Ice Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

high-income European economy; frozen EU accession application but Schengen Area member; major tourism, fishing, and aluminum industries; complex regulatory environment; large FDI recipient; highly educated workforce

Real GDP (purchasing power parity)

$19.962 billion (2021 est.)

$19.12 billion (2020 est.)

$20.524 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.4% (2021 est.)

-6.84% (2020 est.)

2.42% (2019 est.)

Real GDP per capita

$53,600 (2021 est.)

$52,200 (2020 est.)

$56,900 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$24.614 billion (2019 est.)

Inflation rate (consumer prices)

4.44% (2021 est.)

2.85% (2020 est.)

3.01% (2019 est.)

Credit ratings

Fitch rating: A (2017)

Moody's rating: A2 (2019)

Standard & Poors rating: A (2017)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 5.8% (2017 est.)

industry: 19.7% (2017 est.)

services: 74.6% (2017 est.)

GDP - composition, by end use

household consumption: 50.4% (2017 est.)

government consumption: 23.3% (2017 est.)

investment in fixed capital: 22.1% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 47% (2017 est.)

imports of goods and services: -42.8% (2017 est.)

Agricultural products

milk, mutton, poultry, potatoes, barley, pork, eggs, beef, other meat, sheep skins

Industries

tourism, fish processing; aluminum smelting; geothermal power, hydropower; medical/pharmaceutical products

Industrial production growth rate

5.65% (2021 est.)

Labor force

200,300 (2021 est.)

Labor force - by occupation

agriculture: 4.8%

industry: 22.2%

services: 73% (2008)

Unemployment rate

5.4% (2021 est.)

5.48% (2020 est.)

3.51% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 13.4%

male: 13%

female: 13.7% (2021 est.)

Population below poverty line

8.8% (2017 est.)

Gini Index coefficient - distribution of family income

26.1 (2017 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $11.776 billion (2018 est.)

expenditures: $11.536 billion (2018 est.)

Budget surplus (+) or deficit (-)

1.5% (of GDP) (2017 est.)

Public debt

100.02% of GDP (2020 est.)

89.59% of GDP (2019 est.)

81.95% of GDP (2018 est.)

Taxes and other revenues

22.33% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$409.262 million (2021 est.)

$407.806 million (2020 est.)

$1.612 billion (2019 est.)

Exports

$9.775 billion (2021 est.) note: data are in current year dollars

$7.501 billion (2020 est.) note: data are in current year dollars

$11.005 billion (2019 est.) note: data are in current year dollars

Exports - partners

Netherlands 24%, Spain 10%, Germany 10%, United Kingdom 9%, United States 7% (2021)

Exports - commodities

aluminum and aluminum products, fish fillets, salmon, iron alloys, animal meal (2021)

Imports

$10.234 billion (2021 est.) note: data are in current year dollars

$7.616 billion (2020 est.) note: data are in current year dollars

$9.891 billion (2019 est.) note: data are in current year dollars

Imports - partners

Norway 11%, Denmark 10%, Netherlands 9%, Germany 9%, China 7% (2021)

Imports - commodities

refined petroleum, aluminum oxide, carbon/graphite electronics, cars, packaged medicines (2019)

Reserves of foreign exchange and gold

$7.079 billion (31 December 2021 est.)

$6.419 billion (31 December 2020 est.)

$6.782 billion (31 December 2019 est.)

Debt - external

$19.422 billion (2019 est.)

$22.055 billion (2018 est.)

Exchange rates

Icelandic kronur (ISK) per US dollar -

126.989 (2021 est.)

135.422 (2020 est.)

122.607 (2019 est.)

108.3 (2018 est.)

106.84 (2017 est.)

NOTE: The information regarding Ice on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Ice 2023 information contained here. All suggestions for corrections of any errors about Ice 2023 should be addressed to the CIA or the source cited on each page.