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Iceland GDP and Economic Data

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.

 
 
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Central bank

Central Bank of Iceland

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International Reserves

USD 6.3 billion (2018)

International Monetary Fund (IMF), data retrieved October 2019

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Gross Domestic Product - GDP

USD 25.9 billion (2018, estimate)

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GDP (Purchasing Power Parity)

Intl$ 19.5 billion (2018, estimate)

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Real GDP growth
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

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GDP per capita - current prices

USD 74,278.2 (2018, estimate)

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GDP per capita - PPP

Intl$ 55,917.3 (2018, estimate)

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

*Estimate

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GDP - composition by sector
  • agriculture: 5.8% 
  • industry: 19.7% 
  • services: 74.6%

(2017 estimate)

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Gross domestic expenditure on R&D; (% of GDP)

2.1% (2017)

OECD, data retrieved October 2019

 

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

*Estimate

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Unemployment rate
2015 2016 2017 2018* 2019*
4% 3% 2.8% 2.7% 3.3%

*Estimate

Source
Household saving rates

N/A

 

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Public debt (General government gross debt as a % of GDP)
2013 2014 2015 2016* 2017*
84.8% 82.5% 67.6% 55.1% 51.8%

*Estimate

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

*Estimate

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Government bond ratings

Standard & Poor's: A

Moody's: A3

Standard & Poor's / Moody's

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Market value of publicly traded shares
2017 2018 2019
N/A N/A N/A
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Largest companies

N/A

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Current account balance

USD 0.7 billion (2018 estimate)

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Current account balance by percentage of GDP

2.8% (2018 estimate)

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Exports as percent of GDP (Exports of goods and services)

47.2% (2018)

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Shares in world total merchandising export

0.03% (2018)

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Shares in world total commercial services export

0.11% (2018)

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Total exports

USD 12.2 billion (2018 estimate)

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Export commodities

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

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Total imports

USD 11.4 billion (2018 estimate)

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Import commodities

Machinery and equipment, petroleum products, foodstuffs, textiles

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Exports - major partners

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

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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%

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FDI inflows
2016 2017 2018
USD -427 million USD -41 million USD -336 million
Source
FDI outflows
2016 2017 2018
USD -1,147 million USD -208 million USD 138 million
Source
Value of cross-border M&A, by country of purchaser
2015 2016 2017 2018
N/A USD 223.7 million USD -87.6 million USD 0.5 million
Source
Cross-border M&A deals worth over $3 billion completed in 2014

N/A

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Cross-border M&A deals worth over $3 billion completed in 2015

N/A

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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

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Global competitiveness ranking

26 out of 141 countries

(2019)

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Index of Economic Freedom

Ranking: 11 / Score: 77.1 (Mostly free) (2019)

(100=totally free 0=totally repressed)

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Time zone

UTC 0

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Total area

103,000 sq km

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Capital

Reykjavik

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Currency

Icelandic kronur (ISK) 

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Government type

Unitary parliamentary republic

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Languages

Icelandic, English, Nordic languages, German

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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.

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Total population
1990 2000 2010 2015 2020*
0.25 million 0.28 million 0.32 million 0.33 million 0.36 million

*Estimate 

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Urban population as % of total population
1960 1980 2000 2018
80.3% 88.3% 92.4% 93.8%
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Population median age

36.7 years

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Population growth rate

1.08% (2018 estimate)

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Life expectancy

83.1 years (2018 estimate)

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Literacy

N/A

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% of population living on less than $3.10 a day

0% (last available estimate, 2014)

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Inequality of wealth distribution (Gini index)

27.8 (last available estimate, 2014)

(0=perfect equality, 100=absolute inequality)

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Freedom House rating

Political Rights: 1
Civil Liberties: 1 (2019)                         

(1 represents the most free, 7 the least free rating)

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Total telephone subscribers as % of population

Fixed: 40.6% Mobile: 126.1% (2018)

(fixed-telephone subscribers and mobile-cellular subscribers)

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Internet users as % of total population

99.01% (2018)

Source
Mercer Cost of living index

N/A

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CO2 emissions

6.06 (2014)

Source

World's Best Developed & Emerging Markets Banks

2012
2011
2010
2009

World's Best Internet Banks

2013

World's Best Subcustodian Banks

2013
2012
2011
2010
2009

World's Best Banks By Region

2014

World's Best Banks

2014

World’s Best Trade Finance Banks

2009

Best of…

2012
2009
2005
2004

Additional Awards

2014
2009
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