Iceland has a GDP of $33.3B compared to $28.8T for the United States, ranking 108/197 and 1/197 by economy size, respectively.
Iceland has $19.6B in government debt (49.8% of GDP), compared to $34.7T (123.7% of GDP) in the United States.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
Iceland
GDP, current $
GDP, constant 2015 $
United States
GDP, current $
GDP, constant 2015 $
| Year | GDP | |||
|---|---|---|---|---|
Iceland
|
United States
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $260,984,499 | $2,496,863,280 | $541,988,586,207 | $3,414,529,777,329 |
| 1961 | $266,711,460 | $2,495,011,008 | $561,940,310,345 | $3,493,063,962,207 |
| 1962 | $299,309,938 | $2,702,465,523 | $603,639,413,793 | $3,706,140,863,902 |
| 1963 | $357,240,896 | $2,980,306,393 | $637,058,551,724 | $3,869,211,061,913 |
| 1964 | $456,206,299 | $3,274,817,714 | $684,144,620,690 | $4,093,625,303,504 |
| 1965 | $550,150,988 | $3,513,760,862 | $741,904,862,069 | $4,355,617,322,929 |
| 1966 | $660,663,763 | $3,821,238,091 | $813,032,758,621 | $4,638,732,448,919 |
| 1967 | $652,609,076 | $3,773,079,007 | $859,620,034,483 | $4,754,700,760,142 |
| 1968 | $498,365,200 | $3,565,624,491 | $940,225,000,000 | $4,982,926,396,629 |
| 1969 | $435,659,610 | $3,650,829,024 | $1,017,438,172,414 | $5,137,397,114,924 |
| 1970 | $545,115,909 | $3,923,113,076 | $1,073,303,000,000 | $5,148,525,050,913 |
| 1971 | $693,679,545 | $4,435,504,504 | $1,164,850,000,000 | $5,318,051,691,111 |
| 1972 | $869,002,946 | $4,709,500,456 | $1,279,110,000,000 | $5,597,542,001,855 |
| 1973 | $1,194,794,186 | $5,030,029,513 | $1,425,376,000,000 | $5,913,561,297,888 |
| 1974 | $1,568,154,077 | $5,317,057,690 | $1,545,243,000,000 | $5,881,595,530,901 |
| 1975 | $1,456,052,700 | $5,351,414,127 | $1,684,904,000,000 | $5,869,501,841,745 |
| 1976 | $1,727,845,419 | $5,670,324,565 | $1,873,412,000,000 | $6,185,752,591,778 |
| 1977 | $2,285,707,749 | $6,170,576,320 | $2,081,826,000,000 | $6,471,793,328,423 |
| 1978 | $2,599,627,089 | $6,541,842,282 | $2,351,599,000,000 | $6,830,020,452,268 |
| 1979 | $2,953,176,971 | $6,859,813,918 | $2,627,333,000,000 | $7,046,258,095,085 |
| 1980 | $3,499,616,683 | $7,254,110,584 | $2,857,307,000,000 | $7,028,165,014,325 |
| 1981 | $3,615,094,820 | $7,563,498,912 | $3,207,041,000,000 | $7,206,518,847,031 |
| 1982 | $3,318,714,326 | $7,726,459,506 | $3,343,789,000,000 | $7,076,584,318,487 |
| 1983 | $2,862,634,164 | $7,560,250,867 | $3,634,038,000,000 | $7,400,960,152,427 |
| 1984 | $2,964,568,006 | $7,872,422,565 | $4,037,613,000,000 | $7,936,527,167,598 |
| 1985 | $3,088,359,967 | $8,131,648,957 | $4,338,979,000,000 | $8,267,446,647,786 |
| 1986 | $4,129,080,094 | $8,641,547,413 | $4,579,631,000,000 | $8,553,719,807,216 |
| 1987 | $5,713,281,235 | $9,380,048,847 | $4,855,215,000,000 | $8,849,219,149,442 |
| 1988 | $6,320,093,411 | $9,371,632,507 | $5,236,438,000,000 | $9,218,849,474,658 |
| 1989 | $5,870,854,233 | $9,395,852,536 | $5,641,580,000,000 | $9,557,387,553,833 |
| 1990 | $6,694,851,159 | $9,505,724,850 | $5,963,144,000,000 | $9,737,636,593,625 |
| 1991 | $7,151,260,062 | $9,484,477,131 | $6,158,129,000,000 | $9,727,089,478,756 |
| 1992 | $7,328,497,599 | $9,164,480,910 | $6,520,327,000,000 | $10,069,725,930,662 |
| 1993 | $6,435,952,174 | $9,284,851,739 | $6,858,559,000,000 | $10,346,824,232,650 |
| 1994 | $6,612,804,056 | $9,619,928,847 | $7,287,236,000,000 | $10,763,700,132,799 |
| 1995 | $7,372,640,169 | $9,631,144,112 | $7,639,749,000,000 | $11,052,644,207,040 |
| 1996 | $7,686,566,105 | $10,064,319,596 | $8,073,122,000,000 | $11,469,635,349,339 |
| 1997 | $7,716,781,803 | $10,481,070,032 | $8,577,554,457,000 | $11,979,704,707,078 |
| 1998 | $8,637,732,542 | $11,215,843,689 | $9,062,818,202,000 | $12,516,770,844,481 |
