
Small Is Beautiful
Encouraged by government stimulus programs, banks are finding new ways to finance SMEs. Once the economy recovers, will the surge of interest recede?
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.
Iceland's banking system is back from the brink.
USD 6.3 billion (2018)
International Monetary Fund (IMF), data retrieved October 2019
USD 25.9 billion (2018, estimate)
Intl$ 19.5 billion (2018, estimate)
2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 |
9.4% | 2% | -6.8% | -3.4% | 1.9% | 1.3% | 4.1% |
2014 | 2015 | 2016 | 2017 | 2018* | ||
2.1% | 4.7% | 6.6% | 4.6% | 4.6% |
*Estimate
USD 74,278.2 (2018, estimate)
1980 | 1990 | 2000 | 2010 | 2019* |
0.02% | 0.02% | 0.02% | 0.01% | 0.01% |
*Estimate
(2017 estimate)
2.1% (2017)
OECD, data retrieved October 2019
2015 | 2016 | 2017 | 2018* | 2019* |
1.6% | 1.7% | 1.8% | 2.7% | 2.8% |
*Estimate
2015 | 2016 | 2017 | 2018* | 2019* |
4% | 3% | 2.8% | 2.7% | 3.3% |
*Estimate
2013 | 2014 | 2015 | 2016* | 2017* |
84.8% | 82.5% | 67.6% | 55.1% | 51.8% |
*Estimate
2015 | 2016 | 2017 | 2018* | 2019* |
-0.8% | 12.4% | 0.5% | 1.1% | -0.7% |
*Estimate
Standard & Poor's: A
Moody's: A3
Standard & Poor's / Moody's
2017 | 2018 | 2019 |
N/A | N/A | N/A |
2.8% (2018 estimate)
47.2% (2018)
0.03% (2018)
0.11% (2018)
Fish and fish products (42%), aluminum (38%), agricultural products, medicinal and medical products, ferro-silicon (2015)
USD 11.4 billion (2018 estimate)
Machinery and equipment, petroleum products, foodstuffs, textiles
Netherlands 25.5%, Spain 13.6%, UK 9.4%, Germany 7.6%, US 7%, France 6.3%, Norway 4.9%
Germany 10.7%, Norway 9.2%, China 7%, Netherlands 6.7%, US 6.4%, Denmark 6.2%, UK 5.7%, Sweden 4.1%
2016 | 2017 | 2018 |
USD -427 million | USD -41 million | USD -336 million |
2016 | 2017 | 2018 |
USD -1,147 million | USD -208 million | USD 138 million |
2015 | 2016 | 2017 | 2018 |
N/A | USD 223.7 million | USD -87.6 million | USD 0.5 million |
N/A
N/A
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
26 out of 141 countries
(2019)
Ranking: 11 / Score: 77.1 (Mostly free) (2019)
(100=totally free 0=totally repressed)
Icelandic, English, Nordic languages, German widely spoken
Evangelical Lutheran Church of Iceland (official) 73.8%, Roman Catholic 3.6%, Reykjavik Free Church 2.9%, Hafnarfjorour Free Church 2%, The Independent Congregation 1%, other religions 3.9% (includes Pentecostal and Asatru Association), none 5.6%, other or unspecified 7.2% (2015 est.)
1990 | 2000 | 2010 | 2016* | 2021* |
0.256 million | 0.283 million | 0.318 million | 0.336 million | 0.353 million |
*Estimate
1960 | 1980 | 2000 | 2015 |
80% | 88% | 92% | 94% |
26.9 (2012)
(0=perfect equality, 100=absolute inequality)
Political Rights: 1
Civil Liberties: 1 (2017)
(1 represents the most free, 7 the least free rating)
Fixed 49.94% Mobile 114.01% (2015)
(fixed-telephone subscribers and mobile-cellular subscribers)