On a seasonally adjusted quarterly basis, Iceland's GDP fell by 1.1% in the September 2024 quarter, after a revised 1.5% expansion in the prior quarter. GDP Growth Rate in Iceland averaged 0.85 percent from 1995 until 2024, reaching an all time high of 9.90 percent in the second quarter of 1998 and a record low of -10.10 percent in the first quarter of 2009. source: Statistics Iceland

The Gross Domestic Product (GDP) in Iceland contracted 1.10 percent in the third quarter of 2024 over the previous quarter.

The Gross Domestic Product (GDP) in Iceland contracted 1.10 percent in the third quarter of 2024 over the previous quarter. GDP Growth Rate in Iceland is expected to be 0.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Iceland GDP Growth Rate is projected to trend around 0.70 percent in 2025 and 0.60 percent in 2026, according to our econometric models.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-08-30 09:00 AM
GDP Growth Rate QoQ
Q2 1.7% -1% 0.6%
2024-11-29 09:00 AM
GDP Growth Rate QoQ
Q3 -1.1% 1.5% 0.5%
2025-02-28 09:00 AM
GDP Growth Rate QoQ
Q4 -1.1% 0.8%


Related Last Previous Unit Reference
Full Year GDP Growth 4.06 8.88 percent Dec 2023
GDP Growth Rate YoY -0.50 0.20 percent Sep 2024
GDP Constant Prices 792068.00 764034.00 ISK Million Sep 2024
GDP Growth Rate -1.10 1.50 percent Sep 2024
Gross Fixed Capital Formation 189541.00 192123.00 ISK Million Sep 2024
Gross National Product 3080465.00 2963002.00 ISK Million Dec 2023

Iceland GDP Growth Rate
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
-1.10 1.50 9.90 -10.10 1995 - 2024 percent Quarterly
SA