Iceland Economic Statistics and Indicators

16, Jul 2018, EDT. Welcome to the Iceland economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.

Economic Indicators For: Iceland › Change country
National or Regional Currency: Icelandic Kr, ISK
Year of data: 2015 › Change year
Number of Indicators Listed: 41
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 317,351 (July 2014 est.)
Area: total: 103,000 sq km ; land: 100,250 sq km ; water: 2,750 sq km
Natural Resources: fish, hydropower, geothermal power, diatomite
Capital: name: Reykjavik ; geographic coordinates: 64 09 N, 21 57 W ; time difference: UTC 0 (5 hours ahead of Washington, DC, during Standard Time)

Iceland's Scandinavian-type social-market economy combines a capitalist structure and free-market principles with an extensive welfare system. Prior to the 2008 crisis, Iceland had achieved high growth, low unemployment, and a remarkably even distribution of income. The economy depends heavily on the fishing industry, which provides 40% of export earnings, more than 12% of GDP, and employs nearly 5% of the work force. It remains sensitive to declining fish stocks as well as to fluctuations in world prices for its main exports: fish and fish products, aluminum, and ferrosilicon. Iceland's economy has been diversifying into manufacturing and service industries in the last decade, particularly within the fields of software production, biotechnology, and tourism. In fall 2013, the Icelandic government approved a joint application by Icelandic, Chinese and Norwegian energy firms to conduct oil exploration off Iceland’s northeast coast. Abundant geothermal and hydropower sources have attracted substantial foreign investment in the aluminum sector, boosted economic growth, and sparked some interest from high-tech firms looking to establish data centers using cheap green energy, although the financial crisis has put several investment projects on hold. Much of Iceland's economic growth in recent years came as the result of a boom in domestic demand following the rapid expansion of the country's financial sector. Domestic banks expanded aggressively in foreign markets, and consumers and businesses borrowed heavily in foreign currencies, following the privatization of the banking sector in the early 2000s. Worsening global financial conditions throughout 2008 resulted in a sharp depreciation of the krona vis-a-vis other major currencies. The foreign exposure of Icelandic banks, whose loans and other assets totaled more than 10 times the country's GDP, became unsustainable. Iceland's three largest banks collapsed in late 2008. The country secured over $10 billion in loans from the IMF and other countries to stabilize its currency and financial sector, and to back government guarantees for foreign deposits in Icelandic banks. GDP fell 6.8% in 2009, and unemployment peaked at 9.4% in February 2009. Since the collapse of Iceland's financial sector, government economic priorities have included: stabilizing the krona, implementing capital controls, reducing Iceland's high budget deficit, containing inflation, addressing high household debt, restructuring the financial sector, and diversifying the economy. Three new banks were established to take over the domestic assets of the collapsed banks. Two of them have foreign majority ownership, while the State holds a majority of the shares of the third. Iceland began making payments to the UK, the Netherlands, and other claimants in late 2011 following Iceland's Supreme Court ruling that upheld 2008 emergency legislation that gives priority to depositors for compensation from failed Icelandic banks. Iceland owes British and Dutch authorities approximately $5.5 billion for compensating British and Dutch citizens who lost deposits in Icesave when parent bank Landsbanki failed in 2008. Iceland began accession negotiations with the EU in July 2010, but decided in mid-2013 to suspend negotiations with the EU because of concern about losing control over fishing resources and worries over the ongoing Eurozone crisis.
More on the Iceland Economy
More on the Iceland Export, Import and Trade

