Iceland's economy in numbers:
Nominal GDP of USD 31.3 billion in 2023.
Nominal GDP of USD 28.1 billion in 2022.
GDP per capita of USD 74,609 compared to the global average of USD 10,589.
GDP per capita of USD 80,732 compared to the global average of USD 10,589.
Average real GDP growth of 3.7% over the last decade.
Average real GDP growth of 3% over the last decade.
Economic structure:
In 2020, services accounted for 76% of overall GDP, manufacturing 9%, other industrial activity 11%, and agriculture 4%. Looking at GDP by expenditure, private consumption accounted for 52% of GDP in 2021, government consumption 27%, fixed investment 23%, and net exports -2%.International trade:
In 2021, manufactured products made up 12% of total merchandise exports, mineral fuels 1%, food 46%, ores and metals 40% and agricultural raw materials 1%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 70% of total merchandise imports, mineral fuels 8%, food 11%, ores and metals 10% and agricultural raw materials 1%, with other goods accounting for 0% of the total. Total exports were worth USD 7 billion in 2023, while total imports were USD 9 billion.Economic growth:
The economy recorded average annual growth of 3.0% in the decade to 2022. To read more about GDP growth in Iceland, go to our dedicated page.
Fiscal policy:
Iceland's fiscal deficit averaged 1.1% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment:
The unemployment rate averaged 4.7% in the decade to 2022. For more information on Iceland's unemployment click here.
Inflation:
Inflation averaged 3.4% in the decade to 2022. Go to our Iceland inflation page for extra insight.
Monetary Policy:
Iceland's monetary policy rate ended 2022 at 6.00%, up from 5.38% a decade earlier. See our Iceland monetary policy page for additional details.
Exchange Rate:
From end-2012 to end-2022 the krona weakened by 10.1% vs the U.S. dollar. For more info on the krona, click here.
31 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 8 expert analysts.
Want to get insight on the economic outlook for Iceland in the coming years? FocusEconomics collects projections out to 2033 on 31 economic indicators for Iceland from a panel of 8 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Iceland economy. To download a sample report on the Iceland's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.