[ Nominal GDP in billions of USD ]
Year -
$13.21 billions
Iceland GDP expanded from 1960 to 2009, increasing from $0.26 billion to $13.21 billion.The compound annual growth rate (CAGR) averaged 8.35% over the period. The economy recorded its peak level in 2007 and its lowest level in 1960. Growth volatility remained high. The maximum drawdown reached 39.85%, indicating the largest cyclical decline from peak levels. The country experienced 7 recession episode(s) during the observed period.
| Metric | Nominal GDP (Current USD) | GDP (PPP, Int$) |
|---|---|---|
| Latest Year | 2009 | 2024 |
| Latest GDP | $ 13.21 Billions | $ 32.57 Int Billions |
| Growth (YoY) | -27.594% | 3.471% |
| Net Change vs Previous Year | $ -5.04 Billion | $ 1.09 Int Billion |
| % of World GDP | 0.02% | 0.02% |
| Meaning | Nominal GDP (Current USD, exchange-rate based) | GDP (PPP, cost-of-living adjusted) |
| Nominal | PPP | |||||
|---|---|---|---|---|---|---|
| Year | Bil $ | Net Chg | % Chg | Int Bil $ | Net Chg | % Chg |
| 1960 | 0.26 | - | - | - | - | - |
| 1961 | 0.27 | 0.01 | 2.194 % | - | - | - |
| 1962 | 0.3 | 0.03 | 12.222 % | - | - | - |
| 1963 | 0.36 | 0.06 | 19.355 % | - | - | - |
| 1964 | 0.46 | 0.1 | 27.703 % | - | - | - |
| 1965 | 0.55 | 0.09 | 20.593 % | - | - | - |
| 1966 | 0.66 | 0.11 | 20.088 % | - | - | - |
| 1967 | 0.65 | -0.01 | -1.219 % | - | - | - |
| 1968 | 0.5 | -0.15 | -23.635 % | - | - | - |
| 1969 | 0.44 | -0.06 | -12.582 % | - | - | - |
| 1970 | 0.55 | 0.11 | 25.124 % | - | - | - |
| 1971 | 0.69 | 0.15 | 27.254 % | - | - | - |
| 1972 | 0.87 | 0.18 | 25.274 % | - | - | - |
| 1973 | 1.19 | 0.33 | 37.49 % | - | - | - |
| 1974 | 1.57 | 0.37 | 31.249 % | - | - | - |
| 1975 | 1.46 | -0.11 | -7.149 % | - | - | - |
| 1976 | 1.73 | 0.27 | 18.666 % | - | - | - |
| 1977 | 2.29 | 0.56 | 32.287 % | - | - | - |
| 1978 | 2.6 | 0.31 | 13.734 % | - | - | - |
| 1979 | 2.95 | 0.35 | 13.6 % | - | - | - |
| 1980 | 3.5 | 0.55 | 18.503 % | - | - | - |
| 1981 | 3.62 | 0.12 | 3.3 % | - | - | - |
| 1982 | 3.32 | -0.3 | -8.198 % | - | - | - |
| 1983 | 2.86 | -0.46 | -13.743 % | - | - | - |
| 1984 | 2.96 | 0.1 | 3.561 % | - | - | - |
| 1985 | 3.09 | 0.12 | 4.176 % | - | - | - |
| 1986 | 4.13 | 1.04 | 33.698 % | - | - | - |
| 1987 | 5.71 | 1.58 | 38.367 % | - | - | - |
| 1988 | 6.32 | 0.61 | 10.621 % | - | - | - |
| 1989 | 5.87 | -0.45 | -7.108 % | - | - | - |
| 1990 | 6.69 | 0.82 | 14.035 % | 5.6 | - | - |
| 1991 | 7.15 | 0.46 | 6.817 % | 5.78 | 0.18 | 3.151 % |
| 1992 | 7.33 | 0.18 | 2.478 % | 5.71 | -0.07 | -1.172 % |
| 1993 | 6.44 | -0.89 | -12.179 % | 5.92 | 0.21 | 3.715 % |
| 1994 | 6.61 | 0.18 | 2.748 % | 6.27 | 0.34 | 5.821 % |
| 1995 | 7.37 | 0.76 | 11.49 % | 6.41 | 0.14 | 2.216 % |
| 1996 | 7.69 | 0.31 | 4.258 % | 6.66 | 0.26 | 3.992 % |
| 1997 | 7.72 | 0.03 | 0.393 % | 7.29 | 0.62 | 9.36 % |
| 1998 | 8.64 | 0.92 | 11.934 % | 7.87 | 0.59 | 8.029 % |
| 1999 | 9.11 | 0.47 | 5.44 % | 8.2 | 0.33 | 4.157 % |
| 2000 | 9.14 | 0.03 | 0.357 % | 8.38 | 0.18 | 2.173 % |
| 2001 | 8.32 | -0.82 | -8.936 % | 9.09 | 0.71 | 8.458 % |
| 2002 | 9.42 | 1.09 | 13.129 % | 9.38 | 0.29 | 3.191 % |
| 2003 | 11.56 | 2.15 | 22.817 % | 9.47 | 0.09 | 0.972 % |
| 2004 | 13.96 | 2.4 | 20.746 % | 10.4 | 0.94 | 9.877 % |
| 2005 | 17.15 | 3.18 | 22.791 % | 11.07 | 0.67 | 6.475 % |
| 2006 | 17.67 | 0.53 | 3.063 % | 12.06 | 0.98 | 8.873 % |
| 2007 | 21.96 | 4.29 | 24.267 % | 12.92 | 0.86 | 7.161 % |
| 2008 | 18.25 | -3.71 | -16.904 % | 13.88 | 0.96 | 7.421 % |
| 2009 | 13.21 | -5.04 | -27.594 % | 13.34 | -0.54 | -3.888 % |
| 2010 | - | - | - | 12.65 | -0.69 | -5.2 % |
| 2011 | - | - | - | 13.06 | 0.41 | 3.265 % |
| 2012 | - | - | - | 13.47 | 0.41 | 3.155 % |
| 2013 | - | - | - | 14.38 | 0.91 | 6.731 % |
| 2014 | - | - | - | 15.06 | 0.68 | 4.733 % |
| 2015 | - | - | - | 16.28 | 1.22 | 8.086 % |
| 2016 | - | - | - | 17.94 | 1.66 | 10.217 % |
| 2017 | - | - | - | 19.11 | 1.17 | 6.504 % |
| 2018 | - | - | - | 20.17 | 1.07 | 5.593 % |
| 2019 | - | - | - | 21.82 | 1.65 | 8.168 % |
| 2020 | - | - | - | 20.45 | -1.38 | -6.302 % |
| 2021 | - | - | - | 22.95 | 2.5 | 12.244 % |
| 2022 | - | - | - | 28.78 | 5.83 | 25.386 % |
| 2023 | - | - | - | 31.47 | 2.7 | 9.368 % |
| 2024 | - | - | - | 32.57 | 1.09 | 3.471 % |
Between 1960 to 2009, Iceland experienced the following economic phases:
The most remarkable growth occurred in 1987 with an increase of 38.367%, while the largest decline was in 2009 at -27.594%.