Iceland: Energy use (kg of oil equivalent) per $1,000 GDP (constant 2021 PPP)

Key figures

What the numbers say

In 2024, Iceland's energy use (kg of oil equivalent) per $1,000 GDP (constant 2021 PPP) rose 11.69 on 2023 (from 226.45 to 238.13).

Across the 30 yearly changes before that (1994 to 2023), the average change was +0.68 and a typical year strayed about 16.75 from that (the standard deviation). This year's change was 0.7 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 35.81 in 2009 and the biggest yearly fall was 31.09 in 2016. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 the straight-line trend is downward, about 3.01 a year. A straight line explains 41% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, Iceland had the 7th highest value of the 141 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Iceland in the 2024 ranking

• Turkmenistan — 3rd of 141: 253.49
• Congo, Dem. Rep. — 4th of 141: 250.69
• Mozambique — 5th of 141: 242.42
• Zambia — 7th of 141: 219.11
• Kuwait — 8th of 141: 212.01
• Iran, Islamic Rep. — 9th of 141: 197.67

What this measures

Energy use per PPP GDP is the kilogram of oil equivalent of energy use per constant PPP GDP. Energy use refers to use of primary energy before transformation to other end-use fuels, which is equal to indigenous production plus imports and stock changes, minus exports and fuels supplied to ships and aircraft engaged in international transport. PPP GDP is gross domestic product converted to 2021 constant international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as a U.S. dollar has in the United States.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 35 values

Energy use (kg of oil equivalent) per $1,000 GDP (constant 2021 PPP) in nearby economies

• Albania — 41.02 (2024)
• Armenia — 65.33 (2024)
• Austria — 51.64 (2024)
• Azerbaijan — 78.4 (2024)
• Belarus — 101.78 (2024)
• Belgium — 64.39 (2024)
• Bosnia and Herzegovina — 105.83 (2024)
• Bulgaria — 76.21 (2024)
• Croatia

More environment data for Iceland

• Rural population — 22,689 (2025)
• Rural population (% of total population) — 5.78% (2025)
• Urban population — 369,715 (2025)
• Urban population (% of total population) — 94.22% (2025)
• Aquaculture production (metric tons) — 54,789 (2024)
• Capture fisheries production (metric tons) — 1.01 million (2024)
• Total fisheries production (metric tons) — 1.06 million (2024)
• Rural population growth (annual %) — 0.89% (2025)
• Urban population growth (annual %) — 1.55% (2025)
• Fertilizer consumption (kilograms per hectare of arable land) — 133.69 (2024)

Reading data like this

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Questions people ask

What is Iceland's energy use (kg of oil equivalent) per $1,000 GDP (constant 2021 PPP)?

238.13 in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1990?

It is up 13.3% from 210.17 in 1990 (0.37% a year on average, compounded). The highest value was 314.01 in 2011 and the lowest 185.78 in 2005.

How does Iceland rank?

7th highest of 141 economies with data for 2024.

Is the latest change in energy use (kg of oil equivalent) per $1,000 GDP (constant 2021 PPP) unusual for Iceland?

In 2024, Iceland's energy use (kg of oil equivalent) per $1,000 GDP (constant 2021 PPP) rose 11.69 on 2023 (from 226.45 to 238.13). Across the 30 yearly changes before that (1994 to 2023), the average change was +0.68 and a typical year strayed about 16.75 from that (the standard deviation). This year's change was 0.7 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator EG.USE.COMM.GD.PP.KD, licensed CC BY 4.0. Original source: IEA Energy Statistics Data Browser, International Energy Agency (IEA), uri: https://www.iea.org/data-and-statistics/data-tools/energy-statistics-data-browser, publisher: International Energy Agency (IEA), date accessed: 2025-03-25 Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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