Economic Indicator Listing
  For Iceland in year 2015 Indicator Value
GDP Growth (Constant Prices, National Currency) 3.957 %
GDP (Current Prices, National Currency)ISK 2,205.48 Billion.
GDP (Current Prices, US Dollars)US$ 16.718 Billion
GDP Deflator 171.984 (Index, Base Year as per country's accounts = 100)
GDP Per Capita (Constant Prices, National Currency)ISK 3,900,745.22 .
GDP Per Capita (Current Prices, National Currency)ISK 6,708,670.86 .
GDP Per Capita (Current Prices, US Dollars)US$ 50,854.58
GDP (PPP), US DollarsUS$ 15.154 Billion
GDP Per Capita (PPP), US DollarsUS$ 46,096.99
GDP Share of World Total (PPP) 0.013 %
Implied PPP Conversion Rate 145.534
Investment (% of GDP) 19.242 %
Gross National Savings (% of GDP) 23.49 %
Inflation, Average Consumer Prices (Indexed to Year 2000) 239.808 (Index, Base Year 2000 = 100)
Inflation (Average Consumer Price Change %) 1.633 %
Inflation, End of Year (Indexed to Year 2000) 241.212 (Index, Base Year 2000 = 100)
Inflation (End of Year Change %) 1.941 %
Import Volume of All Items Including Goods and Services (Percent Change) 13.46 %
Import Volumes of Goods Only (Percent Change) 18.671 %
Export Volume of All Items Including Goods and Services (Percent Change) 8.158 %
Export Volumes of Goods Only (Percent Change) 3.249 %
Unemployment Rate (% of Labour Force) 3.992 %
Employment 0.184 Million
Population 0.329 Million
General government revenue (National Currency)ISK 977.712 Billions.
General government revenue (% of GDP) 44.331 %
General government total expenditure (National Currency)ISK 961.518 Billions.
General government total expenditure (% of GDP) 43.597 %
Total Government Net Lending/ Borrowing (National Currency)ISK 16.194 Billions.
Total Government Net Lending/ Borrowing (% of GDP) 0.734 %
General Government Structural Balance (National Currency)ISK -35.008 Billion.
General Government Structural Balance (% Potential GDP) -1.594 %
Fiscal Year Gross Domestic Product, Current PricesISK 2,205.48 Billions.
Current Account Balance (US Dollars)US$ 0.71 Billion
Current Account Balance (% GDP) 4.247 %
Economic Indicators for Iceland 2015

GDP (Constant Prices, National Currency) for Iceland in year 2015 is ISK 1,282.37 Billion.

GDP Growth (Constant Prices, National Currency) for Iceland in year 2015 is 3.957 %.

GDP (Current Prices, National Currency) for Iceland in year 2015 is ISK 2,205.48 Billion.

GDP (Current Prices, US Dollars) for Iceland in year 2015 is US$ 16.718 Billion.

GDP Deflator for Iceland in year 2015 is 171.984 (Index, Base Year as per country's accounts = 100).

GDP Per Capita (Constant Prices, National Currency) for Iceland in year 2015 is ISK 3,900,745.22 .

GDP Per Capita (Current Prices, National Currency) for Iceland in year 2015 is ISK 6,708,670.86 .

GDP Per Capita (Current Prices, US Dollars) for Iceland in year 2015 is US$ 50,854.58 .

GDP (PPP), US Dollars for Iceland in year 2015 is US$ 15.154 Billion.

GDP Per Capita (PPP), US Dollars for Iceland in year 2015 is US$ 46,096.99 .

GDP Share of World Total (PPP) for Iceland in year 2015 is 0.013 %.

Implied PPP Conversion Rate for Iceland in year 2015 is 145.534 .

Investment (% of GDP) for Iceland in year 2015 is 19.242 %.

Gross National Savings (% of GDP) for Iceland in year 2015 is 23.49 %.

Inflation, Average Consumer Prices (Indexed to Year 2000) for Iceland in year 2015 is 239.808 (Index, Base Year 2000 = 100).

Inflation (Average Consumer Price Change %) for Iceland in year 2015 is 1.633 %.

Inflation, End of Year (Indexed to Year 2000) for Iceland in year 2015 is 241.212 (Index, Base Year 2000 = 100).

Inflation (End of Year Change %) for Iceland in year 2015 is 1.941 %.

