Iceland GDP: $29 billion

2024 AND 2025 WORLD ECONOMICS ESTIMATE FOR GDP PPP

World Economics estimates Iceland's 2024 GDP at $29 billion in PPP terms (Purchasing Power Parity) and an initial estimate of $30 billion for 2025. This figure is 14% higher than the official estimate published by the World Bank.

World Economics' methodology incorporates crucial factors often overlooked in official estimates, such as:

  • The size of the informal economy: It is estimated that 14% of Iceland's economic activity occurs outside the formal sector.
  • Outdated GDP base year data: Many countries use outdated base years for their GDP calculations, leading to an underestimation of economic growth. Iceland uses a chain-weighted GDP base year.

By adjusting for these factors where required, World Economics provides a more accurate picture of Iceland's true economic size and potential.

For reference, offical data reported Iceland's GDP as $31 billion in 2015 constant prices and $31 billion in current prices for 2023.

Data source: World Economics Research, London



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Billions, Int$		 World Economics
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China $40,973.30 $42,817.09 C
United States $26,881.10 $27,472.49 A
India $21,928.78 $23,354.15 C
Russia $8,310.59 $8,418.63 C
Japan $6,305.54 $6,374.90 A
Indonesia $5,858.93 $6,157.74 C
Germany $5,820.15 $5,866.71 A
Brazil $5,453.82 $5,573.80 B
France $4,317.62 $4,365.12 A
United Kingdom $4,127.52 $4,189.44 A
Türkiye $3,995.60 $4,103.48 B
Mexico $3,983.95 $4,035.74 C
Italy $3,863.65 $3,894.56 A
Korea, Rep. $3,298.03 $3,370.58 A
Egypt $2,997.69 $3,120.60 D
Spain $2,813.74 $2,872.83 A
Saudi Arabia $2,696.91 $2,820.96 C
Canada $2,509.99 $2,570.23 A
Nigeria $2,488.90 $2,568.55 E
Thailand $2,284.79 $2,353.33 D
Bangladesh $2,121.34 $2,216.80 E
Poland $2,037.78 $2,109.10 B
Vietnam $2,026.80 $2,150.43 E
Pakistan $2,015.95 $2,080.46 D
Australia $1,749.67 $1,786.42 A
Philippines $1,723.44 $1,828.57 C
Argentina $1,711.97 $1,797.57 C
Malaysia $1,672.59 $1,746.19 B
Taiwan $1,631.06 $1,675.10 A
Netherlands $1,374.70 $1,396.69 A
Colombia $1,332.44 $1,365.75 B
South Africa $1,293.23 $1,312.62 B
Romania $981.13 $1,013.50 B
Kazakhstan $967.93 $1,012.46 D
United Arab Emirates $908.32 $954.64 B
Belgium $907.73 $918.63 A
Ukraine $904.15 $926.75 C
Singapore $834.78 $855.65 A
Peru $808.64 $829.66 D
Switzerland $800.19 $810.59 A
Sweden $777.15 $795.80 A
Algeria $748.79 $771.25 C
Chile $714.87 $732.02 A
Ireland $689.21 $704.38 A
Austria $640.38 $647.43 A
Czechia $600.81 $614.63 A
Ethiopia $583.70 $621.64 E
Israel $576.89 $592.47 A
Norway $574.08 $584.41 A
Hong Kong $572.28 $589.45 A
Portugal $541.72 $554.18 A
Angola $516.10 $530.56 E
Denmark $503.28 $511.34 A
Kenya $496.32 $521.14 D
Greece $490.26 $500.07 B
