7.4% (2016 est.) Only one OECD country had higher GDP growth in 2016. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). Iceland's economy has always relied on fishing and aluminum smelting. Iceland is a prime location for data centers as its combines proximity to its knowledge workers, educational institutions, and a well-connected international airport. From 2010 to 2017, the number of tourists visiting Iceland increased by nearly 400%. Current Iceland GDP Growth Rate is 7.48%. Gross domestic product (GDP) growth rate in Iceland 2026* Iceland: Share in global GDP adjusted for PPP 2026* Distribution of gross domestic product (GDP) across economic sectors Iceland 2019 After a year of subdued growth in 2019, following the failure of one of Iceland's biggest air carriers, 2020 is likely to bring a severe contraction as the novel coronavirus significantly depresses tourism, one of Iceland… In the long-term, the Iceland GDP is projected to trend around 23.50 USD Billion in 2021 and 24.10 USD Billion in 2022, according to our econometric models. Though Iceland real GDP growth fluctuated substantially in recent years, it tended to decrease through 2001 - 2020 period ending at -7.2 % in 2020. GDP growth for Iceland on a quarterly basis. To learn more about cookies, click here. However, we expect the coalition to struggle to last a full term to 2021. Iceland economic growth for 2018 was $20.34B, a 2.33% increase from 2018. source: Statistics Iceland. Going for Growth 2021 - Iceland The pandemic-related collapse of foreign tourism and international travel, which account for almost a fifth of GDP, highlighted the need to diversify the economy. services: 74.6% (2017 est.) Tourism accounted for more than 10% of Iceland's GDP in 2017. Credit: Iceland, downtown Reykjavik, elevated view, Getty You may have heard about Iceland's toppling economy back in 2008. Iceland - GDP After suffering the second-sharpest contraction on record in Q2, the economy started to show tentative signs of recovery towards the end of Q3. The fishing industry provided about 5 percent of GDP in 2017. This site uses cookies to optimize functionality and give you the best possible experience. World Bank national accounts data, and OECD National Accounts data files. Also find nominal and real values for the gross domestic product for Iceland (seasonally adjusted). A new era with positive GDP growth started in 2011, and has helped foster a gradually declining trend for the unemployment rate. Tourism accounted for 8.6% of Iceland’s GDP in 2016, and 39% of total exports of merchandise and services. The Icelandic economy grew by an astonishing 7.2% in 2016, according to preliminary annual national accounts for 2016, prepared by Statistics Iceland. Read more: Population of northern Westfjords rebounds, grows for first time in decades 4.5% (2015 est.) Iceland gdp growth rate for 2019 was 1.92%, a 1.9% decline from 2018. Iceland's recovery FocusEconomics panelists see the economy growing 4.7% in 2021, which is down 0.7 percentage points from last month’s forecast, and 3.8% in 2022. The growth in Iceland was more than four times greater than the OECD average, which was 1.7%. industry: 19.7% (2017 est.) Annual percentage growth rate of GDP at market prices based on constant local currency. 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