| 1999 | $9,107,644,691 | $11,653,035,888 | $9,631,174,489,000 | $13,116,127,034,705 |
| 2000 | $9,140,168,922 | $12,224,638,522 | $10,250,947,997,000 | $13,650,948,362,520 |
| 2001 | $8,323,401,820 | $12,694,179,474 | $10,581,929,774,000 | $13,781,388,409,036 |
| 2002 | $9,416,199,700 | $12,763,018,324 | $10,929,112,955,000 | $14,015,733,659,784 |
| 2003 | $11,564,687,742 | $13,054,189,959 | $11,456,442,041,000 | $14,407,558,345,763 |
| 2004 | $13,963,943,244 | $14,049,259,322 | $12,217,193,198,000 | $14,961,928,297,814 |
| 2005 | $17,146,410,561 | $15,036,829,613 | $13,039,199,193,000 | $15,483,134,541,390 |
| 2006 | $17,671,649,843 | $15,889,660,319 | $13,815,586,948,000 | $15,914,268,559,669 |
| 2007 | $21,960,110,030 | $17,278,627,870 | $14,474,226,905,000 | $16,233,167,950,744 |
| 2008 | $18,247,921,360 | $17,572,297,289 | $14,769,857,911,000 | $16,251,606,759,788 |
| 2009 | $13,212,543,838 | $16,110,024,871 | $14,478,064,934,000 | $15,832,884,074,311 |
| 2010 | $13,922,711,577 | $15,752,089,361 | $15,048,964,444,000 | $16,259,610,790,677 |
| 2011 | $15,394,005,872 | $15,969,467,673 | $15,599,728,123,000 | $16,513,977,256,911 |
| 2012 | $14,943,757,823 | $16,156,200,535 | $16,253,972,230,000 | $16,892,000,920,976 |
| 2013 | $16,244,319,959 | $16,737,332,123 | $16,843,190,993,000 | $17,249,744,800,618 |
| 2014 | $18,052,183,515 | $17,057,653,878 | $17,550,680,174,000 | $17,685,097,277,698 |
| 2015 | $17,700,486,957 | $17,700,486,957 | $18,206,020,741,000 | $18,206,020,741,000 |
| 2016 | $21,083,713,310 | $18,801,118,749 | $18,695,110,842,000 | $18,537,270,454,436 |
| 2017 | $25,060,086,488 | $19,456,350,342 | $19,477,336,549,000 | $18,992,846,546,662 |
| 2018 | $26,677,652,544 | $20,363,166,145 | $20,533,057,312,000 | $19,556,270,302,218 |
| 2019 | $24,985,687,022 | $20,594,942,208 | $21,380,976,119,000 | $20,061,570,168,698 |
| 2020 | $22,034,665,041 | $19,226,227,441 | $21,060,473,613,000 | $19,627,632,559,935 |
| 2021 | $26,234,872,402 | $20,222,255,991 | $23,315,080,560,000 | $20,816,096,100,825 |
| 2022 | $29,166,102,877 | $22,005,999,303 | $25,604,848,907,611 | $21,339,074,561,820 |
| 2023 | $31,677,891,897 | $23,147,265,109 | $27,292,170,793,214 | $21,955,252,291,274 |
| 2024 | $33,255,181,469 | $22,922,580,053 | $28,750,956,130,731 | $22,568,462,768,174 |
Economic indicators
|
Iceland
|
United States
|
|
|---|---|---|
| Gross domestic product |
$33.3B
2024 |
$28.8T
2024 |
| GDP rank |
108/197
2024 |
1/197
2024 |
| GDP growth |
4.98%
2023-2024 |
5.35%
2023-2024 |
| GDP per capita |
$86,041
2024 |
$84,534
2024 |
| GDP per capita rank |
9/197
2024 |
10/197
2024 |
| GDP per capita, PPP |
$81,924
2024 |
$85,810
2024 |
| Government debt |
$19.6B
2024 |
$34.7T
2024 |
| Debt-to-GDP ratio |
49.8%
2026 |
123.7%
2026 |
| Government debt per person |
$50,830
2024 |
$102,105
2024 |
| Government debt per person rank |
9/185
2024 |
2/185
2024 |
| Average annual personal income after taxes |
$54,155
2026 |
$54,474
2026 |
| Market capitalization of domestic companies | n/a |
$62.2T
2024 |
| Number of millionaires | n/a |
21,951,319
2024 |
| Number of billionaires |
1
2025 |
902
2025 |
| Income share by richest 10% |
22.4%
2019 |
30.4%
2023 |
| Income share by poorest 10% |
3.7%
2019 |
1.8%
2023 |
| Government expenditure, % of GDP |
43.5%
2026 |
38%
2026 |
| Consumer prices inflation |
5.86%
2023-2024 |
2.95%
2023-2024 |
| Central bank interest rate |
7.5%
2025 |
4.25%
2025 |
| Unemployment rate |
3.56%
2024 |
4.02%
2024 |
| Population |
395314
|
343682585
|
GDP per capita in Iceland vs United States
Iceland's GDP per capita is $86,041, ranking 9/197, compared to $84,534 in the United States, ranking 10/197. Adjusted for purchasing power (GDP per capita PPP), Iceland ranks 13th at $81,924, while the United States ranks 11th at $85,810.
