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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
GDP25.60 bn USD68,727.64 USD17.177 tn USD33,384.92 USD
Gross national product23.64 bn USD63,457.76 USD16.895 tn USD32,835.37 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 debt12.45 bn USD33,431.98 USD15.068 tn USD29,285.70 USD
Budget deficit521.89 m USD1,400.96 USD799.24 bn USD1,553.35 USD


Imports and Exports 2021

 Iceland
Total
Iceland
per capita
EU
Total
EU
per capita
Imports10.25 bn USD27,505.48 USD8.916 tn USD17,329.02 USD
Exports9.70 bn USD26,046.95 USD9.554 tn USD18,569.19 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 4 airlines in Iceland with further information and data with further information on airlines and destinations
Iceland: Public HolidaysPublic holidays in Iceland 2023-2027Statutory and inofficial holidays in Iceland for 2023 to 2027
Pariah StatesList of the 11 current Pariah States11 countries, that suffer from the sanctions of the international community because of their mostly autocratic government.