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 (2019): Netherlands, United Kingdom, and Norway
Top 3 Exported Goods (2019): Seafood, Aluminum, and Aircraft

Top Industries Source: CIA World Factbook

Fish Processing; Aluminum Smelting; Ferrosilicon Production; Geothermal Power

Gross Domestic Product (GDP) [1]

GDP, PPP (current international) $20,235,705,129 (2020)
GDP Growth Rate (annual %) -6.504% (2020)
GDP Per Capita, PPP (current international) $55,225 (2020)
Click on a row to display its 5-year graph on the right.

GDP Country Rank 146/197 (2020)

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 %) 2.848% (2020)
External debt stocks, total (DOD, current US$) Data unavailable
Total tax rate (% of commercial profits) 31.9% (2019)
Real Interest Rate (5 year average %) 2.465% (2020)
Manufacturing, value added (% of GDP) 8.694% (2020)
Current Account Balance (BoP, current US$) $205,400,943 (2020)
Click on a row to display its 5-year graph on the right.

Labor and Employment [1]

Labor Force, Total 215,798 (2020)
Employment in Agriculture (% of total employment) 3.833% (2020)
Employment in Industry (% of total employment) 16.103% (2020)
Employment in Services (% of total employment) 80.064% (2020)
Unemployment Rate 5.01% (2020)
Click on a row to display its 5-year graph on the right.

Trade [1]

Imports of goods and services (current US$) $7,595,535,898 (2020)
Exports of goods and services (current US$) $7,436,026,195 (2020)
Total Merchandise Trade (% of GDP) 47.352% (2020)
FDI, net inflows (BoP, current US$) ($600,034,637) (2019)
Commercial Service Exports (current US$) $2,798,863,390 (2020)
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