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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 2020 was at about 10.915 US Dollar per capita. In contrast, the GDP in Iceland reached 59.270 US dollars per inhabitant, or 21.72 bn US Dollar in the whole country. Iceland is one of the smaller economies and is currently ranked 110. 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 19.

Inflation in Iceland was in 2021 at around 4.44%. Within the EU, the average in the same year was 2.62%. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 26.9% 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 in 2020

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 2020

 Iceland
Total
Iceland
per capita
EU
Total
EU
per capita
GDP21.72 bn USD59,270.18 USD15,291.93 tn USD29,692.11 USD
Gross national product22.87 bn USD62,415.78 USD15,330.84 tn USD29,767.66 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 - 2020


Household debt and deficits 2012


 Iceland
Total
Iceland
per capita
EU
Total
EU
per capita
Gross debt12.45 bn USD33,988.07 USD13,783.28 tn USD26,762.78 USD
Budget deficit521.89 m USD1,424.26 USD1,053.73 bn USD2,046.02 USD


Im- and Exports 2020

 Iceland
Total
Iceland
per capita
EU
Total
EU
per capita
Imports7.62 bn USD20,785.10 USD7,340.01 bn USD14,251.98 USD
Exports7.46 bn USD20,367.25 USD7,939.04 bn USD15,415.11 USD


Development of imports and exports in billion US dollars 1976 - 2020

Exports
Imports



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