.3% 10.5% 121.7%
2001 46.9% 82.5% 9.87% 125.6%
2000 44.3% 74.8% 10.4% 143.2%
1999 44.8% 75.5% 8.4% 160.5%
1998 40.2% 43.3% 7.79% 179.7%
1997 41.3% 51.1% 7.38% 167.7%
1996 43.9% 55.6% 9.31% 220.9%
1995 44.4% 58.1% 12.9% 239%
1994 45% 54.8% 19.6% 386%
1993 45.1% 52.3% 23.7% 285.9%
1992 44.7% 45.4% 50.4% 495%
1991 42.8% 37.6% 45.7% -
1990 42.6% 35.5% 31% -
1989 42.9% 35.3% - -
1988 41.4% 30.6% - -
1987 36.5% 27.3% - -
1986 39.5% 29.9% - -
1985 37% 32% - -
1984 34.7% 32.4% - -
1983 37.8% 30.8% - -
1982 36% 28.9% - -
1981 35.3% 22.4% - -
1980 33.9% 24.8% - -
1979 32.4% 21.1% - -
1978 31.9% 19.8% - -
1977 31.7% 18.4% - -
1976 32.1% 17.2% - -
1975 36.9% 16.4% - -
1974 36.6% 12.5% - -
1973 33.7% 11.5% - -
1972 33.3% 14.5% - -
1971 32.5% 11.7% - -
1970 29.9% 11.4% - -
1969 30.3% 14.6% - -
1968 33.3% 14.2% - -
1967 31.6% 8.8% - -
1966 28.3% 5.56% - -
1965 28.3% 7.78% - -
1964 28.2% 7.97% - -
1963 26.2% 7.89% - -
1962 24.9% 7.47% - -
1961 25.3% 8.49% - -
1960 33.2% 13.6% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1989, retrieved 2026-02-20).

GeoRank.org/economy/iceland/sudan | CC BY

In 2024, Iceland's government spending was $15.5B, accounting for 46.5% of its GDP, while Sudan spent $3.17B, or 6.39% of GDP.

Debt-to-GDP ratio is 59.4% in Iceland and 261.4% in Sudan, ranking 80/185 and 1/185, respectively.

Government deficit by year

Deficit/surplus
Iceland

Sudan
1x
Year Deficit/surplus, % of GDP
Iceland Sudan
2024 -3.51% -3.46%
2023 -2.28% -3.7%
2022 -3.93% -2.15%
2021 -8.33% -0.29%
2020 -8.73% -6.03%
2019 -1.57% -10.8%
2018 0.94% -7.92%
2017 0.97% -6.07%
2016 12.4% -3.92%
2015 -0.39% -3.87%
2014 0.29% -4.72%
2013 -1.24% -5.76%
2012 -2.59% -7.37%
2011 -6.46% -2.33%
2010 -6.58% 0.11%
2009 -8.54% -3.8%
2008 -12% 0.49%
2007 5.52% -2.84%
2006 6.37% -1.32%
2005 4.92% -1.88%
2004 0.28% 0.16%
2003 -2.3% 0.77%
2002 -2.25% -0.69%
2001 -0.28% -0.77%
2000 1.43% -0.7%
1999 1.3% -0.8%
1998 -0.56% -0.56%
1997 0.04% -0.59%
1996 -1.52% -2.61%
1995 -2.87% -3.48%
1994 -4.59% -3.03%
1993 -4.36% -8.04%
1992 -1.86% -24.5%
1991 -0.66% -26.5%
1990 -3.16% -16.2%
1989 -4.29% -
1988 -1.93% -
1987 -0.79% -
1986 -3.93% -
1985 -1.56% -
1984 2.25% -
1983 -1.96% -
1982 1.72% -
1981 1.32% -
1980 1.37% -
1979 -0.07% -
1978 -0.9% -
1977 -1.2% -
1976 0.02% -
1975 -3.87% -
1974 -3.64% -
1973 -0.74% -
1972 0.05% -
1971 -0.69% -
1970 0.27% -
1969 -0.88% -
1968 -0.89% -
1967 0.78% -
1966 1.69% -
1965 0.15% -
1964 -0.41% -
1963 1.8% -
1962 2.25% -
1961 1.64% -
1960 2.38% -
1959 2.44% -
1958 2.16% -
1957 1.2% -
1956 -0.09% -
1955 1.57% -
1954 1.25% -
1953 0.34% -
1952 3.33% -
1951 2.73% -
1950 1.23% -
1949 -0.3% -
1948 0.67% -
1947 -1.95% -
1946 -0.37% -
1945 -2.33% -
1944 -3.23% -
1943 -0.89% -
1942 -0.75% -
1941 -1.33% -
1940 -1.35% -
1939 -2.6% -
1938 -2.01% -
1937 -2.6% -
1936 -3.34% -
1935 -3.46% -
1934 -4.79% -
1933 -3.42% -
1932 -4.65% -
1931 -4.27% -
1930 -4.94% -
1929 -1.94% -
1928 -1.94% -
1927 -3.45% -
1926 -2.43% -
1925 0.43% -
1924 -1.78% -
1923 -4.99% -
1922 -4.67% -
1921 -6.12% -
1920 -7.45% -
1919 -2.5% -
1918 -7.43% -
1917 -11.3% -
1916 -2.53% -
1915 -2.06% -
1914 -3.21% -
1913 -2.3% -
1912 -2.93% -
1911 -3.06% -
1910 -1.27% -
1909 -2.15% -

Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1909–1989, retrieved 2026-02-20); International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/iceland/sudan | CC BY

In 2024, Iceland's government deficit, the difference between spending and revenue, was $1.17B, equivalent to 3.51% of GDP. This compares to Sudan's deficit of $1.72B, or 3.46% of GDP.

