Countries
Iceland
Key Economic Indicators
$32.57 billion
$84,257
-0.97%
5.86%
3.63%
$33.463 billion (2024 est.)
80 % of GDP
$-866,967,608
Economic Overview
<p>high-income North Atlantic island economy; not an EU member but market integration via European Economic Area (EEA); dominant tourism, fishing, and aluminum industries vulnerable to demand swings and disruption from volcanic activity; inflation remains above target rate; barriers to foreign business access and economic diversification</p>
All Economic Data
Agricultural products
milk, chicken, lamb/mutton, barley, potatoes, pork, beef, eggs, other meats, cucumbers/gherkins (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$10.364 billion (2023 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$10.023 billion (2023 est.)
Currency
code:
ISK
name:
Icelandic króna (ISK) [kr]
Current account balance
$-866,967,608
Current account balance 2022:
-$698.165 million (2022 est.)
Current account balance 2023:
$290.603 million (2023 est.)
Current account balance 2024:
-$845.319 million (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Exchange rates
Currency:
Icelandic kronur (ISK) per US dollar -
Exchange rates 2020:
135.422 (2020 est.)
Exchange rates 2021:
126.989 (2021 est.)
Exchange rates 2022:
135.28 (2022 est.)
Exchange rates 2023:
137.943 (2023 est.)
Exchange rates 2024:
137.958 (2024 est.)
Exports
$14.12 billion
Exports 2022:
$13.114 billion (2022 est.)
Exports 2023:
$13.702 billion (2023 est.)
Exports 2024:
$13.916 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
aluminum, fish, orthopedic appliances, animal meal, iron alloys (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Netherlands 27%, Germany 11%, USA 10%, UK 8%, Norway 6% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$2.7 billion
GDP - composition, by end use
Exports of goods and services:
43.4% (2023 est.)
Government consumption:
25.3% (2023 est.)
Household consumption:
49.3% (2023 est.)
Imports of goods and services:
-43.3% (2023 est.)
Investment in fixed capital:
24.8% (2023 est.)
Investment in inventories:
0.7% (2023 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
4% (2024 est.)
Industry:
19.4% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
65.5% (2024 est.)
GDP (official exchange rate)
$33.463 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$86,041
Gini Index coefficient - distribution of family income
26.1 (2017)
Gini Index coefficient - distribution of family income 2018:
26.6 (2018 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$33.39 billion
GNI per capita
$82,200
Gross domestic investment
26 % of GDP
Household income or consumption by percentage share
Highest 10%:
21.7% (2018 est.)
Lowest 10%:
3.7% (2018 est.)
Note:
<strong>note:</strong> % share of income accruing to lowest and highest 10% of population
Imports
$14.47 billion
Imports 2022:
$13.237 billion (2022 est.)
Imports 2023:
$13.63 billion (2023 est.)
Imports 2024:
$14.298 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, cars, carbon-based electronics, aluminum oxide, computers (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
Norway 11%, China 9%, Germany 9%, Netherlands 8%, USA 7% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
-2.3% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
tourism, fish processing; aluminum smelting; geothermal power, hydropower; medical/pharmaceutical products
Inflation rate (consumer prices)
5.86%
Inflation rate (consumer prices) 2022:
8.3% (2022 est.)
Inflation rate (consumer prices) 2023:
8.7% (2023 est.)
Inflation rate (consumer prices) 2024:
5.9% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
248,400 (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
241,522 persons
Labor force - by occupation
agriculture:
3.61%
industry:
18.24%
services:
78.15%
Population below poverty line
8.8% (2017 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
80 % of GDP
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2023:
80.7% of GDP (2023 est.)
Real GDP (purchasing power parity)
$32.57 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$25.012 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$26.424 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$26.561 billion (2024 est.)
Real GDP growth rate
-0.97%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
9% (2022 est.)
Real GDP growth rate 2023:
5.6% (2023 est.)
Real GDP growth rate 2024:
0.5% (2024 est.)
Real GDP per capita
$84,257
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$65,500 (2022 est.)
Real GDP per capita 2023:
$67,200 (2023 est.)
Real GDP per capita 2024:
$65,600 (2024 est.)
Remittances
$246.08 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
0.7% of GDP (2022 est.)
Remittances 2023:
0.7% of GDP (2023 est.)
Remittances 2024:
0.7% of GDP (2024 est.)
Reserves of foreign exchange and gold
$6.4 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$5.887 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$5.809 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$6.403 billion (2024 est.)
Revenue (excl grants)
31 % of GDP
Tax revenue
23 % of GDP
Taxes and other revenues
23.3% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
3.63%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
3.8% (2022 est.)
Unemployment rate 2023:
3.6% (2023 est.)
Unemployment rate 2024:
3.2% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
7% (2024 est.)
Male:
8.3% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
7.6% (2024 est.)
Economic Rankings
GDP per Capita
#12
GDP Growth Rate
#26
Reserves
#91
Inflation Rate
#93
Exports
#104
GDP (Nominal)
#106
Imports
#107
Unemployment Rate
#130
GDP (PPP)
#144
Gini Index
#167
Quick Facts
Industries
tourism, fish processing; aluminum smelting; geothermal power, hydropower; medical/pharmaceutical products
Agricultural products
milk, chicken, lamb/mutton, barley, potatoes, pork, beef, eggs, other meats, cucumbers/gherkins (2023)
Labor force
248,400 (2024 est.)
Exports - partners
Netherlands 27%, Germany 11%, USA 10%, UK 8%, Norway 6% (2023)
Imports - partners
Norway 11%, China 9%, Germany 9%, Netherlands 8%, USA 7% (2023)
Exchange rates
Icelandic kronur (ISK) per US dollar -
Explore More
Our Partners
Trusted partner applications powering global data and insights