Current Account Balance: Iceland
Iceland's current account balance is currently -1.1 % of GDP as of 2026. # Iceland Current Account Balance Iceland's current account balance stands at -1.
Current (2026)
-1.1 % of GDP
+69.4% y/y
Peak (2016)
8.9 % of GDP
Low (2006)
-22.6 % of GDP
Source
IMF World Economic Outlook
1980–2026 · 51 pts
Current Account Balance — Iceland
1980 — 2026
Current Account Balance — Iceland
Analysis# Iceland Current Account Balance
Iceland's current account balance stands at -1.1% of GDP in 2026, marking a return toward equilibrium after several years of deficit. This contrasts sharply with the country's all-time peak of 8.9% in 2016, when Iceland enjoyed a substantial surplus. The metric has swung dramatically across its 50-year measurement period, ranging from a catastrophic -22.6% low in 2006 to the 2016 peak, representing a 45% overall improvement since 1980.
The trajectory reveals two distinct periods: strong surpluses from 2016 to 2019, when the account balance exceeded 4% annually, followed by persistent deficits beginning in 2021. The shift from +7.4% in 2019 to -2.6% in 2021 reflects structural changes in Iceland's external balance. Recent volatility suggests stabilization, with the 2026 forecast of -1.1% indicating the deficit may have bottomed out.
Historical Data
51 Rows| Year | Value | Change % |
|---|---|---|
| 2030 | 0.7 % of GDP | +75.00% |
| 2029 | 0.4 % of GDP | +300.00% |
| 2028 | 0.1 % of GDP | +133.33% |
| 2027 | -0.3 % of GDP | +72.73% |
| 2026 | -1.1 % of GDP | +69.44% |
| 2025 | -3.6 % of GDP | -38.46% |
| 2024 | -2.6 % of GDP | -160.00% |
| 2023 | -1 % of GDP | +41.18% |
| 2022 | -1.7 % of GDP | +34.62% |
| 2021 | -2.6 % of GDP | -236.84% |
| 2020 | 1.9 % of GDP | -74.32% |
| 2019 | 7.4 % of GDP | +68.18% |
| 2018 | 4.4 % of GDP | -10.20% |
| 2017 | 4.9 % of GDP | -44.94% |
| 2016 | 8.9 % of GDP | +41.27% |
| 2015 | 6.3 % of GDP | +26.00% |
| 2014 | 5 % of GDP | -26.47% |
| 2013 | 6.8 % of GDP | +334.48% |
| 2012 | -2.9 % of GDP | +35.56% |
| 2011 | -4.5 % of GDP | +22.41% |
Show all 51 rows
| Year | Value | Change % |
|---|---|---|
| 2010 | -5.8 % of GDP | +34.09% |
| 2009 | -8.8 % of GDP | +57.69% |
| 2008 | -20.8 % of GDP | -51.82% |
| 2007 | -13.7 % of GDP | +39.38% |
| 2006 | -22.6 % of GDP | -45.81% |
| 2005 | -15.5 % of GDP | -56.57% |
| 2004 | -9.9 % of GDP | -106.25% |
| 2003 | -4.8 % of GDP | -469.23% |
| 2002 | 1.3 % of GDP | +131.71% |
| 2001 | -4.1 % of GDP | +59.00% |
| 2000 | -10 % of GDP | -44.93% |
| 1999 | -6.9 % of GDP | +1.43% |
| 1998 | -7 % of GDP | -218.18% |
| 1997 | -2.2 % of GDP | +8.33% |
| 1996 | -2.4 % of GDP | -900.00% |
| 1995 | 0.3 % of GDP | -84.21% |
| 1994 | 1.9 % of GDP | +171.43% |
| 1993 | 0.7 % of GDP | +130.43% |
| 1992 | -2.3 % of GDP | +41.03% |
| 1991 | -3.9 % of GDP | -95.00% |
| 1990 | -2 % of GDP | -53.85% |
| 1989 | -1.3 % of GDP | +61.76% |
| 1988 | -3.4 % of GDP | -3.03% |
| 1987 | -3.3 % of GDP | -760.00% |
| 1986 | 0.5 % of GDP | +113.16% |
| 1985 | -3.8 % of GDP | +15.56% |
| 1984 | -4.5 % of GDP | -136.84% |
| 1983 | -1.9 % of GDP | +75.95% |
| 1982 | -7.9 % of GDP | -92.68% |
| 1981 | -4.1 % of GDP | -105.00% |
| 1980 | -2 % of GDP | — |
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