Military spending in Iceland
Iceland: Military spending was 64.74 million constant 2022 US$ in 2023. ▼ Falling
Latest (2023)
64.74 million constant 2022 US$
Change on year
up 1.4%
World rank
154th
of 172 countries
All-time high
95.14 million constant 2022 US$
in 1968
All-time low
40.44 million constant 2022 US$
in 2015
Years of data
80
1944–2023
Military spending in Iceland, 1944–2023
Source: Barnum et al. – Global Military Spending Dataset (2025) – with minor processing by Our World in Data. Measured in constant 2022 US$.
Analysis
Iceland recorded 64.74 million constant 2022 US$ for military spending in 2023.
The figure is up 1.4% on the previous year and up 47.2% over ten years.
Over the whole period, military spending in Iceland peaked at 95.14 million constant 2022 US$ in 1968 and was at its lowest, 40.44 million constant 2022 US$, in 2015.
That places Iceland 154th out of 172 countries with data for 2023, putting it in the bottom quarter.
The long-run direction has been consistently falling across the 80 years of available data.
Military spending in Iceland, year by year
| Year | constant 2022 US$ | Change |
|---|---|---|
| 1944 | 63.64 million constant 2022 US$ | — |
| 1945 | 69.55 million constant 2022 US$ | +9.3% |
| 1946 | 61.55 million constant 2022 US$ | -11.5% |
| 1947 | 55.03 million constant 2022 US$ | -10.6% |
| 1948 | 50.65 million constant 2022 US$ | -8.0% |
| 1949 | 60.67 million constant 2022 US$ | +19.8% |
| 1950 | 53.73 million constant 2022 US$ | -11.4% |
| 1951 | 54.71 million constant 2022 US$ | +1.8% |
| 1952 | 66.35 million constant 2022 US$ | +21.3% |
| 1953 | 68.19 million constant 2022 US$ | +2.8% |
| 1954 | 63.60 million constant 2022 US$ | -6.7% |
| 1955 | 63.75 million constant 2022 US$ | +0.2% |
| 1956 | 66.72 million constant 2022 US$ | +4.7% |
| 1957 | 67.58 million constant 2022 US$ | +1.3% |
| 1958 | 70.43 million constant 2022 US$ | +4.2% |
| 1959 | 66.25 million constant 2022 US$ | -5.9% |
| 1960 | 66.73 million constant 2022 US$ | +0.7% |
| 1961 | 74.40 million constant 2022 US$ | +11.5% |
| 1962 | 74.13 million constant 2022 US$ | -0.4% |
| 1963 | 78.61 million constant 2022 US$ | +6.0% |
| 1964 | 84.06 million constant 2022 US$ | +6.9% |
| 1965 | 85.48 million constant 2022 US$ | +1.7% |
| 1966 | 83.66 million constant 2022 US$ | -2.1% |
| 1967 | 84.27 million constant 2022 US$ | +0.7% |
| 1968 | 95.14 million constant 2022 US$ | +12.9% |
| 1969 | 84.52 million constant 2022 US$ | -11.2% |
| 1970 | 84.18 million constant 2022 US$ | -0.4% |
| 1971 | 85.59 million constant 2022 US$ | +1.7% |
| 1972 | 80.29 million constant 2022 US$ | -6.2% |
| 1973 | 82.79 million constant 2022 US$ | +3.1% |
| 1974 | 74.69 million constant 2022 US$ | -9.8% |
| 1975 | 73.04 million constant 2022 US$ | -2.2% |
| 1976 | 67.97 million constant 2022 US$ | -6.9% |
| 1977 | 65.19 million constant 2022 US$ | -4.1% |
| 1978 | 62.87 million constant 2022 US$ | -3.6% |
| 1979 | 59.67 million constant 2022 US$ | -5.1% |
| 1980 | 53.92 million constant 2022 US$ | -9.6% |
| 1981 | 54.24 million constant 2022 US$ | +0.6% |
| 1982 | 55.09 million constant 2022 US$ | +1.6% |
| 1983 | 54.56 million constant 2022 US$ | -1.0% |
| 1984 | 58.64 million constant 2022 US$ | +7.5% |
| 1985 | 58.23 million constant 2022 US$ | -0.7% |
| 1986 | 57.56 million constant 2022 US$ | -1.1% |
| 1987 | 57.69 million constant 2022 US$ | +0.2% |
| 1988 | 57.24 million constant 2022 US$ | -0.8% |
| 1989 | 55.87 million constant 2022 US$ | -2.4% |
| 1990 | 54.03 million constant 2022 US$ | -3.3% |
| 1991 | 52.39 million constant 2022 US$ | -3.0% |
| 1992 | 58.34 million constant 2022 US$ | +11.4% |
| 1993 | 56.63 million constant 2022 US$ | -2.9% |
| 1994 | 56.78 million constant 2022 US$ | +0.3% |
| 1995 | 58.76 million constant 2022 US$ | +3.5% |
| 1996 | 58.12 million constant 2022 US$ | -1.1% |
| 1997 | 60.68 million constant 2022 US$ | +4.4% |
| 1998 | 61.22 million constant 2022 US$ | +0.9% |
| 1999 | 61.23 million constant 2022 US$ | +0.0% |
| 2000 | 63.07 million constant 2022 US$ | +3.0% |
| 2001 | 65.32 million constant 2022 US$ | +3.6% |
| 2002 | 67.92 million constant 2022 US$ | +4.0% |
| 2003 | 64.52 million constant 2022 US$ | -5.0% |
| 2004 | 65.72 million constant 2022 US$ | +1.9% |
| 2005 | 62.28 million constant 2022 US$ | -5.2% |
| 2006 | 60.77 million constant 2022 US$ | -2.4% |
| 2007 | 55.02 million constant 2022 US$ | -9.5% |
| 2008 | 53.17 million constant 2022 US$ | -3.4% |
| 2009 | 51.11 million constant 2022 US$ | -3.9% |
| 2010 | 46.53 million constant 2022 US$ | -9.0% |
