Browse a full set of economic indicators

Iceland

Includes Iceland real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.

Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Iceland economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Iceland best banks and safest banks are also available.

Basic Information

Government Type: Unitary parliamentary republic

Capital City: Reykjavik

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank Central Bank of Iceland

Currency Icelandic kronur (ISK)

International Reserves USD 6.3 billion (2018)

International Monetary Fund (IMF), data retrieved October 2019
Gross Domestic Product – GDP USD 25.9 billion (2018, estimate)

GDP (Purchasing Power Parity) Intl$ 19.5 billion (2018, estimate)

GDP Data

Real GDP growth 2007 9.4%
2008 2%
2009 -6.8%
2010 -3.4%
2011 -3.4%
2012 -3.4%
2013 -3.4%
2014. 2.1%
2015. 4.7%
2016. 6.6%
2017 4.6%
2018* 4.6%

*Estimate
GDP per capita – current prices USD 74,278.2 (2018, estimate)

GDP per capita – PPP Intl$ 55,917.3 (2018, estimate)

GDP (PPP) – share of world total 1980 0.02%
1990 0.02%
2000 0.02%
2010 0.01%
2019* 0.01%

*Estimate
GDP – composition by sector agriculture: 5.8%
industry: 19.7%
services: 74.6%
(2017 estimate)
Gross domestic expenditure on R&D; (% of GDP) 2.1% (2017)

OECD, data retrieved October 2019
Inflation 2015 1.6%
2016 1.7%
2017 1.8%
2018* 2.7%
2019* 2.8%

*Estimate

Inflation & Debt

Inflation 2015 1.6%
2016 1.7%
2017 1.8%
2018* 2.7%
2019* 2.8%

*Estimate
Government Bond Ratings Standard & Poor’s: A

Moody’s: A3

Standard & Poor’s / Moody’s
Unemployment rate 2015 4%
2016 3%
2017 2.8%
2018* 2.7%
2019* 3.3%

*Estimate
Household saving rates N/A
Public debt (General government gross debt as a % of GDP) 2013 84.8%
2014 82.5%
2015 67.6%
2016* 55.1%
2017* 51.8%

*Estimate
Public deficit (General government net lending/borrowing as a % of GDP) 2015 -0.8%
2016 12.4%
2017 0.5%
2018* 1.1%
2019* -0.7%

*Estimate

Market value of publicly traded shares N/A
Largest Companies N/A

Import/Export

Exports as percent of GDP (Exports of goods and services) 47.2% (2018)

Shares in world total merchandising export 0.03% (2018)

Shares in world total commercial services export 0.11% (2018)

Total exports USD 12.2 billion (2018 estimate)

Export commodities Fish and fish products (42%), aluminum (38%), agricultural products, medicinal and medical products, ferro-silicon (2015)

Total imports USD 11.4 billion (2018 estimate)

Import commodities Machinery and equipment, petroleum products, foodstuffs, textiles

Exports – major partners Netherlands 25.5%, Spain 13.6%, UK 9.4%, Germany 7.6%, US 7%, France 6.3%, Norway 4.9%

Imports – major partners Germany 10.7%, Norway 9.2%, China 7%, Netherlands 6.7%, US 6.4%, Denmark 6.2%, UK 5.7%, Sweden 4.1%

Competitiveness & Trade

Current account balance USD 0.7 billion (2018 estimate)

Current account balance by percentage of GDP 2.8% (2018 estimate)

FDI inflows 2016 USD -427 million
2017 USD -41 million
2018 USD -336 million
FDI Outflows 2016 USD -1,147 million
2017 USD -208 million
2018 USD 138 million
Value of cross-border M&A, by country of purchaser N/A


United Nations Conference on Trade and Development (UNCTAD) – World Investment Report
Cross-border M&A deals worth over $3 billion completed in 2014 N/A
Cross-border M&A deals worth over $3 billion completed in 2015 N/A
Best countries for doing business Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking: 26 out of 190 countries
Starting a Business: 64 out of 190 countries
Dealing with Construction Permits: 72 out of 190 countries
Getting Electricity: 16 out of 190 countries
Registering Property: 16 out of 190 countries
Getting Credit: 94 out of 190 countries
Protecting Minority Investors: 28 out of 190 countries
Paying Taxes: 42 out of 190 countries
Trading across Borders: 53 out of 190 countries
Enforcing Contracts: 33 out of 190 countries
Resolving Insolvency: 12 out of 190 countries
World Bank – Doing Business 2019
Global competitiveness ranking 26 out of 141 countries

(2019)
Index of Economic Freedom Ranking: 11 / Score: 77.1 (Mostly free) (2019)

(100=totally free 0=totally repressed)

Population & Geographic Data

Time Zone UTC 0
Total Area 103,000 sq km

Total Population 1990 0.25 Million
2000 0.28 Million
2010 0.32 Million
2015 0.33 Million
2020* 0.36 Million
Urban population as % of total population 1960 80.3%
1980 88.3%
2000 92.4%
2018 93.8%
Population median age 36.7 years

Population growth rate 1.08% (2018 estimate)

Life expectancy 83.1 years (2018 estimate)

% of population living on less than $3.10 a day 0% (last available estimate, 2014)

Inequality of wealth distribution (Gini index) 27.8 (last available estimate, 2014)

(0=perfect equality, 100=absolute inequality)
Freedom House rating Political Rights: 1
Civil Liberties: 1 (2019)

(1 represents the most free, 7 the least free rating)
Total telephone subscribers as % of population Fixed: 40.6% Mobile: 126.1% (2018)

(fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population
99.01% (2018)

Language & Religon

Languages Icelandic, English, Nordic languages, German

Literacy N/A
Religions Evangelical Lutheran Church of Iceland (official) 67.2%, Roman Catholic 3.9%, Reykjavik Free Church 2.8%, Hafnarfjordur Free Church 2%, Asatru Association 1.2%, The Independent Congregation .9%, other religions 4% (includes Zuist and Pentecostal), none 6.

World Rankings

Population 0.36 M
Mercer Cost of living index N/A
C02 Emissions per capita 6.06 (2014)

Global Finance Rankings & Awards: Iceland

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.


Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

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