Indicators of economy in Iceland
The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,230 USD per capita. GDP in Iceland, on the other hand, reached USD 68,728 per capita, or 25.60 billion USD for the whole country. Iceland is one of the smaller economies and is currently ranked 109. If this is calculated per inhabitant, taking purchasing power parity into account, then Iceland ranks 20th in the list of the richest countries.Inflation in Iceland in 2021 was around 4.44%. Within the EU, the average in the same year was 2.55 percent. In the United States, it was most recently 4.70%.
Compared with the USA, prices for daily consumer goods are around 28.0 percent higher.
The index for perceived corruption in the public sector is 74, which is above average by global standards.
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 24.83 billion US dollars to 21.69 billion US dollars. With a large drop of 12.61 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 fell from 3.0 percent previously to 2.8 percent by the end of 2020.Unemployment rates in percentages 1991 - 2021
Economic performance 2021
Iceland Total | Iceland per capita | EU Total | EU per capita | |
---|---|---|---|---|
GDP | 25.60 bn USD | 68,727.64 USD | 17.177 tn USD | 33,384.92 USD |
Gross national product | 23.64 bn USD | 63,457.76 USD | 16.895 tn USD | 32,835.37 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 gross domestic product in billions of USD 1960 - 2021
Household debt and deficits 2012
Iceland Total | Iceland per capita | EU Total | EU per capita | |
---|---|---|---|---|
Gross debt | 12.45 bn USD | 33,431.98 USD | 15.068 tn USD | 29,285.70 USD |
Budget deficit | 521.89 m USD | 1,400.96 USD | 799.24 bn USD | 1,553.35 USD |
› Debt budget development
› Development of inflation
› Corruption in Iceland
› Cost of living in a global comparison
› Development of inflation
› Corruption in Iceland
› Cost of living in a global comparison
Imports and Exports 2021
Iceland Total | Iceland per capita | EU Total | EU per capita | |
---|---|---|---|---|
Imports | 10.25 bn USD | 27,505.48 USD | 8.916 tn USD | 17,329.02 USD |
Exports | 9.70 bn USD | 26,046.95 USD | 9.554 tn USD | 18,569.19 USD |
Development of imports and exports in billions of USD 1976 - 2021
Exports
Imports