Iceland
GDP per capita
GDP per capita, PPP
United States
GDP per capita
GDP per capita, PPP
| Year | Current $ | |||
|---|---|---|---|---|
|
Iceland
|
United States
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $1,486 | - | $3,000 | - |
| 1961 | $1,490 | - | $3,059 | - |
| 1962 | $1,641 | - | $3,236 | - |
| 1963 | $1,924 | - | $3,366 | - |
| 1964 | $2,414 | - | $3,565 | - |
| 1965 | $2,861 | - | $3,818 | - |
| 1966 | $3,378 | - | $4,136 | - |
| 1967 | $3,284 | - | $4,326 | - |
| 1968 | $2,473 | - | $4,685 | - |
| 1969 | $2,142 | - | $5,020 | - |
| 1970 | $2,666 | - | $5,234 | - |
| 1971 | $3,366 | - | $5,609 | - |
| 1972 | $4,155 | - | $6,094 | - |
| 1973 | $5,627 | - | $6,726 | - |
| 1974 | $7,287 | - | $7,226 | - |
| 1975 | $6,680 | - | $7,801 | - |
| 1976 | $7,848 | - | $8,592 | - |
| 1977 | $10,305 | - | $9,453 | - |
| 1978 | $11,630 | - | $10,565 | - |
| 1979 | $13,082 | - | $11,674 | - |
| 1980 | $15,340 | - | $12,613 | - |
| 1981 | $15,666 | - | $13,976 | - |
| 1982 | $14,191 | - | $14,434 | - |
| 1983 | $12,080 | - | $15,544 | - |
| 1984 | $12,378 | - | $17,121 | - |
| 1985 | $12,793 | - | $18,237 | - |
| 1986 | $16,980 | - | $19,071 | - |
| 1987 | $23,238 | - | $20,039 | - |
| 1988 | $25,307 | - | $21,417 | - |
| 1989 | $23,219 | - | $22,857 | - |
| 1990 | $26,272 | $21,970 | $23,840 | $23,889 |
| 1991 | $27,740 | $22,401 | $24,293 | $24,342 |
| 1992 | $28,072 | $21,863 | $25,381 | $25,419 |
| 1993 | $24,404 | $22,445 | $26,353 | $26,387 |
| 1994 | $24,858 | $23,547 | $27,662 | $27,695 |
| 1995 | $27,565 | $23,938 | $28,661 | $28,691 |
| 1996 | $28,584 | $24,767 | $29,937 | $29,968 |
| 1997 | $28,462 | $26,868 | $31,430 | $31,459 |
| 1998 | $31,519 | $28,721 | $32,823 | $32,854 |
| 1999 | $32,834 | $29,558 | $34,484 | $34,515 |
| 2000 | $32,504 | $29,783 | $36,330 | $36,330 |
| 2001 | $29,208 | $31,885 | $37,134 | $37,134 |
| 2002 | $32,749 | $32,607 | $37,998 | $37,998 |
| 2003 | $39,944 | $32,701 | $39,490 | $39,490 |
| 2004 | $47,810 | $35,617 | $41,725 | $41,725 |
| 2005 | $57,784 | $37,323 | $44,123 | $44,123 |
| 2006 | $58,172 | $39,700 | $46,302 | $46,302 |
| 2007 | $70,483 | $41,473 | $48,050 | $48,050 |
| 2008 | $57,489 | $43,728 | $48,570 | $48,570 |
| 2009 | $41,484 | $41,863 | $47,195 | $47,195 |
| 2010 | $43,776 | $39,768 | $48,651 | $48,643 |
| 2011 | $48,255 | $40,937 | $50,066 | $50,025 |
| 2012 | $46,595 | $42,004 | $51,784 | $51,708 |
| 2013 | $50,173 | $44,410 | $53,291 | $53,297 |
| 2014 | $55,140 | $45,997 | $55,124 | $55,153 |
| 2015 | $53,506 | $49,214 | $56,763 | $56,849 |
| 2016 | $62,854 | $53,480 | $57,867 | $57,977 |
| 2017 | $72,976 | $55,638 | $59,908 | $60,048 |
| 2018 | $75,634 | $57,198 | $62,823 | $62,876 |
| 2019 | $69,296 | $60,524 | $65,120 | $65,228 |
| 2020 | $60,128 | $55,797 | $63,526 | $64,402 |
| 2021 | $70,425 | $61,610 | $70,249 | $71,307 |
| 2022 | $76,350 | $73,426 | $76,829 | $77,861 |
| 2023 | $82,139 | $78,195 | $81,490 | $82,305 |
| 2024 | $86,041 | $81,924 | $84,534 | $85,810 |
Spending and national debt comparison
In 2024, Iceland's government spending was $15.4B, accounting for 43.5% of its GDP, while the United States' spent $10.8T, or 38% of GDP.
