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.
