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Economy of Iceland information


Economy of Iceland
Reykjavík
CurrencyIcelandic króna (ISK, kr)
Fiscal year
Calendar year
Trade organisations
EFTA, EEA, OECD, WTO
Country group
  • Developed/Advanced[1]
  • High-income economy[2]
Statistics
PopulationIncrease 387,758 (1 January 2023)[3]
GDP
  • Increase $28 billion (nominal, 2023)[4]
  • Increase $26 billion (PPP, 2023)[4]
GDP rank
  • 112th (nominal, 2023)
  • 149th (PPP, 2023)
GDP growth
  • Increase 6.4% (2022)[5]
  • Increase 2.3% (2023f)[5]
  • Increase 2.1% (2024f)[5]
GDP per capita
  • Increase $75,180 (nominal, 2023)[4]
  • Increase $69,779 (PPP, 2023)[4]
GDP per capita rank
  • 8th (nominal, 2023)
  • 14th (PPP, 2023)
GDP by sector
  • agriculture: 5.8%
  • industry: 19.7%
  • services: 74.6%
  • (2017 est.)[6]
Inflation (CPI)
9.8% (March 2023)[7]
Population below poverty line
  • 8% – income below 1,200€/ month (2015)[8]
  • Negative increase 12.8% at risk of poverty or social exclusion (AROPE, 2017)[9]
Gini coefficient
Negative increase 25.2 low (2017, Eurostat)[10]
Human Development Index
  • Increase 0.959 very high (2021)[11] (3rd)
  • Increase 0.915 very high IHDI (1st) (2021)[12]
Labour force
  • Increase 222,391 (2021)[13]
  • Decrease 86.5% employment rate (2018)[14]
Labour force by occupation
  • agriculture: 4.8%
  • industry: 22.2%
  • services: 73%
  • (2008)[6]
Unemployment
  • Steady 5.1% (February 2023)[15]
  • Positive decrease 9.9% youth unemployment (15 to 24 year-olds; July 2020)[16]
Average gross salary
553,000 ISK / €4,000 month
Average net salary
388,000 ISK / €2,800 month
Main industries
tourism, fish processing; aluminum smelting; geothermal power, hydropower; medical/pharmaceutical products
External
ExportsIncrease $9.775 billion (2021 est)[6]
Export goods
fish and fish products (42%), aluminum (38%), agricultural products, medicinal and medical products, ferro-silicon (2015)
Main export partners
  • Economy of Iceland Netherlands(+) 23%
  • Economy of Iceland United Kingdom(+) 9%
  • Economy of Iceland Germany(+) 9%
  • Economy of Iceland Spain(+) 8%
  • Economy of Iceland United States(+) 7.0%
  • Economy of Iceland France(+) 7%
  • Economy of Iceland Canada(+) 5%

(2019)[6]

ImportsIncrease $10.234 billion (2021 est.)
Import goods
refined petroleum, aluminum oxide, carbon/graphite electronics, cars, packaged medicines (2019)
Main import partners
  • Economy of Iceland Norway(+) 11%
  • Economy of Iceland Netherlands(-) 10%
  • Economy of Iceland Germany(-) 8%
  • Economy of Iceland Denmark(+) 8%
  • Economy of Iceland United States(+) 7%
  • Economy of Iceland China(-) 6%
  • Economy of Iceland United Kingdom(+) 6%
  • Economy of Iceland Sweden(+) 5%

(2021)[6]

