Full Year GDP Growth in Iceland decreased to 4.06 percent in 2023 from 8.88 percent in 2022. Full Year GDP Growth in Iceland averaged 2.89 percent from 1981 until 2023, reaching an all time high of 8.88 percent in 2022 and a record low of -7.66 percent in 2009. source: Statistics Iceland
Full Year GDP Growth in Iceland is expected to reach 0.70 percent by the end of 2024, 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 1.90 percent in 2025 and 2.30 percent in 2026, according to our econometric models.
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.
|
Actual |
Previous |
Highest |
Lowest |
Dates |
Unit |
Frequency |
|
|
4.06 |
8.88 |
8.88 |
-7.66 |
1981 - 2023 |
percent |
Yearly |
Constant 2015 Prices, NSA
|