Iceland GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

-0.5

Units In

-0.3

Frequency

Quarterly

Next Release

Feb 28, 2025

Time to Release

2 Months 28 Days 8 Hours

Highest	Lowest	Average	Date Range	Source
94.8 Mar 2008	-10.5 Jun 2020	6.05 %	1995-2024	Statistics Iceland

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.

Latest Updates

Iceland’s economy shrank by 0.5% year-on-year in the third quarter of 2024, following a revised 0.2% growth in the previous period. Net external demand contributed negatively to the GDP as exports (-2.2% vs -2.1% in Q2) fell much faster than imports (-0.7% vs 2.9%). Additionally, fixed investments rose at a slower pace (2.3% vs 5.1%), dragged by lower investment in the business sector (-0.2% vs 7.4%). On the other hand, household consumption rebounded (0.8% vs -0.5%) and government spending increased (3.1% vs 2.8%). On a seasonally adjusted quarterly basis, GDP fell by 1.1% in the September quarter, after a revised 1.5% expansion in the prior quarter.