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Economy of Iceland

Economy of Iceland
Reykjavík
CurrencyIcelandic króna (ISK, kr)
Calendar year
Trade organisations
EFTA, EEA, OECD, WTO
Country group
Statistics
PopulationIncrease 400,000 (2024)[3]
GDP
  • Increase $35.38 billion (nominal, 2025)[4]
  • Increase $31.53 billion (PPP, 2025)[4]
GDP rank
GDP growth
  • 4.1% (2023)
  • 1.7% (2024)
  • 2.0% (2025)[4]
GDP per capita
  • Increase $90,110 (nominal, 2025)[4]
  • Increase $80,320 (PPP, 2025)[4]
GDP per capita rank
GDP by sector
Positive decrease 8.74% (2023 est.)[6]
Population below poverty line
  • Positive decrease 4.9% – income below 1,200€/ month (2021)[7]
  • Positive decrease 9.0% at risk of poverty or social exclusion (2023)[8]
Negative increase 70.3 (2021)[9]
  • Increase 0.959 very high (2022)[10] (3rd)
  • Increase 0.910 very high IHDI (1st) (2022)[10]
Decrease 72 out of 100 points (2023)[11] (19th)
Labour force
  • Increase 240,000 (2023 est.)
  • Increase 85.3% employment rate (2023) [5]
Labour force by occupation
Unemployment
  • Positive decrease 3.56% (2023 est.)[12]
  • Positive decrease 9.6% youth unemployment (15 to 24 year-olds; July 2020)
Average gross salary
804,000 ISK / €5,500 month (2023) [13]
578,000 ISK / €4,000 month (2023)
Main industries
tourism, fish processing; aluminum smelting; geothermal power, hydropower; medical/pharmaceutical products
External
ExportsDecrease $7.31 billion (2023 est)[14]
Export goods
raw aluminium, fish fillets, non-fillet frozen fish, and orthopedic appliances (2023)
Main export partners
ImportsDecrease $9.85 billion (2023 est.)
Import goods
refined petroleum, cars, carbon-based electronics, aluminium oxide, and computers (2023)
Main import partners
FDI stock
  • Decrease $8.3 billion (2023 est.)[15]
  • Decrease Abroad: $5.23 billion (2023 est.)[16]
Increase $385 million (2023 est.)[17]
Positive decrease $25.3 billion (September 2024 est.)[17]
Public finances
Negative increase 95.9% of GDP (2023 est.)[16]
Increase 902.4 billion kr (2025 est.)[16]
0.6% (of GDP) (2023 est.)[16]
Revenues274 billion kr (2022 est.)[5]
Expenses1,930.7 billion kr (2023 est.)[5]
Economic aidc. $71.9 million (0.35% GDP, 2022 budget)
Moody's Investors Service[18]
  • A-2 (Foreign)
  • A-2 (Domestic)
  • Outlook: Stable
Standard & Poor's[18]
  • A (Foreign)
  • A (Domestic)
  • Outlook: Stable
Fitch[18]
  • A (Foreign)
  • A (Domestic)
  • Outlook: Stable
All values, unless otherwise stated, are in US dollars.

The economy of Iceland is small and subject to high volatility. In 2011, gross domestic product was US$12 billion, but by 2018 it had increased to a nominal GDP of US$27 billion. With a population of 387,000, this is $55,000 per capita, based on purchasing power parity (PPP) estimates.[19] The 2008–2011 Icelandic financial crisis produced a decline in GDP and employment, which has since been reversed entirely by a recovery aided by a tourism boom starting in 2010. Tourism accounted for more than 10% of Iceland's GDP in 2017.[20] After a period of robust growth, Iceland's economy slowed down according to an economic outlook for the years 2018–2020 published by Arion Research in April of 2018.[21]

Iceland has a mixed economy with high levels of free trade and government intervention. However, government consumption is less than other Nordic countries. Hydro-power is the primary source of home and industrial electrical supply in Iceland.[22]

In the 1990s Iceland undertook extensive free market reforms, which initially produced strong economic growth. As a result, Iceland was rated as having one of the world's highest levels of economic freedom[23] as well as civil freedoms. In 2007, Iceland topped the list of nations ranked by Human Development Index[24] and was one of the most egalitarian, according to the calculation provided by the Gini coefficient.[25]

From 2006 onwards, the economy faced problems of growing inflation and current account deficits. Partly in response, and partly as a result of earlier reforms, the financial system expanded rapidly before collapsing entirely in the 2008–2011 Icelandic financial crisis. Iceland had to obtain emergency funding from the International Monetary Fund and a range of European countries in November 2008. The economy has since rebounded since 2010,[26] and continues to grow to this day.

Iceland bonds had an Inverted yield curve in 2008
  10 year bonds
  5 year bonds
  2 year bonds
  1. ^ "Groups and Aggregates Information". IMF.org. International Monetary Fund.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Statistics Iceland: The population increased by 2.0% in 2021".
  4. ^ a b c d e "Report for Selected Countries and Subjects: April 2024". imf.org. International Monetary Fund.
  5. ^ a b c d e "Production approach". statice.is. Statistics Iceland. Retrieved 27 February 2025.
  6. ^ "Consumer price index". Statistics Iceland. Retrieved 1 April 2023.
  7. ^ [1], Retrieved 4 August 2015
  8. ^ "At-risk-of-poverty rate 9.0% in 2023". ec.europa.eu/eurostat. Statistics Iceland.
  9. ^ "Iceland's Gini Coefficient". worldeconomics.com. World Economics.
  10. ^ a b "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme.
  11. ^ "Corruption Perceptions Index". Transparency International. 30 January 2024. Archived from the original on 30 January 2024. Retrieved 15 July 2024.
  12. ^ "Unemployment by sex and age - monthly average". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 4 October 2020.
  13. ^ "Avarage salaty in Iceland". statice.is. Statistics Iceland. Retrieved 11 January 2025.
  14. ^ a b c Cite error: The named reference OEC was invoked but never defined (see the help page).
  15. ^ Cite error: The named reference Lloyd's Bank was invoked but never defined (see the help page).
  16. ^ a b c d Cite error: The named reference Central Bank of Iceland was invoked but never defined (see the help page).
  17. ^ a b "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 4 December 2019.
  18. ^ a b c Iceland Ministry of Finance and Economic Affairs, Retrieved 22 September 2022
  19. ^ Source: Statistics Iceland.
  20. ^ Cite error: The named reference Tourism was invoked but never defined (see the help page).
  21. ^ "Economic Outlook: Caution, fragile!". Research - all news - Arionbanki. Archived from the original on 2018-05-15. Retrieved 2018-05-14.
  22. ^ Christopher Mims. "One Hot Island: Iceland's Renewable Geothermal Power". Scientific American. Retrieved 3 March 2015.
  23. ^ Iceland: One of the world´s most free economies Archived 2008-09-13 at the Wayback Machine, Invest in Iceland Agency
  24. ^ Human Development Index Archived July 2, 2015, at the Wayback Machine
  25. ^ "Human Development Report 2007/2008 - Inequality measures, ratio of richest 10% to poorest 10%". Hdrstats.undp.org. 2010-11-04. Archived from the original on 2009-02-12. Retrieved 2012-02-20.
  26. ^ "Hagstofa Íslands. Helstu hagstærðir hins opinbera 1980–2014" (in Icelandic). Statistics Iceland. Retrieved 25 May 2015.

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