Debt-to-GDP ratio is 49.8% in Iceland and 123.7% in the United States, ranking 112/185 and 11/185, respectively.
Iceland
Government spending
Government debt
United States
Government spending
Government debt
| Year | % of GDP | |||
|---|---|---|---|---|
|
Iceland
|
United States
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1960 | 33.2% | 13.6% | 24.9% | 61.7% |
| 1961 | 25.3% | 8.49% | 25.9% | 62.3% |
| 1962 | 24.9% | 7.47% | 26% | 60.2% |
| 1963 | 26.2% | 7.89% | 26% | 58.8% |
| 1964 | 28.2% | 7.97% | 25.6% | 56.7% |
| 1965 | 28.3% | 7.78% | 25.4% | 53.7% |
| 1966 | 28.3% | 5.56% | 26.3% | 50.6% |
| 1967 | 31.6% | 8.8% | 28.3% | 50.4% |
| 1968 | 33.3% | 14.2% | 29.1% | 48.5% |
| 1969 | 30.3% | 14.6% | 29.3% | 45.9% |
| 1970 | 29.9% | 11.4% | 31.5% | 46.4% |
| 1971 | 32.5% | 11.7% | 32.3% | 47% |
| 1972 | 33.3% | 14.5% | 32.8% | 45.4% |
| 1973 | 33.7% | 11.5% | 31.9% | 42.6% |
| 1974 | 36.6% | 12.5% | 32.9% | 41.4% |
| 1975 | 36.9% | 16.4% | 35.2% | 44.6% |
| 1976 | 32.1% | 17.2% | 34.2% | 44.8% |
| 1977 | 31.7% | 18.4% | 33.4% | 43.6% |
| 1978 | 31.9% | 19.8% | 32.6% | 42.5% |
| 1979 | 32.4% | 21.1% | 32% | 41.2% |
| 1980 | 33.9% | 24.8% | 33.7% | 41.9% |
| 1981 | 35.3% | 22.4% | 33.9% | 41.1% |
| 1982 | 36% | 28.9% | 35.8% | 45.9% |
| 1983 | 37.8% | 30.8% | 35.7% | 48.9% |
| 1984 | 34.7% | 32.4% | 34.3% | 50.6% |
| 1985 | 37% | 32% | 34.5% | 55.4% |
| 1986 | 39.5% | 29.9% | 34.8% | 58.9% |
| 1987 | 36.5% | 27.3% | 34.3% | 60.6% |
| 1988 | 41.4% | 30.6% | 33.7% | 61.3% |
| 1989 | 42.9% | 35.3% | 33.7% | 61.6% |
| 1990 | 42.6% | 35.5% | 34.5% | 63.1% |
| 1991 | 42.8% | 37.6% | 35.7% | 67.9% |
| 1992 | 44.7% | 45.4% | 36.7% | 70.3% |
| 1993 | 45.1% | 52.3% | 36.4% | 71.9% |
| 1994 | 45% | 54.8% | 35.5% | 71.1% |
| 1995 | 44.4% | 58.1% | 35.5% | 70.7% |
| 1996 | 43.9% | 55.6% | 34.7% | 69.9% |
| 1997 | 42.1% | 52% | 33.7% | 67.4% |
| 1998 | 40.9% | 44% | 32.8% | 64.2% |
| 1999 | 45.4% | 76.6% | 32.2% | 60.5% |
| 2000 | 44.8% | 75.8% | 31.7% | 54.5% |
| 2001 | 47.4% | 83.4% | 32.8% | 53.3% |
| 2002 | 45.5% | 82.2% | 33.7% | 55.7% |
| 2003 | 47.8% | 85.1% | 34% | 58.8% |
| 2004 | 46.7% | 80.9% | 33.7% | 66.3% |
| 2005 | 45% | 68.9% | 33.9% | 65.6% |
| 2006 | 44.8% | 70.7% | 33.7% | 64.3% |
| 2007 | 44.7% | 68.4% | 34.6% | 64.7% |
| 2008 | 63.4% | 110.4% | 37.1% | 73.6% |
| 2009 | 53.6% | 128.8% | 41.4% | 86.8% |
| 2010 | 48.8% | 133.1% | 39.8% | 95.3% |
| 2011 | 50.5% | 138.2% | 38.8% | 99.7% |
| 2012 | 47.7% | 133.9% | 37.2% | 103.2% |
| 2013 | 46% | 122% | 35.8% | 104.5% |
| 2014 | 45.8% | 115.3% | 35.3% | 104.4% |
| 2015 | 43.5% | 97.3% | 35% | 104.9% |
| 2016 | 46.4% | 82.5% | 35.3% | 106.8% |
| 2017 | 44.4% | 71.7% | 35.2% | 105.7% |
| 2018 | 43.8% | 63.2% | 35.3% | 107% |
| 2019 | 43.6% | 66.5% | 35.8% | 108.2% |
