Name: Iceland Full Year GDP Growth
Creator: TRADING ECONOMICS
License: https://creativecommons.org/licenses/by/4.0/

The Iceland economy grew 0.6% in 2024, sharply easing from a 5.6% expansion last year, marking the slowest growth since a contraction in 2020. The broad easing was mainly due to a negative contribution from net trade, as exports dropped 1.1% while imports rose 2.7%. source: Statistics Iceland

Full Year GDP Growth in Iceland averaged 2.90 percent from 1981 until 2024, reaching an all time high of 8.98 percent in 2022 and a record low of -7.66 percent in 2009. This page includes a chart with historical data for Iceland Full Year GDP Growth. Iceland Full Year GDP Growth - values, historical data and charts - was last updated on September of 2025.

Full Year GDP Growth in Iceland is expected to reach 2.10 percent by the end of 2025, according to Trading Economics global macro models and analysts expectations. In the long-term, the Iceland Full Year GDP Growth is projected to trend around 2.50 percent in 2026 and 2.70 percent in 2027, according to our econometric models.

Related	Last	Previous	Unit	Reference
Full Year GDP Growth	0.56	5.65	percent	Dec 2024
GDP	33.46	31.45	USD Billion	Dec 2024
GDP Growth Rate YoY	-1.90	2.70	percent	Jun 2025
GDP Constant Prices	876990.00	873779.00	ISK Million	Jun 2025
GDP Growth Rate	-0.70	2.90	percent	Jun 2025
Gross Fixed Capital Formation	258684.00	243563.00	ISK Million	Jun 2025
Gross National Product	3580748.00	3653445.00	ISK Million	Dec 2024

Iceland Full Year GDP Growth

Iceland's economy depends heavily on the fishing industry, which provides 40 percent of export earnings, more than 12 percent of GDP, and employs nearly 5 percent of the work force. Its economy has been diversifying into manufacturing and service industries in the last decade, particularly within the fields of software production, biotechnology, and tourism. On the expenditure side, household consumption is the main component of GDP and accounts for 53 percent of its total use, followed by government expenditure (24 percent) and gross fixed capital formation (17 percent). Exports of goods and services account for 54 percent of GDP while imports account for 47 percent, adding 7 percent of total GDP.