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 (2017): Netherlands, Germany, and Norway
Top 3 Exported Goods (2017): 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) $18,997,603,848 (2017)
GDP Growth Rate (annual %) 4.025% (2017)
GDP Per Capita, PPP (current international) $55,322 (2017)
Click on a row to display its 5-year graph on the right.

GDP Country Rank 148/195 (2017)

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 %) 1.76% (2017)
External debt stocks, total (DOD, current US$) Data unavailable
Total tax rate (% of commercial profits) 29.4% (2018)
Real Interest Rate (5 year average %) 6.724% (2017)
Manufacturing, value added (% of GDP) 9.391% (2016)
Current Account Balance (BoP, current US$) $899,046,295 (2017)
Click on a row to display its 5-year graph on the right.

Labor and Employment [1]

Labor Force, Total 210,651 (2018)
Employment in Agriculture (% of total employment) 3.721% (2018)
Employment in Industry (% of total employment) 17.31% (2018)
Employment in Services (% of total employment) 78.969% (2018)
Unemployment Rate 2.918% (2018)
Click on a row to display its 5-year graph on the right.

Trade [1]

Imports of goods and services (current US$) $10,290,529,631 (2017)
Exports of goods and services (current US$) $11,290,209,959 (2017)
Total Merchandise Trade (% of GDP) 48.399% (2017)
FDI, net inflows (BoP, current US$) ($7,016,884,950) (2017)
Commercial Service Exports (current US$) $6,328,958,652 (2017)
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