| 2020 | 51.1% | 77.5% | 44.8% | 132% |
| 2021 | 49.6% | 74.9% | 43.2% | 124.7% |
| 2022 | 46.7% | 67.5% | 36.8% | 118.8% |
| 2023 | 45.3% | 62% | 37.1% | 119% |
| 2024 | 46.3% | 59.1% | 37.6% | 120.8% |
| 2025 | 44.5% | 52.9% | 37.8% | 122.5% |
| 2026 | 43.5% | 49.8% | 38% | 123.7% |
Government deficit by year
In 2024, Iceland's government deficit, the difference between spending and revenue, was -$1.16B, equivalent to -3.48% of GDP. This compares to the United States' deficit of -$2.09T, or -7.26% of GDP.
Over the past 65 years, Iceland recorded a fiscal deficit in 40 of those years, while the United States ran a deficit in 51 years. On average, Iceland posted an annual deficit equal to -1.02% of GDP, compared to deficit of -2.72% of GDP for the United States.
Deficit/surplus
Iceland
United States
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Iceland
|
United States
|
|
| 1800 | - | 0.01% |
| 1801 | - | 0.67% |
| 1802 | - | 1.46% |
| 1803 | - | 0.66% |
| 1804 | - | 0.58% |
| 1805 | - | 0.52% |
| 1806 | - | 0.95% |
| 1807 | - | 1.43% |
| 1808 | - | 1.55% |
| 1809 | - | -0.5% |
| 1810 | - | 0.21% |
| 1811 | - | 1.1% |
| 1812 | - | -1.84% |
| 1813 | - | -2.78% |
| 1814 | - | -3.36% |
| 1815 | - | -2.09% |
| 1816 | - | 2% |
| 1817 | - | 1.33% |
| 1818 | - | 0.22% |
| 1819 | - | 0.42% |
| 1820 | - | -0.06% |
| 1821 | - | -0.2% |
| 1822 | - | 0.74% |
| 1823 | - | 0.83% |
| 1824 | - | -0.13% |
| 1825 | - | 0.7% |
| 1826 | - | 0.93% |
| 1827 | - | 0.79% |
| 1828 | - | 0.95% |
| 1829 | - | 1.06% |
| 1830 | - | 1.04% |
| 1831 | - | 1.24% |
| 1832 | - | 1.26% |
| 1833 | - | 0.84% |
| 1834 | - | 0.24% |
| 1835 | - | 1.09% |
| 1836 | - | 1.05% |
| 1837 | - | -0.67% |
| 1838 | - | -0.43% |
| 1839 | - | 0.24% |
| 1840 | - | -0.28% |
| 1841 | - | -0.56% |
| 1842 | - | -0.31% |
| 1843 | - | -0.22% |
| 1844 | - | 0.38% |
| 1845 | - | 0.36% |
| 1846 | - | 0.09% |
| 1847 | - | -1.32% |
| 1848 | - | -0.41% |
| 1849 | - | -0.59% |
| 1850 | - | 0.16% |
| 1851 | - | 0.18% |
| 1852 | - | 0.19% |
| 1853 | - | 0.39% |
| 1854 | - | 0.41% |
| 1855 | - | 0.14% |
| 1856 | - | 0.11% |
| 1857 | - | 0.03% |
| 1858 | - | -0.68% |
| 1859 | - | -0.36% |
| 1860 | - | -0.16% |
| 1861 | - | -0.54% |
| 1862 | - | -7.67% |
| 1863 | - | -8.2% |
| 1864 | - | -6.3% |
| 1865 | - | -10.2% |
| 1866 | - | 0.41% |
| 1867 | - | 1.5% |
| 1868 | - | 0.33% |
| 1869 | - | 0.56% |
| 1870 | - | 1.25% |
| 1871 | - | 1.14% |
| 1872 | - | 1.03% |
| 1873 | - | 0.47% |
| 1874 | - | 0.03% |
| 1875 | - | 0.16% |
| 1876 | - | 0.33% |
| 1877 | - | 0.44% |
| 1878 | - | 0.23% |
| 1879 | - | 0.07% |
| 1880 | - | 0.55% |
| 1881 | - | 0.85% |
| 1882 | - | 1.08% |
| 1883 | - | 1.06% |
| 1884 | - | 0.85% |
| 1885 | - | 0.52% |
| 1886 | - | 0.7% |
| 1887 | - | 0.75% |
| 1888 | - | 0.82% |
| 1889 | - | 0.6% |
