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Iceland

Headline economic indicators for Iceland, with the most recent official readings.

Prices

Prices — Iceland
Indicator Value Change
Inflation rate · 4.1% -1.77 (-30.2%)
Consumer price index · 179.8 +7.07 (+4.1%)
Inflation rate (monthly) · 5.4% -0.70 (-11.5%)
Harmonised consumer price index · 141.2 -1.42 (-1.0%)
House price index (quarterly) · 376.5 +4.47 (+1.2%)
House price inflation, year on year (quarterly) · 2.7% -0.51 (-15.9%)
Real house price index (quarterly) · 199.3 -1.30 (-0.6%)
Real house price growth, year on year (quarterly) · -2.4% -0.43 (-22.3%)
GDP deflator inflation · 6.9% +0.82 (+13.5%)

GDP

GDP — Iceland
Indicator Value Change
GDP growth rate · 1.3% +2.56 (+199.7%)
GDP per capita · 98,323.48 +12,460 (+14.5%)
GDP growth, quarter on quarter · -3.0% -6.70 (-181.1%)
GDP growth, year on year (quarterly) · 0.3% -3.40 (-91.9%)
GDP per capita, long-run history · 42,146 +1,733 (+4.3%)
GDP · 38,582,528,789 +5,395,906,934 (+16.3%)
GDP, PPP · 32,738,741,762 +441,747,906 (+1.4%)
GDP per capita, PPP · 83,431 -130.22 (-0.2%)
GDP per capita growth · -0.2% +1.26 (+83.8%)
GNI per capita · 89,220 +8,310 (+10.3%)
Agriculture to GDP · 3.7% +0.11 (+3.2%)
Industry to GDP · 20.1% -0.01 (-0.1%)
Manufacturing to GDP · 8.5% -0.24 (-2.7%)
Services to GDP · 66.2% +0.89 (+1.4%)
Household consumption to GDP · 49.6% +0.53 (+1.1%)
Gross capital formation to GDP · 26.6% +0.33 (+1.3%)
Gross savings to GDP · 22.6% -0.36 (-1.6%)

Labour

Labour — Iceland
Indicator Value Change
Unemployment rate · 3.6% +0.02 (+0.7%)
Unemployment rate (monthly) · 5.9% +0.00 (+0.0%)
Labour force participation rate · 74.9% -0.23 (-0.3%)
Female labour force participation rate · 70.0% -0.24 (-0.3%)
Youth unemployment rate · 8.7% -0.11 (-1.2%)
Employment to population ratio · 72.2% -0.24 (-0.3%)
Employment in agriculture · 3.6% -0.09 (-2.5%)
Employment in industry · 18.2% -0.17 (-0.9%)
Employment in services · 78.1% +0.26 (+0.3%)

Money

Money — Iceland
Indicator Value Change
Real interest rate · 3.9% -2.17 (-35.9%)
Central bank policy rate · 8.0% +0.25 (+3.2%)
Real effective exchange rate (monthly) · 129.7 +2.00 (+1.6%)
Nominal effective exchange rate (monthly) · 116.0 +1.82 (+1.6%)
Broad money to GDP · 67.4% +4.20 (+6.6%)
Private sector credit to GDP · 88.6% -2.43 (-2.7%)
Lending rate · 11.0% -1.45 (-11.6%)
Bank nonperforming loans · 1.6% -0.47 (-23.0%)
Official exchange rate · 128.44 -9.52 (-6.9%)

Trade

Trade — Iceland
Indicator Value Change
Current account to GDP · -3.9% -0.45 (-13.3%)
Exports to GDP · 40.1% -2.34 (-5.5%)
Imports to GDP · 42.4% -1.35 (-3.1%)
Trade to GDP · 82.5% -3.69 (-4.3%)
Exports of goods and services · 15,476,918,000.41 +1,386,790,085 (+9.8%)
Imports of goods and services · 16,348,934,321.37 +1,838,307,413 (+12.7%)
Trade balance, goods and services (annual) · -771,631,860.56 -352,445,466 (-84.1%)
Current account balance (annual) · -1,498,148,249.09 -360,501,138 (-31.7%)
Foreign direct investment to GDP · -2.2% -11.23 (-123.9%)
Remittances received to GDP · 0.7% -0.05 (-6.6%)
Total reserves, including gold · 7,732,180,037.19 +1,329,229,568 (+20.8%)
Reserves in months of imports · 5.3 +0.49 (+10.2%)

Government

Government — Iceland
Indicator Value Change
Government debt to GDP · 80.1% -5.00 (-5.9%)
Government revenue to GDP · 31.4% +0.79 (+2.6%)
Government expense to GDP · 32.0% -0.51 (-1.6%)
Tax revenue to GDP · 23.2% +1.00 (+4.5%)
Government budget balance to GDP · -1.1% +1.47 (+57.8%)
Government consumption to GDP · 26.1% +0.14 (+0.5%)
Education spending to GDP · 7.3% -0.92 (-11.2%)
Health spending to GDP · 9.0% +0.28 (+3.2%)

Demography

Demography — Iceland
Indicator Value Change
Population · 392,404 +5,898 (+1.5%)
Population, long-run history · 380 +7.70 (+2.1%)
Population growth · 1.5% +1.30 (+593.6%)
Life expectancy · 82.8 +0.35 (+0.4%)
Fertility rate · 1.56 +0.01 (+0.6%)
Birth rate · 11.2 +0.00 (+0.0%)
Death rate · 6.8 +0.10 (+1.5%)
Urban population share · 94.2% +0.04 (+0.0%)
Population aged 65 and over · 16.0% +0.33 (+2.1%)
Under-five mortality rate · 2.8 -0.10 (-3.4%)
Population density · 3.8 +0.01 (+0.2%)
Net migration · 2,709 -834.00 (-23.5%)
Gini index · 26.8 +0.20 (+0.8%)

Source: Bank for International Settlements (BIS). Translated titles are not official BIS translations.

Source: Bolt, J. and van Zanden, J.L. (2024), Maddison style estimates of the evolution of the world economy: A new 2023 update, Journal of Economic Surveys, 1-41, DOI 10.1111/joes.12618. Licensed under CC BY 4.0. The original sources are listed on each page.

All data sources

Original sources of these estimates

GDP pc: 2008 - 2022: Total Economy Database the Conference Board for all countries included in TED. Otherwise UN national accounts statistics

Iceland

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Comparable readings from neighbouring economies.