FDI stock
  • Decrease $6.666 billion (31 December 2017 est.)[6]
  • Decrease Abroad: $11.24 billion (31 December 2017 est.)[6]
Current account
Decrease $857 million (2017 est.)[6]
Gross external debt
Positive decrease $21.7 billion (31 December 2017 est.)[6]
Public finances
Government debt
Positive decrease 40% of GDP (2017 est.)[6]
Budget balance
+1.5% (of GDP) (2017 est.)[6]
Revenues10.39 billion (2017 est.)[6]
Expenses10.02 billion (2017 est.)[6]
Economic aidc. $40 million (0.24% GDP, 2015 budget)
Credit rating
Moody's Investors Service[17]
  • A-2 (Foreign)
  • A-2 (Domestic)
  • Outlook: Stable
Standard & Poor's[17]
  • A (Foreign)
  • A (Domestic)
  • Outlook: Stable
Fitch[17]
  • A (Foreign)
  • A (Domestic)
  • Outlook: Stable
Foreign reserves
Decrease $6.567 billion (31 December 2017 est.)[6]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Iceland is small and subject to high volatility. In 2011, gross domestic product was US$12 billion, but by 2018 it had increased to a nominal GDP of US$27 billion. With a population of 387,000, this is $55,000 per capita, based on purchasing power parity (PPP) estimates.[18] The 2008–2011 Icelandic financial crisis produced a decline in GDP and employment that has since been reversed entirely by a recovery aided by a tourism boom starting in 2010. Tourism accounted for more than 10% of Iceland's GDP in 2017.[19] After a period of robust growth, Iceland's economy is slowing down according to an economic outlook for the years 2018–2020 published by Arion Research in April 2018.[20]

Iceland has a mixed economy with high levels of free trade and government intervention. However, government consumption is less than other Nordic countries. Hydro-power is the primary source of home and industrial electrical supply in Iceland.[21]

In the 1990s Iceland undertook extensive free market reforms, which initially produced strong economic growth. As a result, Iceland was rated as having one of the world's highest levels of economic freedom[22] as well as civil freedoms. In 2007, Iceland topped the list of nations ranked by Human Development Index[23] and was one of the most egalitarian, according to the calculation provided by the Gini coefficient.[24]

From 2006 onwards, the economy faced problems of growing inflation and current account deficits. Partly in response, and partly as a result of earlier reforms, the financial system expanded rapidly before collapsing entirely in a sweeping financial crisis. Iceland had to obtain emergency funding from the International Monetary Fund and a range of European countries in November 2008. The economy has since rebounded, beginning in 2010.

Iceland bonds had an Inverted yield curve in 2008
  10 year bonds
  5 year bonds
  2 year bonds
  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Statistics Iceland: The population increased by 2.0% in 2021".
  4. ^ a b c d "Report for Selected Countries and Subjects: April 2023". imf.org. International Monetary Fund.
  5. ^ a b c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. April 11, 2023.
  6. ^ a b c d e f g h i j k l m n "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 4 December 2019.
  7. ^ "Consumer price index". Statistics Iceland. Retrieved 1 April 2023.
  8. ^ Statistics Iceland, Retrieved 4 August 2015
  9. ^ "People at risk of poverty or social exclusion". ec.europa.eu/eurostat. Eurostat. Retrieved 4 October 2020.
  10. ^ "Gini coefficient of equivalised disposable income - EU-SILC survey". ec.europa.eu/eurostat. Eurostat. Retrieved 4 October 2020.
  11. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 15 October 2022.
  12. ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 15 October 2022.
  13. ^ "Labor force, total - Iceland". data.worldbank.org. World Bank. Retrieved 1 April 2023.
  14. ^ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 1 November 2019.
  15. ^ "Unemployment by sex and age - monthly average". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 4 October 2020.
  16. ^ "Unemployment rate by age group". data.oecd.org. OECD. Retrieved 8 September 2020.
  17. ^ a b c Iceland Ministry of Finance and Economic Affairs, Retrieved 22 September 2022
  18. ^ Source: Statistics Iceland.
  19. ^ Cite error: The named reference Tourism was invoked but never defined (see the help page).
  20. ^ "Economic Outlook: Caution, fragile!". Research - all news - Arionbanki. Archived from the original on 2018-05-15. Retrieved 2018-05-14.
  21. ^ Christopher Mims. "One Hot Island: Iceland's Renewable Geothermal Power". Scientific American. Retrieved 3 March 2015.
  22. ^ Iceland: One of the world´s most free economies Archived 2008-09-13 at the Wayback Machine, Invest in Iceland Agency
  23. ^ Human Development Index Archived July 2, 2015, at the Wayback Machine
  24. ^ "Human Development Report 2007/2008 - Inequality measures, ratio of richest 10% to poorest 10%". Hdrstats.undp.org. 2010-11-04. Archived from the original on 2009-02-12. Retrieved 2012-02-20.

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