| 1890 | - | 0.59% |
| 1891 | - | 0.17% |
| 1892 | - | 0.06% |
| 1893 | - | 0.02% |
| 1894 | - | -0.45% |
| 1895 | - | -0.2% |
| 1896 | - | -0.09% |
| 1897 | - | -0.11% |
| 1898 | - | -0.23% |
| 1899 | - | -0.48% |
| 1900 | - | 0.24% |
| 1901 | - | 0.29% |
| 1902 | - | 0.35% |
| 1903 | - | 0.18% |
| 1904 | - | -0.18% |
| 1905 | - | -0.09% |
| 1906 | - | 0.08% |
| 1907 | - | 0.28% |
| 1908 | - | -0.22% |
| 1909 | -2.15% | -0.29% |
| 1910 | -1.27% | -0.06% |
| 1911 | -3.06% | 0.03% |
| 1912 | -2.93% | 0.008% |
| 1913 | -2.3% | -0.001% |
| 1914 | -3.21% | -0.001% |
| 1915 | -2.06% | -0.17% |
| 1916 | -2.53% | 0.11% |
| 1917 | -11.3% | -1.64% |
| 1918 | -7.43% | -13.5% |
| 1919 | -2.5% | -17.5% |
| 1920 | -7.45% | 0.33% |
| 1921 | -6.12% | 0.69% |
| 1922 | -4.67% | 1.01% |
| 1923 | -4.99% | 0.84% |
| 1924 | -1.78% | 1.11% |
| 1925 | 0.43% | 0.78% |
| 1926 | -2.43% | 0.89% |
| 1927 | -3.45% | 1.19% |
| 1928 | -1.94% | 0.97% |
| 1929 | -1.94% | -4.58% |
| 1930 | -4.94% | -5.46% |
| 1931 | -4.27% | -9.76% |
| 1932 | -4.65% | -12.7% |
| 1933 | -3.42% | -14.3% |
| 1934 | -4.79% | -14.9% |
| 1935 | -3.46% | -13.3% |
| 1936 | -3.34% | -12.1% |
| 1937 | -2.6% | -9.22% |
| 1938 | -2.01% | -10.4% |
| 1939 | -2.6% | -11.9% |
| 1940 | -1.35% | -9.73% |
| 1941 | -1.33% | -10.2% |
| 1942 | -0.75% | -16.3% |
| 1943 | -0.89% | -19.3% |
| 1944 | -3.23% | -13.4% |
| 1945 | -2.33% | -14.1% |
| 1946 | -0.37% | -6.45% |
| 1947 | -1.95% | -3.99% |
| 1948 | 0.67% | -4.16% |
| 1949 | -0.3% | -7.94% |
| 1950 | 1.23% | -8.22% |
| 1951 | 2.73% | -6.93% |
| 1952 | 3.33% | -5.41% |
| 1953 | 0.34% | -5.76% |
| 1954 | 1.25% | -5.55% |
| 1955 | 1.57% | -7.4% |
| 1956 | -0.09% | -6.02% |
| 1957 | 1.2% | -6.72% |
| 1958 | 2.16% | -8.68% |
| 1959 | 2.44% | -9.06% |
| 1960 | 2.38% | 3.2% |
| 1961 | 1.64% | 2.28% |
| 1962 | 2.25% | 2.32% |
| 1963 | 1.8% | 2.87% |
| 1964 | -0.41% | 2.18% |
| 1965 | 0.15% | 2.38% |
| 1966 | 1.69% | 2.07% |
| 1967 | 0.78% | 0.47% |
| 1968 | -0.89% | 1.23% |
| 1969 | -0.88% | 2.11% |
| 1970 | 0.27% | -1.21% |
| 1971 | -0.69% | -2.63% |
| 1972 | 0.05% | -1.86% |
| 1973 | -0.74% | -0.86% |
| 1974 | -3.64% | -1.27% |
| 1975 | -3.87% | -5.4% |
| 1976 | 0.02% | -3.63% |
| 1977 | -1.2% | -2.57% |
| 1978 | -0.9% | -1.7% |
| 1979 | -0.07% | -0.79% |
| 1980 | 1.37% | -2.17% |
| 1981 | 1.32% | -1.58% |
| 1982 | 1.72% | -3.78% |
| 1983 | -1.96% | -4.26% |
| 1984 | 2.25% | -2.97% |
| 1985 | -1.56% | -2.63% |
| 1986 | -3.93% | -2.81% |
| 1987 | -0.79% | -1.53% |
| 1988 | -1.93% | -1.06% |
| 1989 | -4.29% | -0.8% |
| 1990 | -3.16% | -1.64% |
| 1991 | -0.66% | -2.72% |
| 1992 | -1.86% | -3.98% |
| 1993 | -4.36% | -3.35% |
| 1994 | -4.59% | -2.05% |
| 1995 | -2.87% | -1.7% |
| 1996 | -1.52% | -0.46% |
| 1997 | 0.04% | 0.88% |
| 1998 | -0.57% | 2.18% |
| 1999 | 1.32% | 2.71% |
