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 (2018): Netherlands, Norway, and United States
Top 3 Exported Goods (2018): Aluminum, Seafood, and Animal Feeds

Top Industries Source: CIA World Factbook

Fish Processing; Aluminum Smelting; Ferrosilicon Production; Geothermal Power

Gross Domestic Product (GDP) [1]

GDP, PPP (current international) $20,478,352,358 (2018)
GDP Growth Rate (annual %) 4.611% (2018)
GDP Per Capita, PPP (current international) $58,058 (2018)
Click on a row to display its 5-year graph on the right.

GDP Country Rank 142/196 (2018)

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 %) 3.014% (2019)
External debt stocks, total (DOD, current US$) Data unavailable
Total tax rate (% of commercial profits) 31.9% (2019)
Real Interest Rate (5 year average %) 4.454% (2018)
Manufacturing, value added (% of GDP) 9.391% (2016)
Current Account Balance (BoP, current US$) $1,495,736,660 (2019)
Click on a row to display its 5-year graph on the right.

Labor and Employment [1]

Labor Force, Total 213,844 (2019)
Employment in Agriculture (% of total employment) 3.938% (2019)
Employment in Industry (% of total employment) 16.433% (2019)
Employment in Services (% of total employment) 79.629% (2019)
Unemployment Rate 2.842% (2019)
Click on a row to display its 5-year graph on the right.

Trade [1]

Imports of goods and services (current US$) $11,420,488,441 (2018)
Exports of goods and services (current US$) $12,219,355,349 (2018)
Total Merchandise Trade (% of GDP) 51.143% (2018)
FDI, net inflows (BoP, current US$) ($435,539,383) (2019)
Commercial Service Exports (current US$) $6,548,947,245 (2018)
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


  1. The World Bank