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Indicators of economy in Iceland

The essential economic performance of a country is reflected by the gross domestic product. So the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12.259 USD per capita. GDP in Iceland, on the other hand, reached USD 68.384 per capita, or 25.46 billion USD in the whole country. Iceland is one of the smaller economies and is currently ranked 109. If this is calculated per inhabitant taking into account the purchasing power parity, then Iceland is in the list of the world's richest countries in place 18.

Inflation in Iceland was in 2021 at around 4.44%. Within the EU, the average in the same year was 2.55%. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 28.0% higher.
The Corruption Perceptions Index for the public sector counts 67 and is compared to other countries moderate.


Back to overview: Iceland

Impact of the Covid-19 pandemic

The consequences of the Covid pandemic in 2020 were considerable in Iceland. Overall, gross domestic product in 2020 fell from 24.86 billion US Dollar auf 21.72 billion US Dollar. With a large drop of 12.63 percent, the economy in Iceland has struggled significantly more than other countries. The unemployment rate rose from 3.5 to 5.5 percent. The inflation rate has fallen from 3.0 percent previously to 2.8 percent by the end of 2020.

Unemployment rates in percent 1991 - 2021

Economic performance 2021

 Iceland
Total		Iceland
per capita		EU
Total		EU
per capita
GDP25.46 bn USD68,383.77 USD17.09 tn USD33,228.68 USD
Gross national product23.98 bn USD64,407.84 USD16.78 tn USD32,621.03 USD


Iceland ranked 28th in the Bloomberg Innovation Index in 2021. The index is calculated annually and most recently included 60 countries. The front-runner was South Korea.

Development of the Gross domestic product in billion US Dollar 1960 - 2021


Household debt and deficits 2012


 Iceland
Total		Iceland
per capita		EU
Total		EU
per capita
Gross debt12.45 bn USD33,452.18 USD15.07 tn USD29,300.11 USD
Budget deficit521.89 m USD1,401.81 USD799.24 bn USD1,554.11 USD

› Debt budget development
› Development of inflation
› Corruption in Iceland
› Cost of living in a global comparison

Im- and Exports 2021

 Iceland
Total		Iceland
per capita		EU
Total		EU
per capita
Imports10.25 bn USD27,522.10 USD8,916.24 bn USD17,337.55 USD
Exports9.70 bn USD26,062.69 USD9,554.34 bn USD18,578.33 USD


Development of imports and exports in billions of USD 1976 - 2021

Exports
Imports



Iceland: AirportsLargest airports and airlines in IcelandThe 10 biggest airports and 7 airlines in Iceland with further information and data
Iceland: Public HolidaysPublic holidays in Iceland 2022-2026Statutory and inofficial holidays in Iceland for 2022 to 2026
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