Military spending, per unit of GDP in Iceland
Iceland: Military spending, per unit of GDP was 0.002 constant 2022 US$ per US$ of GDP in 2023. ◆ Volatile
Latest (2023)
0.002 constant 2022 US$ per US$ of GDP
Change on year
down 6.7%
World rank
166th
of 170 countries
All-time high
0.279 constant 2022 US$ per US$ of GDP
in 1961
All-time low
0.002 constant 2022 US$ per US$ of GDP
in 2023
Years of data
64
1960–2023
Military spending, per unit of GDP in Iceland, 1960–2023
Source: Statizoid (derived). Measured in constant 2022 US$ per US$ of GDP.
Analysis
Iceland recorded 0.002 constant 2022 US$ per US$ of GDP for military spending, per unit of gdp in 2023. That is the lowest value across all 64 years on record.
Compared with earlier readings it is down 6.7% on the previous year and down 24.5% over ten years.
Over the whole period, military spending, per unit of gdp in Iceland peaked at 0.279 constant 2022 US$ per US$ of GDP in 1961 and was at its lowest, 0.002 constant 2022 US$ per US$ of GDP, in 2023.
That places Iceland 166th out of 170 countries with data for 2023, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Military spending, per unit of GDP in Iceland, year by year
| Year | constant 2022 US$ per US$ of GDP | Change |
|---|---|---|
| 1960 | 0.2557 constant 2022 US$ per US$ of GDP | — |
| 1961 | 0.279 constant 2022 US$ per US$ of GDP | +9.1% |
| 1962 | 0.2477 constant 2022 US$ per US$ of GDP | -11.2% |
| 1963 | 0.2201 constant 2022 US$ per US$ of GDP | -11.2% |
| 1964 | 0.1843 constant 2022 US$ per US$ of GDP | -16.3% |
| 1965 | 0.1554 constant 2022 US$ per US$ of GDP | -15.7% |
| 1966 | 0.1266 constant 2022 US$ per US$ of GDP | -18.5% |
| 1967 | 0.1291 constant 2022 US$ per US$ of GDP | +2.0% |
| 1968 | 0.1909 constant 2022 US$ per US$ of GDP | +47.8% |
| 1969 | 0.194 constant 2022 US$ per US$ of GDP | +1.6% |
| 1970 | 0.1544 constant 2022 US$ per US$ of GDP | -20.4% |
| 1971 | 0.1234 constant 2022 US$ per US$ of GDP | -20.1% |
| 1972 | 0.0924 constant 2022 US$ per US$ of GDP | -25.1% |
| 1973 | 0.0693 constant 2022 US$ per US$ of GDP | -25.0% |
| 1974 | 0.0476 constant 2022 US$ per US$ of GDP | -31.3% |
| 1975 | 0.0502 constant 2022 US$ per US$ of GDP | +5.3% |
| 1976 | 0.0393 constant 2022 US$ per US$ of GDP | -21.6% |
| 1977 | 0.0285 constant 2022 US$ per US$ of GDP | -27.5% |
| 1978 | 0.0242 constant 2022 US$ per US$ of GDP | -15.2% |
| 1979 | 0.0202 constant 2022 US$ per US$ of GDP | -16.5% |
| 1980 | 0.0154 constant 2022 US$ per US$ of GDP | -23.7% |
| 1981 | 0.015 constant 2022 US$ per US$ of GDP | -2.6% |
| 1982 | 0.0166 constant 2022 US$ per US$ of GDP | +10.6% |
| 1983 | 0.0191 constant 2022 US$ per US$ of GDP | +14.8% |
| 1984 | 0.0198 constant 2022 US$ per US$ of GDP | +3.8% |
| 1985 | 0.0189 constant 2022 US$ per US$ of GDP | -4.7% |
| 1986 | 0.0139 constant 2022 US$ per US$ of GDP | -26.1% |
| 1987 | 0.0101 constant 2022 US$ per US$ of GDP | -27.6% |
| 1988 | 0.0091 constant 2022 US$ per US$ of GDP | -10.3% |
| 1989 | 0.0095 constant 2022 US$ per US$ of GDP | +5.1% |
| 1990 | 0.0081 constant 2022 US$ per US$ of GDP | -15.2% |
| 1991 | 0.0073 constant 2022 US$ per US$ of GDP | -9.2% |
| 1992 | 0.008 constant 2022 US$ per US$ of GDP | +8.7% |
| 1993 | 0.0088 constant 2022 US$ per US$ of GDP | +10.5% |
| 1994 | 0.0086 constant 2022 US$ per US$ of GDP | -2.4% |
| 1995 | 0.008 constant 2022 US$ per US$ of GDP | -7.2% |
| 1996 | 0.0076 constant 2022 US$ per US$ of GDP | -5.1% |
| 1997 | 0.0079 constant 2022 US$ per US$ of GDP | +4.0% |
| 1998 | 0.0071 constant 2022 US$ per US$ of GDP | -9.9% |
| 1999 | 0.0067 constant 2022 US$ per US$ of GDP | -5.1% |
| 2000 | 0.0069 constant 2022 US$ per US$ of GDP | +2.6% |
| 2001 | 0.0078 constant 2022 US$ per US$ of GDP | +13.7% |
| 2002 | 0.0072 constant 2022 US$ per US$ of GDP | -8.1% |
| 2003 | 0.0056 constant 2022 US$ per US$ of GDP | -22.7% |
| 2004 | 0.0047 constant 2022 US$ per US$ of GDP | -15.6% |
| 2005 | 0.0036 constant 2022 US$ per US$ of GDP | -22.8% |
| 2006 | 0.0034 constant 2022 US$ per US$ of GDP | -5.3% |
| 2007 | 0.0025 constant 2022 US$ per US$ of GDP | -27.1% |
| 2008 | 0.0029 constant 2022 US$ per US$ of GDP | +16.3% |
| 2009 | 0.0039 constant 2022 US$ per US$ of GDP | +32.8% |
| 2010 | 0.0033 constant 2022 US$ per US$ of GDP | -13.6% |
| 2011 | 0.0029 constant 2022 US$ per US$ of GDP | -13.7% |
| 2012 | 0.0029 constant 2022 US$ per US$ of GDP | -0.5% |
