The gross domestic product (GDP) in Iceland expanded 2.2 percent quarter-on-quarter in the three months to December 2022, accelerating from a 0.2 percent growth in the previous three-month period. The upturn was mainly prompted by the strong rebound in private consumption (1.1 percent vs -0.4 percent) and increase in gross fixed capital formation (6.2 percent vs 3.5 percent). On a yearly basis, the economy grew 3.1 percent, easing sharply from a 7.5 percent expansion in the third quarter. source: Statistics Iceland

GDP Growth Rate in Iceland averaged 0.85 percent from 1995 until 2022, reaching an all time high of 10.10 percent in the second quarter of 1998 and a record low of -9.80 percent in the first quarter of 2009. This page provides - Iceland GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Iceland GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2023.

GDP Growth Rate in Iceland is expected to be 1.20 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 0.80 percent in 2024 and 0.90 percent in 2025, according to our econometric models.

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Iceland GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-11-30 09:00 AM Q3 -0.5% 3.7% 1.7%
2023-02-28 09:00 AM Q4 2.2% 0.2% -1.9%
2023-05-31 09:00 AM Q1 2.2% 1.2%


Related Last Previous Unit Reference
GDP Growth Rate 2.20 0.20 percent Dec 2022
GDP Annual Growth Rate 3.10 7.50 percent Dec 2022
GDP Constant Prices 721792.00 706361.00 ISK Million Dec 2022
Gross National Product 2886508.00 2706074.00 ISK Million Dec 2022
Gross Fixed Capital Formation 169356.00 164074.00 ISK Million Dec 2022
Full Year GDP Growth 6.44 4.33 percent Dec 2022

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
2.20 0.20 10.10 -9.80 1995 - 2022 percent Quarterly
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