• Statistical Series
• 17. November 2023
• Vol 108, Issue 7
• ISSN: 1670-4770



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Iceland’s GDP is projected to increase by 3.6% this year. Growth dynamics are changing as GDP growth will be driven by net exports while growth in domestic demand is expected to ease, following robust growth for the last two years. In 2024 GDP is forecast to grow by 2.1% as export growth eases. Risks to the outlook have increased, especially uncertainty regarding a possible volcanic eruption on the Reykjanes peninsula. A state of emergency has been declared and a local town has been evacuated, which is at risk along with critical infrastructure that can affect the entire peninsula.