| 2000 | 1.45% | 3.62% |
| 2001 | -0.28% | -0.54% |
| 2002 | -2.27% | -3.82% |
| 2003 | -2.32% | -4.77% |
| 2004 | 0.29% | -4.24% |
| 2005 | 5.01% | -3.07% |
| 2006 | 6.45% | -2.04% |
| 2007 | 5.6% | -2.91% |
| 2008 | -12.1% | -6.61% |
| 2009 | -8.58% | -13.2% |
| 2010 | -6.66% | -11% |
| 2011 | -6.53% | -9.72% |
| 2012 | -2.62% | -8.11% |
| 2013 | -1.25% | -4.56% |
| 2014 | 0.3% | -4.03% |
| 2015 | -0.4% | -3.53% |
| 2016 | 12.5% | -4.36% |
| 2017 | 0.98% | -4.79% |
| 2018 | 0.96% | -5.33% |
| 2019 | -1.59% | -5.81% |
| 2020 | -8.9% | -14.1% |
| 2021 | -8.48% | -11.4% |
| 2022 | -3.99% | -3.7% |
| 2023 | -2.29% | -7.16% |
| 2024 | -3.48% | -7.26% |
| 2025 | -1.64% | -6.46% |
| 2026 | -1.39% | -5.49% |
Inflation comparison by year
Over the past 28 years, Iceland has recorded an average annual inflation rate of 4.66%, compared with 2.52% in the United States. In 2024, inflation was 5.86% in Iceland and 2.95% in the United States.
Inflation
Iceland
United States
| Year | Inflation | |
|---|---|---|
|
Iceland
|
United States
|
|
| 1997 | 1.82% | 2.34% |
| 1998 | 1.66% | 1.55% |
| 1999 | 3.23% | 2.19% |
| 2000 | 5.14% | 3.38% |
| 2001 | 6.41% | 2.83% |
| 2002 | 5.2% | 1.59% |
| 2003 | 2.06% | 2.27% |
| 2004 | 3.16% | 2.68% |
| 2005 | 3.99% | 3.39% |
| 2006 | 6.69% | 3.23% |
| 2007 | 5.05% | 2.85% |
| 2008 | 12.7% | 3.84% |
| 2009 | 12% | -0.36% |
| 2010 | 5.4% | 1.64% |
| 2011 | 4% | 3.16% |
| 2012 | 5.19% | 2.07% |
| 2013 | 3.87% | 1.46% |
| 2014 | 2.04% | 1.62% |
| 2015 | 1.63% | 0.12% |
| 2016 | 1.7% | 1.26% |
| 2017 | 1.76% | 2.13% |
| 2018 | 2.68% | 2.44% |
| 2019 | 3.01% | 1.81% |
| 2020 | 2.85% | 1.23% |
| 2021 | 4.44% | 4.7% |
| 2022 | 8.31% | 8% |
| 2023 | 8.74% | 4.12% |
| 2024 | 5.86% | 2.95% |
Top exports between countries
|
Iceland
|
|
|---|---|
| Export category | Export value |
| Transport & tourism services | $758M |
| Machinery & equipment | $309M |
| Animal & marine products | $308M |
| Business & finance services | $143M |
| IT & IP services | $119M |
| Processed food, beverages & tobacco | $62.2M |
| Metals | $35.4M |
| Raw materials & minerals | $34.4M |
| Chemicals & pharma | $32.1M |
| Miscellaneous | $10.1M |
|
United States
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $689M |
| Miscellaneous | $137M |
| Raw materials & minerals | $88M |
| Chemicals & pharma | $24.4M |
| Processed food, beverages & tobacco | $19.2M |
| Textiles & consumer goods | $9.13M |
| Raw agricultural goods | $7.3M |
| Precious metals & jewellery | $3.59M |
| Metals | $3.36M |
| Wood & paper products | $2.14M |
Balance of trade
|
Iceland
|
United States
|
|
|---|---|---|
Current account balance
|
-$867M
2024 |
-$1.19T
2024 |
| Current account balance ranking |
121/190
2024 |
190/190
2024 |
| Current account balance, % of GDP |
-2.61%
