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Iceland GDP and Economic Data
Country Report 2017 - 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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International Reserves
USD 7.2 billion (2016)
International Monetary Fund (IMF), data retrieved January 2017
Gross Domestic Product - GDP
USD 21.4 billion (2017, estimate)
GDP (Purchasing Power Parity)
Intl$ 17.1 billion (2017, estimate)
Real GDP growth
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 |
| 4.2% | 9.5% | 1.5% | -4.7% | -3.6% | 2% | 1.3% |
| 2013 | 2014 | 2015 | 2016* | 2017* | ||
| 4.4% | 2% | 4% | 5% | 3.8% |
*Estimate
GDP per capita - current prices
USD 63,032.80 (2017, estimate)
GDP (PPP) - share of world total
| 1980 | 1990 | 2000 | 2010 | 2017* |
| 0.02% | 0.02% | 0.02% | 0.01% | 0.01% |
*Estimate
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GDP - composition by sector
- agriculture: 5.9%
- industry: 20.4%
- services: 73.7%
(2016 estimate)
Gross domestic expenditure on R&D; (% of GDP)
1.9% (2014)
OECD, data retrieved January 2017
Inflation
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 3.9% | 2.0% | 1.6% | 1.7% | 3.1% |
*Estimate
Unemployment rate
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 5.4% | 5.0% | 4.0% | 3.4% | 3.5% |
*Estimate
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
Public deficit (General government net lending/borrowing as a % of GDP)
| 2013 | 2014 | 2015 | 2016* | 2017* |
| -1.8% | -0.1% | -0.5% | 14.7% | 0.5% |
*Estimate
Government bond ratings
Standard & Poor's: A-
Moody's: A3
Standard & Poor's / Moody's (Updated January 2017)
Source
Market value of publicly traded shares
| 2013 | 2014 | 2015 |
| N/A | N/A | N/A |
Source
Current account balance by percentage of GDP
1.9% (2017 estimate)
Exports as percent of GDP (Exports of goods and services)
53.6% (2014)
Shares in world total merchandising export
0.03% (2015)
Shares in world total commercial services export
0.09% (2015)
Export commodities
Fish and fish products 40%, aluminum, animal products, ferrosilicon, diatomite (2010 estimate)
Total imports
USD 5.0 billion (2016 estimate)
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Import commodities
Machinery and equipment, petroleum products, foodstuffs, textiles
Exports - major partners
Netherlands 26.1%, UK 11.6%, Spain 11.5%, Germany 7.4%, France 5.7%, US 5.7%, Norway 4.7% (2015)
Imports - major partners
Norway 10.1%, Germany 8.6%, US 7.9%, China 7.9%, Denmark 7.1%, Netherlands 5.9%, Brazil 5.8%, UK 5% (2015)
FDI inflows
| 2013 | 2014 | 2015 |
| USD 397 million | USD 447 million | USD -76 million |
FDI outflows
| 2013 | 2014 | 2015 |
| USD 460 million | USD -257 million | USD -599 million |
Value of cross-border M&A, by country of purchaser
| 2012 | 2013 | 2014 | 2015 |
| USD -2558.6 million | USD 126.4 million | N/A | N/A |
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: 20 out of 190 countries (2017)
Subcategories:
Starting a business: 34 out of 190 countries
Enforcing Contracts: 32 out of 190 countries
Registering Property: 15 out of 190 countries
Getting Credit: 62 out of 190 countries
Protecting Minority Investors: 22 out of 190 countries
Trading Across Borders: 66 out of 190 countries
Paying Taxes: 29 out of 190 countries
Dealing with Construction Permits: 70 out of 190 countries
Getting Electricity: 9 out of 190 countries
Resolving Insolvency: 14 out of 190 countries
Source
Global competitiveness ranking
27 out of 138 countries
(2016-2017)
Index of Economic Freedom
Ranking: 20 / Score: 73.34 (Mostly free) (2016)
(100=totally free 0=totally repressed)
Source
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Languages
Icelandic, English, Nordic languages, German widely spoken
Religions
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.)
Total population
| 1990 | 2000 | 2010 | 2016* | 2021* |
| 0.256 million | 0.283 million | 0.318 million | 0.336 million | 0.353 million |
*Estimate
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Urban population as % of total population
| 1960 | 1980 | 2000 | 2015 |
| 80% | 88% | 92% | 94% |
Inequality of wealth distribution (Gini index)
26.9 (2012)
(0=perfect equality, 100=absolute inequality)
Source
Freedom House rating
Political Rights: 1
Civil Liberties: 1 (2017)
(1 represents the most free, 7 the least free rating)
Source
Total telephone subscribers as % of population
Fixed 49.94% Mobile 114.01% (2015)
(fixed-telephone subscribers and mobile-cellular subscribers)