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Military spending gmsd in Iceland

Iceland: Military spending gmsd was 64.74 million in 2023. ▼ Falling

Latest (2023)
64.74 million
Change on year
up 1.4%
World rank
154th
of 172 countries
All-time high
95.14 million
in 1968
All-time low
40.44 million
in 2015
Years of data
80
1944–2023

Military spending gmsd in Iceland, 1944–2023

020.0M40.0M60.0M80.0M100.0M194419832023

Source: Our World in Data.

Analysis

Iceland recorded 64.74 million for military spending gmsd 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 gmsd in Iceland peaked at 95.14 million in 1968 and was at its lowest, 40.44 million, 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 gmsd in Iceland, year by year

Year Value Change
1944 63.64 million —
1945 69.55 million +9.3%
1946 61.55 million -11.5%
1947 55.03 million -10.6%
1948 50.65 million -8.0%
1949 60.67 million +19.8%
1950 53.73 million -11.4%
1951 54.71 million +1.8%
1952 66.35 million +21.3%
1953 68.19 million +2.8%
1954 63.60 million -6.7%
1955 63.75 million +0.2%
1956 66.72 million +4.7%
1957 67.58 million +1.3%
1958 70.43 million +4.2%
1959 66.25 million -5.9%
1960 66.73 million +0.7%
1961 74.40 million +11.5%
1962 74.13 million -0.4%
1963 78.61 million +6.0%
1964 84.06 million +6.9%
1965 85.48 million +1.7%
1966 83.66 million -2.1%
1967 84.27 million +0.7%
1968 95.14 million +12.9%
1969 84.52 million -11.2%
1970 84.18 million -0.4%
1971 85.59 million +1.7%
1972 80.29 million -6.2%
1973 82.79 million +3.1%
1974 74.69 million -9.8%
1975 73.04 million -2.2%
1976 67.97 million -6.9%
1977 65.19 million -4.1%
1978 62.87 million -3.6%
1979 59.67 million -5.1%
1980 53.92 million -9.6%
1981 54.24 million +0.6%
1982 55.09 million +1.6%
1983 54.56 million -1.0%
1984 58.64 million +7.5%
1985 58.23 million -0.7%
1986 57.56 million -1.1%
1987 57.69 million +0.2%
1988 57.24 million -0.8%
1989 55.87 million -2.4%
1990 54.03 million -3.3%
1991 52.39 million -3.0%
1992 58.34 million +11.4%
1993 56.63 million -2.9%
1994 56.78 million +0.3%
1995 58.76 million +3.5%
1996 58.12 million -1.1%
1997 60.68 million +4.4%
1998 61.22 million +0.9%
1999 61.23 million +0.0%
2000 63.07 million +3.0%
2001 65.32 million +3.6%
2002 67.92 million +4.0%
2003 64.52 million -5.0%
2004 65.72 million +1.9%
2005 62.28 million -5.2%
2006 60.77 million -2.4%
2007 55.02 million -9.5%
2008 53.17 million -3.4%
2009 51.11 million -3.9%
2010 46.53 million -9.0%
2011 44.39 million -4.6%
2012 42.88 million -3.4%
2013 43.97 million +2.5%
2014 41.96 million -4.6%
2015 40.44 million -3.6%
2016 43.58 million +7.8%
2017 52.63 million +20.8%
2018 54.83 million +4.2%
2019 62.02 million +13.1%
2020 64.18 million +3.5%
2021 62.60 million -2.5%
2022 63.85 million +2.0%
2023 64.74 million +1.4%

Iceland compared with similar countries

  • Iceland's 64.74 million is below the median for high income countries, which is 6.50 billion, 1% of the median. (55 countries reporting)
  • Iceland's 64.74 million is below the median for Europe & Central Asia, which is 2.44 billion, 3% of the median. (48 countries reporting)

Averages by decade

DecadeAverage LowestHighest Years
1940s 60.18 million 50.65 million 69.55 million 6
1950s 64.13 million 53.73 million 70.43 million 10
1960s 81.10 million 66.73 million 95.14 million 10
1970s 73.63 million 59.67 million 85.59 million 10
1980s 56.30 million 53.92 million 58.64 million 10
1990s 57.82 million 52.39 million 61.23 million 10
2000s 60.89 million 51.11 million 67.92 million 10
2010s 47.32 million 40.44 million 62.02 million 10
2020s 63.84 million 62.60 million 64.74 million 4

Countries ranked near Iceland

  1. 151 Fiji 87.78 million compare
  2. 152 Moldova 82.38 million compare
  3. 153 Maldives 65.41 million compare
  4. 155 Central African Republic 62.88 million compare
  5. 156 Suriname 60.49 million compare
  6. 157 East Timor 57.24 million compare

See the full ranking of 172 places →

More reference data data for Iceland

All data for Iceland →

Frequently asked questions

What is military spending gmsd in Iceland?
Military spending gmsd in Iceland was 64.74 million in 2023, according to Our World in Data.
What is the highest military spending gmsd recorded in Iceland?
The highest recorded value was 95.14 million in 1968.
What is the lowest military spending gmsd recorded in Iceland?
The lowest recorded value was 40.44 million in 2015.
How does Iceland rank for military spending gmsd?
Iceland ranks 154th out of 172 countries with data for 2023.
Is military spending gmsd 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 Our World in Data, published as part of Military spending gmsd. Statizoid updates them automatically from the source API.

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Military spending gmsd in Iceland. Statizoid, drawing on Our World in Data. Retrieved 13 November 2026, from https://reference.statizoid.com/stat/military-spending-gmsd/iceland/

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About this data

Indicator
Military spending gmsd
Source
Our World in Data
Licence
CC BY 4.0 (Our World in Data)
Coverage
172 places, 15,402 data points, 1816–2023
Last refreshed