| 2013 | 0.0027 constant 2022 US$ per US$ of GDP | -5.7% |
| 2014 | 0.0023 constant 2022 US$ per US$ of GDP | -14.1% |
| 2015 | 0.0023 constant 2022 US$ per US$ of GDP | -1.7% |
| 2016 | 0.0021 constant 2022 US$ per US$ of GDP | -9.5% |
| 2017 | 0.0021 constant 2022 US$ per US$ of GDP | +1.6% |
| 2018 | 0.0021 constant 2022 US$ per US$ of GDP | -2.1% |
| 2019 | 0.0025 constant 2022 US$ per US$ of GDP | +20.8% |
| 2020 | 0.0029 constant 2022 US$ per US$ of GDP | +17.4% |
| 2021 | 0.0024 constant 2022 US$ per US$ of GDP | -18.1% |
| 2022 | 0.0022 constant 2022 US$ per US$ of GDP | -8.3% |
| 2023 | 0.002 constant 2022 US$ per US$ of GDP | -6.7% |
Iceland compared with similar countries
- Iceland's 0.002 constant 2022 US$ per US$ of GDP is below the median for high income countries, which is 0.0189 constant 2022 US$ per US$ of GDP, 11% of the median. (55 countries reporting)
- Iceland's 0.002 constant 2022 US$ per US$ of GDP is below the median for Europe & Central Asia, which is 0.0185 constant 2022 US$ per US$ of GDP, 11% of the median. (48 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 0.1983 constant 2022 US$ per US$ of GDP | 0.1266 constant 2022 US$ per US$ of GDP | 0.279 constant 2022 US$ per US$ of GDP | 10 |
| 1970s | 0.065 constant 2022 US$ per US$ of GDP | 0.0202 constant 2022 US$ per US$ of GDP | 0.1544 constant 2022 US$ per US$ of GDP | 10 |
| 1980s | 0.0147 constant 2022 US$ per US$ of GDP | 0.0091 constant 2022 US$ per US$ of GDP | 0.0198 constant 2022 US$ per US$ of GDP | 10 |
| 1990s | 0.0078 constant 2022 US$ per US$ of GDP | 0.0067 constant 2022 US$ per US$ of GDP | 0.0088 constant 2022 US$ per US$ of GDP | 10 |
| 2000s | 0.0049 constant 2022 US$ per US$ of GDP | 0.0025 constant 2022 US$ per US$ of GDP | 0.0078 constant 2022 US$ per US$ of GDP | 10 |
| 2010s | 0.0025 constant 2022 US$ per US$ of GDP | 0.0021 constant 2022 US$ per US$ of GDP | 0.0033 constant 2022 US$ per US$ of GDP | 10 |
| 2020s | 0.0024 constant 2022 US$ per US$ of GDP | 0.002 constant 2022 US$ per US$ of GDP | 0.0029 constant 2022 US$ per US$ of GDP | 4 |
Countries ranked near Iceland
- 163 Papua New Guinea 0.0038 constant 2022 US$ per US$ of GDP compare
- 164 Ireland 0.0027 constant 2022 US$ per US$ of GDP compare
- 165 Mauritius 0.0021 constant 2022 US$ per US$ of GDP compare
- 167 Laos 0.0017 constant 2022 US$ per US$ of GDP compare
- 168 Cuba 0.0016 constant 2022 US$ per US$ of GDP compare
- 169 Haiti 0.0008 constant 2022 US$ per US$ of GDP 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, per unit of gdp in Iceland?
- Military spending, per unit of gdp in Iceland was 0.002 constant 2022 US$ per US$ of GDP in 2023, according to Statizoid (derived).
- What is the highest military spending, per unit of gdp recorded in Iceland?
- The highest recorded value was 0.279 constant 2022 US$ per US$ of GDP in 1961.
- What is the lowest military spending, per unit of gdp recorded in Iceland?
- The lowest recorded value was 0.002 constant 2022 US$ per US$ of GDP in 2023.
- How does Iceland rank for military spending, per unit of gdp?
- Iceland ranks 166th out of 170 countries with data for 2023.
- Is military spending, per unit of gdp rising or falling in Iceland?
- Over the last ten years it is down 24.5%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from Statizoid (derived), published as part of Military spending, per unit of GDP. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 64 observations, free to reuse under Derived by Statizoid from the sources named on the page.
How this figure is calculated
Military spending divided by GDP (current US$), matched on country and year. Neither publisher issues this ratio as a series; it is computed here from both.
Military spending ÷ GDP (current US$)
Computed from
- Military spending Barnum et al. – Global Military Spending Dataset (2025) – with minor processing by Our World in Data
- GDP Country official statistics, National Statistical Organizations and/or Central Banks
Statizoid computes this series; the underlying measurements belong to the publishers named above. The arithmetic is applied to every country and year where both inputs report, and nothing is estimated unless the page says so.
About this data
Military spending divided by GDP (current US$), matched on country and year. Neither publisher issues this ratio as a series; it is computed here from both.