Import Volume of All Items Including Goods and Services (Percent Change) for Iceland in year 2015 is 13.46 %.

Import Volumes of Goods Only (Percent Change) for Iceland in year 2015 is 18.671 %.

Export Volume of All Items Including Goods and Services (Percent Change) for Iceland in year 2015 is 8.158 %.

Export Volumes of Goods Only (Percent Change) for Iceland in year 2015 is 3.249 %.

Unemployment Rate (% of Labour Force) for Iceland in year 2015 is 3.992 %.

Employment for Iceland in year 2015 is 0.184 Million .

Population for Iceland in year 2015 is 0.329 Million .

General government revenue (National Currency) for Iceland in year 2015 is ISK 977.712 Billions.

General government revenue (% of GDP) for Iceland in year 2015 is 44.331 %.

General government total expenditure (National Currency) for Iceland in year 2015 is ISK 961.518 Billions.

General government total expenditure (% of GDP) for Iceland in year 2015 is 43.597 %.

Total Government Net Lending/ Borrowing (National Currency) for Iceland in year 2015 is ISK 16.194 Billions.

Total Government Net Lending/ Borrowing (% of GDP) for Iceland in year 2015 is 0.734 %.

General Government Structural Balance (National Currency) for Iceland in year 2015 is ISK -35.008 Billion.

General Government Structural Balance (% Potential GDP) for Iceland in year 2015 is -1.594 %.

Fiscal Year Gross Domestic Product, Current Prices for Iceland in year 2015 is ISK 2,205.48 Billions.

Current Account Balance (US Dollars) for Iceland in year 2015 is US$ 0.71 Billion.

Current Account Balance (% GDP) for Iceland in year 2015 is 4.247 %.