Over the past 35 years, Iceland recorded a fiscal deficit in 24 of those years, while Sudan ran a deficit in 31 years. On average, Iceland posted an annual deficit equal to 1.6% of GDP, compared to deficit of 4.72% of GDP for Sudan.

Inflation comparison by year

Inflation
Iceland

Sudan
1x
Year Consumer prices inflation
Iceland Sudan
2024 5.86% -
2023 8.74% -
2022 8.31% 138.8%
2021 4.44% 359%
2020 2.85% 163.3%
2019 3.01% 51%
2018 2.68% 63.3%
2017 1.76% 32.4%
2016 1.7% 17.8%
2015 1.63% 16.9%
2014 2.04% 36.9%
2013 3.87% 36.5%
2012 5.19% 35.6%
2011 4% 18.1%
2010 5.4% 13%
2009 12% 11.3%
2008 12.7% 14.3%
2007 5.05% 14.8%
2006 6.69% 7.2%
2005 3.99% 8.51%
2004 3.16% 9.66%
2003 2.06% 6.49%
2002 5.2% 22.2%
2001 6.41% 1.94%
2000 5.14% 7.12%
1999 3.23% 17.2%
1998 1.66% 24.6%
1997 1.82% 47.2%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/iceland/sudan | CC BY

Over the past 26 years, Iceland has recorded an average annual inflation rate of 4.46%, compared with 45.2% in Sudan. In 2022, inflation was 5.86% in Iceland and 138.8% in Sudan.

Balance of trade

Iceland Sudan
Current account balance
-$867M
2024
-$4.44B
2022
Current account balance ranking
121/190
2024
165/190
2022
Current account balance, % of GDP
-2.61%
2024
-8.6%
2022
Goods imports
$9.3B
2024
$9.99B
2022
Goods exports
$6.99B
2024
$4.36B
2022
Service imports
$5.16B
2024
$1.59B
2022
Service exports
$7.12B
2024
$1.55B
2022
Imports of goods and services, % of GDP
43.5%
2024
1.27%
2024
Exports of goods and services, % of GDP
42.5%
2024
0.72%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Iceland Sudan
Economic freedom 75 32.5
Economic freedom ranking 19/197 191/197
Property rights 94.9 6.5
Government integrity 85 13.8
Judicial effectiveness 95.2 2.4
Tax burden 72.2 84.7
Government spending 37 96.5
Fiscal health 76.2 64.6
Business freedom 86.8 27.3
Labor freedom 59.3 33.6
Monetary freedom 73.5 6.2
Trade freedom 79.8 29.6
Investment freedom 70 5
Financial freedom 70 20

Economic freedom comparison by year

Iceland
Sudan
1x
Year Economic freedom index
Iceland Sudan
2026 75 32.5
2025 72.8 35.3
2024 70.5 33.9
2023 72.2 32.8
2022 77 32
2021 77.4 39.1
2020 77.1 45
2019 77.1 47.7
2018 77 49.4
2017 74.4 48.8
2016 73.3 -
2015 72 -
2014 72.4 -
2013 72.1 -
2012 70.9 -
2011 68.2 -
2010 73.7 -
2009 75.9 -
2008 75.8 -
2007 76 -
2006 75.8 -
2005 76.6 -
2004 72.1 -
2003 73.5 -
2002 73.1 -
2001 73.4 -
2000 74 47.2
1999 71.4 39.6
1998 71.2 38.3
1997 70.5 39.9
1996 - 39.2
1995 - 39.4

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/iceland/sudan | CC BY

The Economic Freedom Index for Iceland is 75, ranking 19/197, compared to 32.5 for Sudan, ranking 191/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Iceland Sudan
Services, % of GDP
64.9%
2024
54.7%
2024
Industry, % of GDP
20.1%
2024
23.2%
2024
Agriculture, forestry, and fishing, % of GDP
3.98%
2024
22.2%
2024
GNI, Atlas method
$31.8B
2024
$35.8B
2024
GNI per capita, PPP
$84,060
2024
$2,050
2024
Total reserves including gold
$6.4B
2024
$178M
2017
Total reserves ranking
90/177
2024
171/177
2017
Net foreign direct investment
-$2.24B
2024
-$574M
2022
Net inflows of foreign direct investment
$2.7B
2024
$548M
2023
Net outflows of foreign direct investment
$461M
2024
$0
2024
Servicing debt to the IMF, % of GNI n/a
0.42%
2024
Poverty at national poverty lines
8.8%
2017
46.5%
2020
Gross capital formation, % of GDP
26.1%
2024
2.89%
2024

GDP per capita map

1x

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/sudan | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1909–1989, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)

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.

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.