2024 |
-4.12%
2024 |
| Goods imports |
$9.3B
2024 |
$3.3T
2024 |
| Goods exports |
$6.99B
2024 |
$2.08T
2024 |
| Service imports |
$5.16B
2024 |
$841B
2024 |
| Service exports |
$7.12B
2024 |
$1.15T
2024 |
| Imports of goods and services, % of GDP |
43.5%
2024 |
14.3%
2024 |
| Exports of goods and services, % of GDP |
42.5%
2024 |
11.1%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Iceland
|
United States
|
|
|---|---|---|
| Economic freedom | 72.8 | 70.2 |
| Economic freedom ranking | 26/197 | 34/197 |
| Property rights | 97 | 95.4 |
| Government integrity | 81.5 | 77.3 |
| Judicial effectiveness | 95.6 | 76.6 |
| Tax burden | 72.6 | 75.6 |
| Government spending | 33.2 | 55.8 |
| Fiscal health | 55.2 | 0 |
| Business freedom | 86.3 | 88.5 |
| Labor freedom | 60.1 | 77 |
| Monetary freedom | 71.8 | 70.7 |
| Trade freedom | 80.4 | 75.6 |
| Investment freedom | 70 | 70 |
| Financial freedom | 70 | 80 |
Economic freedom by year comparison
The Economic Freedom Index for Iceland is 72.8, ranking 26/197, compared to 70.2 for the United States, ranking 34/197. The chart below displays a comparison of annual changes in economic freedom indexes.
Iceland
United States
| Year | Economic freedom index | |
|---|---|---|
|
Iceland
|
United States
|
|
| 1995 | - | 76.7 |
| 1996 | - | 76.7 |
| 1997 | 70.5 | 75.6 |
| 1998 | 71.2 | 75.4 |
| 1999 | 71.4 | 75.5 |
| 2000 | 74 | 76.4 |
| 2001 | 73.4 | 79.1 |
| 2002 | 73.1 | 78.4 |
| 2003 | 73.5 | 78.2 |
| 2004 | 72.1 | 78.7 |
| 2005 | 76.6 | 79.9 |
| 2006 | 75.8 | 81.2 |
| 2007 | 76 | 81.2 |
| 2008 | 75.8 | 81 |
| 2009 | 75.9 | 80.7 |
| 2010 | 73.7 | 78 |
| 2011 | 68.2 | 77.8 |
| 2012 | 70.9 | 76.3 |
| 2013 | 72.1 | 76 |
| 2014 | 72.4 | 75.5 |
| 2015 | 72 | 76.2 |
| 2016 | 73.3 | 75.4 |
| 2017 | 74.4 | 75.1 |
| 2018 | 77 | 75.7 |
| 2019 | 77.1 | 76.8 |
| 2020 | 77.1 | 76.6 |
| 2021 | 77.4 | 74.8 |
| 2022 | 77 | 72.1 |
| 2023 | 72.2 | 70.6 |
| 2024 | 70.5 | 70.1 |
| 2025 | 72.8 | 70.2 |
More economic indicators
|
Iceland
|
United States
|
|
|---|---|---|
| Services, % of GDP |
64.9%
2024 |
79.7%
2024 |
| Industry, % of GDP |
20.1%
2024 |
17.3%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
3.98%
2024 |
0.85%
2024 |
|
GNI, Atlas method
|
$31.8B
2024 |
$28.4T
2024 |
| GNI per capita, PPP |
$81,740
2024 |
$85,980
2024 |
| Total reserves including gold |
$6.4B
2024 |
$910B
2024 |
| Total reserves ranking |
90/177
2024 |
3/177
2024 |
|
Net foreign direct investment
|
-$2.24B
2024 |
$25.1B
2024 |
|
Net inflows of foreign direct investment
|
$2.7B
2024 |
$297B
2024 |
|
Net outflows of foreign direct investment
|
$461M
2024 |
$322B
2024 |
| Poverty at national poverty lines |
8.8%
2017 |
15.1%
2020 |
|
Gross capital formation, % of GDP
|
26.1%
2024 |
21.8%
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.