* Source: IMF
Aggregate Indicators for Iceland
Indicators
  Geography (Location, geographic coordinates, map references, area, terrain, elevation extremes, borders, coastline and maritime claims) for Iceland
  Climate and Environment (climate, environmental issues, environmental agreements, natural hazards) for Iceland
  Natural Resources, Agricultural Products, Land Use and Water Use for Iceland
  Nationality, Ethnic Groups, Languages and Religions for Iceland
  Telephone Statistics: Number of Fixed Lines, Mobile Phone Penetration Rate for Iceland
  Age Structure, Median Age, Gender and Urbanization for Iceland
  Population Growth Rate, Birth Rate, Death Rate, Net Migration Rate for Iceland
  Life Expectancy Rate, Infant Mortality Rate and Total Fertility Rate for Iceland
  HIV, AIDS and Other Major Infectious Disease Rates for Iceland
  Literacy Rate, Educational Expenditure and School Life Expectancy for Iceland
  Gross Domestic Product (PPP, Official Exchange Rate, Real Growth Rate and Per Capita) for Iceland
  Industries and Industrial Growth Production Rate for Iceland
  Labor Force by Occupation for Iceland
  Poverty Line, Gini Index, Household Income and Consumption for Iceland
  National Budget and Public Debt for Iceland
  Bank Rates (Commercial Bank Prime Lending Rate, Central Bank Discount Rate) for Iceland
  Stock of Money, Stock of Quasi Money, Stock of Domestic Credit for Iceland
  Stock Market Capitalization: Market Value of Publicly Traded Shares for Iceland
  Trade Statistics, Export Statistics, Export Partners and Products, Import Statistics, Import Partners and Products for Iceland
  Foreign Exchange Reserves and Gold Reserves for Iceland
  FDI Statistics (Foreign Direct Investment at Home/ Inbound FDI, Foreign Direct Investment Abroad/ Outbound FDI) for Iceland
  Exchange Rate Statistics for Iceland
  Electricity Production, Electricity Consumption, Electricity Exports and Electricity Imports for Iceland
  Oil Production, Proven Oil Reserves, Oil Consumption, Oil Exports and Oil Imports for Iceland
  Natural Gas Production, Proven Natural Gas Reserves, Natural Gas Consumption, Natural Gas Exports and Natural Gas Imports for Iceland
  Television and Radio Statistics (TV Stats, Radio Stats) for Iceland
  Internet Statistics (Internet Users, Internet Hosts, Country TLD) for Iceland
  Airport Statistics (Paved Runway Airports, Unpaved Runway Airports, Heliports) for Iceland
  Transport Statistics (Railways, Roadways, Waterways, Ports and Terminals, Airports, Merchant Marine) for Iceland
  Military Statistics (Military Expenditure, Military Branches, Service Age and Obligation, Manpower Available and Fit for Military Service) for Iceland
  Disputes, Refugees, Human Trafficking and Illicit Drug Production for Iceland
* Source: CIA
Internet Indicators for Iceland
Indicators
  Number of Internet Users for Iceland
  Internet Penetration Rate for Iceland
  Number of Facebook Accounts for Iceland
  Facebook Penetration Rate for Iceland
* Source: IWS
Economic Freedom Indicators for Iceland
Indicators
  Economic Freedom World Rank for Iceland
  Government Spending for Iceland
  Monetary Freedom for Iceland
  Investment Freedom for Iceland
  Financial Freedom for Iceland
  Property Rights for Iceland
  Economic Freedom Regional Ranking for Iceland
  Freedom from Corruption for Iceland
  Labor Freedom for Iceland
  Tariff Rate for Iceland
  Income Tax Rate for Iceland
  Corporate Tax Rate for Iceland
  Tax Burden % of GDP for Iceland
  Government Expenditure % of GDP for Iceland
  Business Freedom for Iceland
  Trade Freedom for Iceland
  Fiscal Freedom for Iceland
  2016 Score for Iceland
* Source: HFO
Iceland Economic Indicators in other Years
  Iceland Economic Indicators for Year 2021 (Forecast)
  Iceland Economic Indicators for Year 2020 (Forecast)
  Iceland Economic Indicators for Year 2019 (Forecast)
  Iceland Economic Indicators for Year 2018 (Forecast)
  Iceland Economic Indicators for Year 2017 (Forecast)
  Iceland Economic Indicators for Year 2016 (Forecast)
Iceland Economic Indicators for Year 2015 (Current)
  Iceland Economic Indicators for Year 2014
  Iceland Economic Indicators for Year 2013
  Iceland Economic Indicators for Year 2012
  Iceland Economic Indicators for Year 2011
  Iceland Economic Indicators for Year 2010
  Iceland Economic Indicators for Year 2009
  Iceland Economic Indicators for Year 2008
  Iceland Economic Indicators for Year 2007
  Iceland Economic Indicators for Year 2006
  Iceland Economic Indicators for Year 2005
  Iceland Economic Indicators for Year 2004
  Iceland Economic Indicators for Year 2003
  Iceland Economic Indicators for Year 2002
  Iceland Economic Indicators for Year 2001
  Iceland Economic Indicators for Year 2000
  Iceland Economic Indicators for Year 1999
  Iceland Economic Indicators for Year 1998
  Iceland Economic Indicators for Year 1997
  Iceland Economic Indicators for Year 1996
  Iceland Economic Indicators for Year 1995
  Iceland Economic Indicators for Year 1994
  Iceland Economic Indicators for Year 1993
  Iceland Economic Indicators for Year 1992
  Iceland Economic Indicators for Year 1991
  Iceland Economic Indicators for Year 1990
  Iceland Economic Indicators for Year 1989
  Iceland Economic Indicators for Year 1988
  Iceland Economic Indicators for Year 1987
  Iceland Economic Indicators for Year 1986
  Iceland Economic Indicators for Year 1985
  Iceland Economic Indicators for Year 1984
  Iceland Economic Indicators for Year 1983
  Iceland Economic Indicators for Year 1982
  Iceland Economic Indicators for Year 1981
  Iceland Economic Indicators for Year 1980


Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook, Internet World Statistics, The Heritage Foundation and Transparency International