Iceland Economy - 2024

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.)

Unemployment rate

5.4% (2021 est.)
5.48% (2020 est.)
3.51% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 13.4% (2021 est.)

male: 13%

female: 13.7%

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

Remittances

0.74% of GDP (2021 est.)
0.76% of GDP (2020 est.)
0.74% of GDP (2019 est.)

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 -

Exchange rates:
126.989 (2021 est.)
135.422 (2020 est.)
122.607 (2019 est.)
108.3 (2018 est.)
106.84 (2017 est.)