| 2011 | 44.39 million constant 2022 US$ | -4.6% |
| 2012 | 42.88 million constant 2022 US$ | -3.4% |
| 2013 | 43.97 million constant 2022 US$ | +2.5% |
| 2014 | 41.96 million constant 2022 US$ | -4.6% |
| 2015 | 40.44 million constant 2022 US$ | -3.6% |
| 2016 | 43.58 million constant 2022 US$ | +7.8% |
| 2017 | 52.63 million constant 2022 US$ | +20.8% |
| 2018 | 54.83 million constant 2022 US$ | +4.2% |
| 2019 | 62.02 million constant 2022 US$ | +13.1% |
| 2020 | 64.18 million constant 2022 US$ | +3.5% |
| 2021 | 62.60 million constant 2022 US$ | -2.5% |
| 2022 | 63.85 million constant 2022 US$ | +2.0% |
| 2023 | 64.74 million constant 2022 US$ | +1.4% |
Iceland compared with similar countries
- Iceland's 64.74 million constant 2022 US$ is below the median for high income countries, which is 6.50 billion constant 2022 US$, 1% of the median. (55 countries reporting)
- Iceland's 64.74 million constant 2022 US$ is below the median for Europe & Central Asia, which is 2.44 billion constant 2022 US$, 3% of the median. (48 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1940s | 60.18 million constant 2022 US$ | 50.65 million constant 2022 US$ | 69.55 million constant 2022 US$ | 6 |
| 1950s | 64.13 million constant 2022 US$ | 53.73 million constant 2022 US$ | 70.43 million constant 2022 US$ | 10 |
| 1960s | 81.10 million constant 2022 US$ | 66.73 million constant 2022 US$ | 95.14 million constant 2022 US$ | 10 |
| 1970s | 73.63 million constant 2022 US$ | 59.67 million constant 2022 US$ | 85.59 million constant 2022 US$ | 10 |
| 1980s | 56.30 million constant 2022 US$ | 53.92 million constant 2022 US$ | 58.64 million constant 2022 US$ | 10 |
| 1990s | 57.82 million constant 2022 US$ | 52.39 million constant 2022 US$ | 61.23 million constant 2022 US$ | 10 |
| 2000s | 60.89 million constant 2022 US$ | 51.11 million constant 2022 US$ | 67.92 million constant 2022 US$ | 10 |
| 2010s | 47.32 million constant 2022 US$ | 40.44 million constant 2022 US$ | 62.02 million constant 2022 US$ | 10 |
| 2020s | 63.84 million constant 2022 US$ | 62.60 million constant 2022 US$ | 64.74 million constant 2022 US$ | 4 |
Countries ranked near Iceland
- 151 Fiji 87.78 million constant 2022 US$ compare
- 152 Moldova 82.38 million constant 2022 US$ compare
- 153 Maldives 65.41 million constant 2022 US$ compare
- 155 Central African Republic 62.88 million constant 2022 US$ compare
- 156 Suriname 60.49 million constant 2022 US$ compare
- 157 East Timor 57.24 million constant 2022 US$ compare
More reference data data for Iceland
- Emission Totals - Indirect emissions (N2O) - Manure applied to Soils 0.0288 (2050)
- Emission Totals - Indirect emissions (N2O) - Manure left on Pasture 0.0708 (2050)
- Emission Totals - Indirect emissions (N2O) - IPCC Agriculture 0.1854 (2050)
- Emission Totals - Indirect emissions (N2O) - Crop Residues 0.0001 (2050)
- Emission Totals - Indirect emissions (N2O) - Agricultural Soils 0.1854 (2050)
- Emission Totals - Emissions (N2O) - Manure applied to Soils 0.0964 (2050)
- Emission Totals - Emissions (N2O) - Manure Management 0.062 (2050)
- Emission Totals - Emissions (N2O) - Manure left on Pasture 0.2576 (2050)
- Emission Totals - Emissions (N2O) - IPCC Agriculture 0.7664 (2050)
- Emission Totals - Emissions (N2O) - Crop Residues 0.0005 (2050)
Frequently asked questions
- What is military spending in Iceland?
- Military spending in Iceland was 64.74 million constant 2022 US$ in 2023, according to Barnum et al. – Global Military Spending Dataset (2025) – with minor processing by Our World in Data.
- What is the highest military spending recorded in Iceland?
- The highest recorded value was 95.14 million constant 2022 US$ in 1968.
- What is the lowest military spending recorded in Iceland?
- The lowest recorded value was 40.44 million constant 2022 US$ in 2015.
- How does Iceland rank for military spending?
- Iceland ranks 154th out of 172 countries with data for 2023.
- Is military spending rising or falling in Iceland?
- Over the last ten years it is up 47.2%. The long-run trend across the full record is falling.
- Where does this Iceland data come from?
- The figures come from Barnum et al. – Global Military Spending Dataset (2025) – with minor processing by Our World in Data, published as part of Military spending. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 80 observations, free to reuse under CC BY 4.0 (Our World in Data).
About this data
This data is expressed in US dollars. It is adjusted for inflation but does not account for differences in the cost of living between countries.