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 (2016): Netherlands, United States, and Germany
Top 3 Exported Goods (2016): Seafood, Aluminum, and Iron & Steel

Top Industries Source: CIA World Factbook

Fish Processing; Aluminum Smelting; Ferrosilicon Production; Geothermal Power

Gross Domestic Product (GDP) [1]

GDP, PPP (current international) $17,022,081,152 (2016)
GDP Growth Rate (annual %) 7.481% (2016)
GDP Per Capita, PPP (current international) $50,746 (2016)
Click on a row to display its 5-year graph on the right.

GDP Country Rank 147/195 (2016)

GDP Composition %

Note: GDP composition percentage may exceed 100. Manufacturing is included in the Industry figures and is also reported separately because it plays a critical role in many economies.

Economic Indicators [1]

Inflation, consumer prices (annual %) 1.695% (2016)
External debt stocks, total (DOD, current US$) Data unavailable
Total tax rate (% of commercial profits) 29.7% (2017)
Real Interest Rate (5 year average %) 5.997% (2016)
Manufacturing, value added (% of GDP) 10.638% (2016)
Current Account Balance (BoP, current US$) $1,599,014,199 (2016)
Click on a row to display its 5-year graph on the right.

Labor and Employment [1]

Labor Force, Total 208,724 (2017)
Employment in Agriculture (% of total employment) 3.557% (2017)
Employment in Industry (% of total employment) 16.609% (2017)
Employment in Services (% of total employment) 79.834% (2017)
Unemployment Rate 2.876% (2017)
Click on a row to display its 5-year graph on the right.

Trade [1]

Imports of goods and services (current US$) $8,536,232,743 (2016)
Exports of goods and services (current US$) $9,822,623,151 (2016)
Total Merchandise Trade (% of GDP) 50.005% (2016)
FDI, net inflows (BoP, current US$) ($1,066,286,957) (2016)
Commercial Service Exports (current US$) $5,366,131,160 (2016)
Click on a row to display its 5-year graph on the right.

Economic Snapshot [1]

Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years.

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

Sources

  1. The World Bank