Iceland Economic Statistics and Indicators

24, Jan 2021, EST. 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.
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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 %.