Iceland - Economy
How is the economy of Iceland? Based on the information we have, Iceland has a high-income north Atlantic island economy; non-EU member but market integration via European Economic Area (EEA); dominant tourism, fishing, and aluminum industries vulnerable to demand swings and volcanic activity; inflation remains above target rate; barriers to foreign business access and economic diversification. Key agricultural products in this country include: milk, chicken, lamb/mutton, barley, potatoes, pork, beef, eggs, other meats, cucumbers/gherkins (2023).
More about the economy of Iceland
Labor force 244,700 (2024 est.)
Industrial production growth rate 3.93% (2023 est.)
Industries tourism, fish processing; aluminum smelting; geothermal power, hydropower; medical/pharmaceutical products
Population below poverty line 8.8% (2017 est.)
Taxes and other revenues 23.4% (of GDP) (2023 est.)
Fiscal year
Exchange rates
Currency Icelandic kronur (ISK) per US dollar -
Exchange rates 2024 137.958 (2024 est.)
Exchange rates 2023 137.943 (2023 est.)
Exchange rates 2022 135.28 (2022 est.)
Exchange rates 2021 126.989 (2021 est.)
Exchange rates 2020 135.422 (2020 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2024 $6.236 billion (2024 est.)
Reserves of foreign exchange and gold 2023 $5.809 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $5.887 billion (2022 est.)
Current account balance
Current account balance 2024 -$845.319 million (2024 est.)
Current account balance 2023 $290.603 million (2023 est.)
Current account balance 2022 -$698.165 million (2022 est.)
Public debt
Public debt 2023 81.1% of GDP (2023 est.)
Budget
Revenues $9 billion (2022 est.)
Expenditures $9.498 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 0.7% of GDP (2023 est.)
Remittances 2022 0.67% of GDP (2022 est.)
Remittances 2021 0.74% of GDP (2021 est.)
Household income
Lowest 10% 4% (2017 est.)
Highest 10% 22% (2017 est.)
Imports
Imports 2024 $14.298 billion (2024 est.)
Imports 2023 $13.63 billion (2023 est.)
Imports 2022 $13.237 billion (2022 est.)
Imports (partners) Norway 11%, China 9%, Germany 9%, Netherlands 8%, USA 7% (2023)
Comodities Imports force refined petroleum, cars, carbon-based electronics, aluminum oxide, computers (2023)
Exports
Imports 2024 $14.298 billion (2024 est.)
Imports 2023 $13.63 billion (2023 est.)
Imports 2022 $13.237 billion (2022 est.)
Exports (partners) Netherlands 27%, Germany 11%, USA 10%, UK 8%, Norway 6% (2023)
Comodities Exports force aluminum, fish, orthopedic appliances, animal meal, iron alloys (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $26.455 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $25.186 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $23.108 billion (2021 est.)
GDP (official exchange rate) $31.325 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $67,300 (2023 est.)
Real GDP per capita 2022 $65,900 (2022 est.)
Real GDP per capita 2021 $62,000 (2021 est.)
GDP - composition, by sector of origin
Agriculture 3.8% (2023 est.)
Industry 21.1% (2023 est.)
Services 64.6% (2023 est.)
GDP - composition, by end use
Household consumption 49.5% (2023 est.)
Government consumption 25.4% (2023 est.)
Investment in fixed capital 24.2% (2023 est.)
Investment in inventories 0.7% (2023 est.)
Exports of goods and services 43.6% (2023 est.)
Imports of goods and services -43.2% (2023 est.)
Unemployment rate
Unemployment rate 2024 3.1% (2024 est.)
Unemployment rate 2023 3.5% (2023 est.)
Unemployment rate 2022 3.8% (2022 est.)
Youth unemployment rate (ages 15-24)
Total 7.6% (2024 est.)
Male 8.3% (2024 est.)
Female 7% (2024 est.)
All Important Facts about Iceland

Want to know more about Iceland? Check all different factbooks for Iceland below.

Iceland is found in Northern Europe