Economic Growth in Iceland
The economy of Iceland recorded an average growth rate of 3.2% in the decade to 2022. In 2022, real GDP growth was 7.2%. For more GDP information, visit our dedicated page.
Iceland GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Iceland from 2024 to 2016.
Source: Macrobond.
Iceland GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (Real GDP, ann. var. %) | -6.9 | 5.0 | 9.0 | 5.6 | 0.6 |
| GDP (USD bn) | 21.6 | 25.8 | 28.7 | 31.5 | 33.5 |
| GDP (EUR bn) | 19.0 | 21.8 | 27.3 | 29.1 | 30.9 |
| GDP (ISK bn) | 2,929 | 3,273 | 3,882 | 4,339 | 4,616 |
| Economic Growth (Nominal GDP, ann. var. %) | -3.2 | 11.7 | 18.6 | 11.8 | 6.4 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Icelandic GDP projections for the next ten years from a panel of 9 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Icelandic GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Icelandic GDP projections.
Want to get access to the full dataset of Icelandic GDP forecasts? Send an email to info@focus-economics.com.