Iceland: Economy
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Income Level (by per capita GNI) Source: The World Bank Possible values: High Income, Upper Middle Income, Lower Middle Income and Low Income |
High Income |
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Level of Development
Source: United Nations Possible values: Developed, In Transition and Developing |
Developed |
| 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. |
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Trade
Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. |
Top 3 Trade Partners (2021): Netherlands, United States, and Germany |
| Top Industries Source: CIA World Factbook | Fish Processing; Aluminum Smelting; Ferrosilicon Production; Geothermal Power |
Gross Domestic Product (GDP) [1]
| GDP, PPP (current international) | $26,382,133,831 (2022) |
| GDP Growth Rate (annual %) | 6.445% (2022) |
| GDP Per Capita, PPP (current international) | $69,081 (2022) |
GDP Country Rank 147/197 (2022)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | 8.309% (2022) |
| External debt stocks, total (DOD, current US$) | Data unavailable |
| Total tax rate (% of commercial profits) | 31.9% (2019) |
| Real Interest Rate (5 year average %) | -1.327% (2022) |
| Manufacturing, value added (% of GDP) | 10.447% (2022) |
| Current Account Balance (BoP, current US$) | ($447,511,469) (2022) |
Labor and Employment [1]
| Labor Force, Total | 234,499 (2022) |
| Employment in Agriculture (% of total employment) | 4.024% (2021) |
| Employment in Industry (% of total employment) | 18.848% (2021) |
| Employment in Services (% of total employment) | 77.127% (2021) |
| Unemployment Rate | 3.809% (2022) |
Trade [1]
| Imports of goods and services (current US$) | $13,097,855,748 (2022) |
| Exports of goods and services (current US$) | $12,894,673,408 (2022) |
| Total Merchandise Trade (% of GDP) | 61.347% (2022) |
| FDI, net inflows (BoP, current US$) | $961,239,136 (2022) |
| Commercial Service Exports (current US$) | $5,405,129,311 (2022) |
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.