Iceland: Economy

Economic Trivia

The economy depends heavily on the fishing industry, which provides 40% of export earnings, more than 12% of GDP, and employs nearly 5% of the work force.

Trade Source: United Nations Comtrade
Note: Top 3 trade partners are calculated by imports + exports.

Top 3 Trade Partners (2014): Netherlands, Norway, and United Kingdom
Top 3 Exported Goods (2014): Aluminum, Seafood, and Iron & Steel

Top Industries Source: CIA World Factbook

Fish Processing; Aluminum Smelting; Ferrosilicon Production; Geothermal Power

Gross Domestic Product (GDP) Source: The World Bank

GDP, PPP (current international) $14,402,788,178 (2014)
GDP Growth Rate (annual %) 1.827% (2014)
GDP Per Capita, PPP (current international) $43,993 (2014)
Click on a row to display its 5-year graph on the right.

GDP Country Rank 147/193 (2014)

Economic Indicators Source: The World Bank

Inflation, consumer prices (annual %) 2.035% (2014)
External debt stocks, total (DOD, current US$) Data unavailable
Total tax rate (% of commercial profits) 29.6% (2015)
Real Interest Rate (5 year average %) 3.567% (2014)
Manufacturing, value added (% of GDP) 12.785% (2013)
Current Account Balance (BoP, current US$) $550,726,402 (2014)
Click on a row to display its 5-year graph on the right.

Labor and Employment Source: The World Bank

Labor Force, Total 192,535 (2014)
Employment in Agriculture (% of total employment) 4.2% (2014)
Employment in Industry (% of total employment) 18.2% (2014)
Employment in Services (% of total employment) 77.1% (2014)
Unemployment Rate 5% (2014)
Click on a row to display its 5-year graph on the right.
Imports of goods and services (current US$) $8,069,318,862 (2014)
Exports of goods and services (current US$) $9,135,798,467 (2014)
Total Merchandise Trade (% of GDP) 61.207% (2014)
FDI, net inflows (BoP, current US$) $745,997,900 (2014)
Commercial Service Exports (current US$) $4,244,675,317 (2014)
Click on a row to display its 5-year graph on the right.

How to interpret the graph: The purpose of this graph is to take a snapshot of a country’s economy in comparison to other economies. For example, Iceland’s Exports rank is higher than (please wait...) of the countries in the dataset. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy.

Due to unavailable data the following indicators have been omitted:
  • Exports
  • FDI, net inflows
  • GDP Growth Rate
  • GDP Per Capita
  • Inflation
  • Unemployment

Glossary