The chart illustrates the projected changes in the age distribution of Iceland’s population from 2020 to 2050.
Overall, the data indicate a clear demographic shift towards an ageing population. While the proportion of younger and middle-aged individuals is expected to decline steadily, the share of older people is projected to rise considerably over the given period.
In 2020, the largest age group was those aged 15 to 64, accounting for approximately two-thirds of the total population. However, this figure is forecast to fall gradually to just over half by 2050. Similarly, the youngest group, comprising individuals under 15, is anticipated to shrink from around one-fifth to below 15% over the same period, suggesting a decrease in birth rates and a reduced proportion of children.
By contrast, older age categories are predicted to experience substantial growth. The proportion of people aged 65 and above is expected to almost double, increasing from roughly 14% in 2020 to nearly one-quarter in 2050. This trend reflects longer life expectancy and an ageing society. Although the elderly population will not surpass the working-age group, its rising share may place additional pressure on Iceland’s economy and social services.
In summary, Iceland’s population structure is set to undergo a significant transformation between 2020 and 2050, with a shrinking younger population and a rapidly growing elderly demographic, leading to an overall ageing society.