Hungary $488.30 $502.46 B
Myanmar $476.37 $481.61 D
Morocco $457.00 $473.45 C
Uzbekistan $432.09 $456.72 D
Sri Lanka $414.42 $405.71 C
Tanzania $399.21 $423.17 D
Qatar $391.09 $398.52 B
Ghana $373.74 $390.19 C
Ecuador $372.12 $376.58 D
Dominican Republic $369.72 $388.21 B
Finland $369.24 $376.63 A
Belarus $364.67 $373.05 C
Guatemala $344.69 $357.10 D
Cote d'Ivoire $344.24 $366.28 C
Congo, Dem. Rep $305.87 $321.16 E
Azerbaijan $305.75 $313.39 D
Kuwait $298.63 $308.48 D
New Zealand $283.00 $288.38 A
Bulgaria $280.76 $287.78 B
Panama $253.03 $260.62 D
Slovak Republic $248.98 $253.71 B
Nepal $247.61 $259.74 E
Serbia $241.98 $251.90 B
Oman $239.82 $247.26 B
Uganda $217.32 $233.62 D
Bolivia $217.31 $222.10 E
Cameroon $212.53 $221.46 D
Croatia $211.37 $217.50 B
Sudan $208.99 $226.34 E
Tunisia $203.16 $206.41 D
Libya $182.82 $207.87 E
Costa Rica $177.80 $184.02 B
Afghanistan $175.53 $181.68 E
Paraguay $171.22 $177.73 D
Lithuania $165.61 $169.91 B
Cambodia $159.26 $168.50 E
Uruguay $150.73 $155.26 B
Guyana $149.61 $171.16 E
Jordan $139.58 $143.63 B
Turkmenistan $133.32 $136.38 D
Senegal $132.33 $144.64 C
Georgia $131.80 $139.71 B
Zambia $131.77 $140.46 D
Slovenia $128.57 $131.91 A
Bahrain $120.99 $124.86 C
Honduras $117.11 $121.21 E
Zimbabwe $115.40 $122.32 E
Mali $113.25 $118.24 E
El Salvador $110.79 $114.11 C
Gabon $101.78 $104.42 E
Guinea $99.59 $105.26 E
Luxembourg $98.65 $101.32 A
Laos $96.29 $99.66 E
Madagascar $93.79 $98.11 E
Burkina Faso $92.63 $98.01 C
Latvia $90.55 $92.63 B
Armenia $87.35 $91.63 B
Bosnia and Herzegovina $87.14 $89.75 D
Lebanon $86.21 $81.12 D
Mozambique $83.60 $87.20 D
Benin $83.58 $89.01 C
Nicaragua $81.61 $84.71 D
Niger $76.31 $81.88 C
Mongolia $76.07 $81.40 B
Congo, Rep. $73.59 $76.32 E
Estonia $69.78 $70.90 B
Tajikistan $68.96 $72.07 E
Botswana $68.55 $72.11 C
Albania $68.04 $70.35 C
Papua New Guinea $67.87 $70.38 E
Rwanda $66.50 $70.82 C
Cyprus $61.99 $63.91 A
Trinidad and Tobago $61.89 $63.37 D
Kyrgyzstan $61.14 $64.20 D
Chad $59.53 $61.79 E
Yemen, Rep. $59.05 $59.93 E
North Macedonia $57.90 $59.98 B
Moldova $56.64 $58.74 B
Haiti $54.17 $54.71 E
Brunei $54.05 $55.41 C
Malawi $52.23 $54.32 C
Mauritania $49.58 $51.66 D
Namibia $45.38 $47.29 C
Mauritius $43.41 $45.14 B
Jamaica $42.87 $43.77 E
Malta $42.29 $43.98 B
Togo $40.08 $42.20 C
Iceland $29.50 $30.21 A
Sierra Leone $27.21 $28.43 D
Eswatini $22.89 $23.85 D
Burundi $20.86 $21.59 E
Bahamas, The $20.24 $20.58 B
Bhutan $18.93 $20.30 E
Suriname $16.92 $17.43 C
Liberia $14.93 $15.79 E
Gambia $14.03 $14.85 D
Central African Republic $11.11 $11.44 E
Lesotho $9.35 $9.56 C
Guinea-Bissau $7.84 $8.24 E
Cabo Verde $6.76 $7.07 C
Comoros $4.20 $4.37 D

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Note: Data for years shown use end of of year values.

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