Economy of Iceland. Statistics, Data and Indicators
Iceland
| 55A | Credit rank #53 |
| N/A | Quality of life # |
| 14 | Corruption rank#15 |
| 26 | Ease of doing business#21 |
Iceland Major Economic Indicators
| Indicator | Data | Period |
|---|---|---|
| GDP Value | 27.84 USD Billion | 2022 |
| GDP Annual Growth Rate | 4.5 % | 2Q/23 |
| GDP Growth Rate | 2.2 % | 2Q/23 |
| GDP per capita | 55887 USD | 2022 |
| Inflation Rate YoY | 8 % | Sep/23 |
| Interest Rate | 9.25 % | Oct/23 |
| Unemployment Rate | 3.3 % | Aug/23 |
| Wages | 808000 ISK/Month | 5859.446 USD/Month | 2022 |
| Balance of Trade | -23742 ISK Million | -0.172 B USD | Sep/23 |
| Current Account | 7534 ISK Billion | 54.635 B USD | 2Q/23 |
| Foreign Exchange Reserves | 744250 ISK Million | 5.397 B USD | Aug/23 |
GDP Indicators
| Indicator | Data | Period |
|---|---|---|
| GDP Value | 27.84 USD Billion | 2022 |
| GDP Annual Growth Rate | 4.5 % | 2Q/23 |
| GDP Growth Rate | 2.2 % | 2Q/23 |
| GDP per capita | 55887 USD | 2022 |
| Gross National Product | 2886508 ISK Million | 20.932 USD Billion | 2022 |
| GDP Constant Prices | 751287 ISK Million | 5.448 B USD | 2Q/23 |
| GDP per capita PPP | 55033 USD | 2022 |
Budget Indicators
| Indicator | Data | Period |
|---|---|---|
| Government Debt to GDP | 68.7 % | 2022 |
| Government Budget Value | -15.7 ISK Billion | -0.114 USD Billion | 2Q/23 |
| Government Spending | 171206 ISK Million | 1.242 USD Billion | 2Q/23 |
| Government Revenues | 449 ISK Billion | 3.256 USD Billion | 2Q/23 |
| Fiscal Expenditure | 465 ISK Billion | 3.372 B USD | 2Q/23 |
| Government Budget to GDP | -4.3 % | 2022 |
| Government Spending to GDP | 46.1 % | 2022 |
Inflation Indicators
| Indicator | Data | Period |
|---|---|---|
| Consumer Price Index (CPI) | 600 index points | Sep/23 |
| Export Prices | 138 index points | 2022 |
| Food Inflation | 12.4 % | Sep/23 |
| Gasoline Prices | 2.36 USD/Liter | Sep/23 |
| GDP Deflator | 134 index points | 2022 |
| Import Prices | 133 index points | 2022 |
| Inflation Rate YoY | 8 % | Sep/23 |
| Producer Prices | 272 index points | Aug/23 |
| Inflation Rate Mom | 0.4 % | Sep/23 |
| Core Consumer Prices | 334 Index Points | Sep/23 |
| Core Inflation Rate | 7.91 % | Sep/23 |
| CPI Housing Utilities | 632 Index Points | Sep/23 |
| CPI Transportation | 192 Index Points | Sep/23 |
| Harmonised Consumer Prices | 124 Index Points | Aug/23 |
| Producer Prices Change | -5.7 % | Aug/23 |
Trade Indicators
| Indicator | Data | Period |
|---|---|---|
| Current Account to GDP | -1.5 % | 2022 |
| Balance of Trade | -23742 ISK Million | -0.172 USD Billion | Sep/23 |
| Capital Flows | -12026 ISK Billion | -87.21 USD Billion | 2Q/23 |
| Current Account | 7534 ISK Billion | 54.635 USD Billion | 2Q/23 |
| Exports | 83823 ISK Million | 0.608 USD Billion | Sep/23 |
| External Debt | 2925398 ISK Billion | 21214.369 USD Billion | 2Q/23 |
| Foreign Exchange Reserves | 744250 ISK Million | 5.397 USD Billion | Aug/23 |
| Imports | 107565 ISK Million | 0.78 USD Billion | Sep/23 |
| Tourist Arrivals | 281514 Persons | 0.282 Million Persons | Aug/23 |
Money Indicators
| Indicator | Data | Period |
|---|---|---|
| Gold Reserves | 1.98 Tonnes | 2Q/23 |
| Interbank Rate | 9.68 % | Oct/23 |
| Interest Rate | 9.25 % | Oct/23 |
| Money Supply M0 | 138 ISK Billion | 1.001 USD Billion | Aug/23 |
| Money Supply M1 | 761 ISK Billion | 5.519 USD Billion | Aug/23 |
| Money Supply M2 | 1966 ISK Billion | 14.257 USD Billion | Aug/23 |
| Money Supply M3 | 2789 ISK Billion | 20.225 USD Billion | Aug/23 |
| Central Bank Balance Sheet | 780027 ISK Million | 5.657 B USD | Aug/23 |
| Foreign Direct Investment | -62518 ISK Billion | -453.367 B USD | 2Q/23 |
Labor Indicators
| Indicator | Data | Period |
|---|---|---|
| Retirement Age Men | 67 | 2022 |
| Retirement Age Women | 67 | 2022 |
| Unemployment Rate | 3.3 % | Aug/23 |
| Wages | 808000 ISK/Month | 5859.446 USD/Month | 2022 |
| Youth Unemployment Rate | 4.4 % | Aug/23 |
| Employed Persons | 223300 Person | 0.223 Million Person | Aug/23 |
| Employment Rate | 78.7 % | Aug/23 |
| Full Time Employment | 168 Thousand Person | 2Q/23 |
| Job Vacancies | 249 | 0.249 K | Aug/23 |
| Labor Force Participation Rate | 81.4 % | Aug/23 |
| Part Time Employment | 42.1 Thousand Persons | 2Q/23 |
| Unemployed Persons | 7600 Persons | 0.008 Million Persons | Aug/23 |
| Wage Growth | 2.8 % | Aug/23 |
Taxes
| Indicator | Data | Period |
|---|---|---|
| Corporate Tax Rate | 20 % | 2023 |
| Personal Income Tax Rate | 46.25 % | 2023 |
| Sales Tax Rate | 24 % | 2023 |
| Social Security Rate | 10.35 % | 2023 |
| Social Security Rate For Companies | 6.35 % | 2023 |
| Social Security Rate For Employees | 4 % | 2023 |
Business Indicators
| Indicator | Data | Period |
|---|---|---|
| Bankruptcies | 5 companies | Aug/23 |
| Corruption Index | 74 index points | 2022 |
| Corruption Rank | 14 place | 2022 |
| Ease of Doing Business | 26 place | 2019 |
| Competitiveness Index | 74.72 Index Points | 2019 |
| Competitiveness Rank | 26 | 2019 |
Consumer Indicators
| Indicator | Data | Period |
|---|---|---|
| Consumer Confidence | 85.37 index points | Sep/23 |
| Private Debt To GDP | 243 % | 2021 |
| Consumer Spending | 411816 ISK Million | 2.986 USD Billion | 2Q/23 |
| Disposable Personal Income | 4272 ISK Thousand | 0 B USD | 2019 |
