Economy of Iceland
Population: 0.35 M (2018)
GDP per Capita: 73,191 USD (2018)
25,880 M.

GDP USD

(2018)

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12,220 M.

EXPORTS USD

(2018)

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11,420 M.

IMPORTS USD

(2018)

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35.90 %

PUBLIC DEBT

(2018)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 4.61 % (2018)
GDP of 2010 USD USD 18.40 B. (2018)
GDP Current USD USD 25.88 B. (2018)
GDP per Capita Current USD USD 73,191 (2018)
GDP per capita, PPP USD 48,606 (2018)
GDP per Capita, 2010 USD USD 52,103 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 23.57 % (2018)
Government Spending USD 6.10 B. (2018)
Government Debt % GDP 35.90 % (2018)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 96.98 (2018)
Trade Openness 91.35 % (2018)
Exports of Goods and Services % GDP 47.22 % (2018)
Exports Goods & Services USD 12.22 B. (2018)
Exports Annual Growth 1.60 % (2018)
Imports as % GDP 44.13 % (2018)
Total Imports USD 11.42 B. (2018)
Foreign Direct Investment % GDP 6.61 % (2015)
Foreign Direct Investment USD 1.15 B. (2015)
Current Account Balance % GDP USD 2.83 % (2018)
Current Account Balance USD 0.73 B. (2018)
Trade Balance % GDP 3.09 % (2018)
Trade Balance USD 0.78 B. (2018)
Foreign Exchange Reserves incl Gold USD 6.32 B. (2018)
Remittances % GDP 0.65 % (2018)
Remittances USD 48 M. (2018)
Balance of Payments USD 971 M. (2018)

Labor Market

Indicator Value
Labor Force 0.22 M. (2019)
Unemployment Rate 2.95 % (2019)
Unemployment Rate Females 2.84 % (2019)
Unemployment Rate Males 2.85 % (2019)
Youth Unemployment (ages 15-24) 7.54 % (2019)
Labor Force Participation Rate 76.00 % (2019)
Labor Force (Percent Female) 47.21 % (2019)
Female Labor Force Participation Rate 71.80 % (2019)
Male Labor Force Participation Rate 80.21 % (2019)
Dependent People 52.97 % (2018)

Agriculture Sector

Indicator Value
Forest Area 0.50 % (2016)
Forest Area km² 505 km² (2016)
Agricultural Land 18.67 % (2016)
Agricultural Land km² 18,720 km² (2016)
Employment 3.68 % (2019)
Value added % GDP 4.59 % (2016)
Agriculture Value added USD 0.95 B. (2016)
Crop Production Index 96.90 (2016)
Precipitation 1,940 mm (2014)
Arable Land 1 % (2016)
Cereal Yield 1 % (2016)
Food production index 123 (2016)
Rural Population 6 % (2018)
Fertilizer use of Arable Land 182 kg/hectare (2016)
Livestock Production Index 124 (2016)
Economy of Iceland

According to the World Bank and its latest published data, the economy of the Iceland presents a growth rate of 4.61 % (2018) to the previous year.

With a population that reaches 0.35 M (2018) and a gross domestic product of USD 25.88 B. (2018), it translates a Gross Domestic Product per Capita of USD 73,191 placing its inhabitants on the threshold of an High-income country (according to the World Bank's updated classification).

Iceland also has a workforce of 0.22 M. (2019) with an unemployment rate of 2.95 % (2019), where women represent 2.84 % (2019) and men 2.85 % (2019), the unemployment rate for young people between 15-24 years old stood at 7.54 % (2019). The total number of dependent people stands at 52.97 % (2018).

The central government spent 23.57 % (2018) of its gross domestic product that year, which in absolute terms is USD 6.10 B. (2018). Its consolidated public debt reached 35.90 of its GDP, exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Iceland exported USD 12.22 B. (2018), which represents 47.22 % (2018) of its gross domestic product, in that same sense its imports reached USD 11.42 B. (2018) with a direct foreign investment of USD 1.15 B. (2015).

Iceland has a forest area of 505 km² (2016), which represents 0.50 % (2016) of its total area, an average rainfall of 1,940 mm (2014) per year and a population of 6 % (2018) living in rural areas. With a total area of 18,720 km² (2016) available for agriculture and 3.68 % (2019) of its employments, the agricultural sector contributes to the economy of the Iceland about USD 0.95 B. (2016) (4.59 % (2016) of its GDP).