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Economy of Iceland

Population: 323 thousand in 20131

GDP: $14.6 billion in 20132

GDP per capita: $47,461 nominal3 ($39,996 PPP4) in 2013

GDP growth rate: 3.5% in 20135


GDP by Industry 20126

Industry sectorValue added ($ millions) 2012Percent of total
Other activities5,59145.5%
Wholesale, retail trade, restaurants and hotels1,38011.2%
Transport, storage and communication1,1809.6%
Agriculture, hunting, forestry, fishing1,0148.3%
Mining and utilities7936.5%
Total value added12,285100%


Unemployment rate: 5.6% in 20137

Employment by Industry 20138

Employment sector Employees (thousands) 2013Percent of total
Wholesale trade, retail trade and repair of motor vehicles2413.6%
Human health and social work2011.8%
Professional, scientific and technical105.7%
Accommodation and food service105.8%
Public administration and defence95.1%
Transportation and storage95.3%
Agriculture, forestry and fishing84.4%
Finance and insurance74.1%
Information and communication74.2%
Arts, entertainment and recreation63.4%
Administrative and support service53.0%
Other service42.5%
Not elsewhere classified10.4%
Real estate10.5%
Water supply, sewerage and waste management10.4%
Electricity, gas, steam and air conditioning10.7%
Extraterritorial organizations and bodies00.1%
Mining and quarrying00.0%
Total employment173100%


Top 10 Corporations by Revenue 20139



Household Wealth: $93 billion (636% of GDP) in 201410

Household Wealth per Adult: $362,982 in 201410

Gini Coefficient: .263 in 201011


Central Government

Central Government Revenue: $6.2 billion (42% of GDP) in 201312

Central Government Expenditure: $6.5 billion (44% of GDP) in 201312

Central Government Budget Balance: -$0.3 billion (-2% of GDP) in 201312

Central Government Public Debt: $15.0 billion (103% of GDP) in Nov 2014* 13

Central Government 10 Year Bond Interest Rate: 6.15% on Feb 11, 201514

* Public debt calculated using the exchange rate 132 ISK = 1 USD

Government Funds


Tax Structure

Individual Income Tax Rates and Thresholds in 2013* 15

Corporate Tax Rate: 20% in 201416

* Individual thresholds calculated using the exchange rate 132 ISK = 1 USD

Monetary Policy

Money Supply (M1): $3.7 billion (25% of GDP) in Dec 2014* 17

Benchmark Interest Rate: 5.75% in Nov 201418

Total Reserves: $4.0 billion (27% of GDP) in 201319

Exchange Rate: 132 Icelandic Kronas = 1 U.S. Dollar Feb 11, 201520

Inflation: 3.9% in 201321

* Money supply calculated using the exchange rate 132 ISK = 1 USD

Financial Institutions

Top 10 Financial Institutions by Assets 201322

N/A (data not available at Relbanks.com)

International Accounts

Exports: $5.2 billion (36% of GDP) in 201323

Imports: $4.5 billion (31% of GDP) in 201323

Trade Balance: +$0.8 billion (+5% of GDP) in 201323

Foreign Direct Investment Inflow: $468 million (3% of GDP) in 201324

Foreign Direct Investment Outflow: N/A

Foreign Aid Inflow: N/A

Foreign Aid Outflow: N/A


1. Source: World Bank Indicators (Population) Go back
2. Source: World Bank Indicators (GDP) Go back
3. Source: World Bank Indicators (GDP per capita) Go back
4. Source: World Bank Indicators (GDP per capita PPP) Go back
5. Source: World Bank Indicators (GDP growth rate) Go back
6. Source: United Nations Statistics Division (GDP by industry) Go back
7. Source: World Bank Indicators (Unemployment rate) Go back
8. Source: International Labor Organization, ILOSTAT, Downloads (Employment by economic activity) Go back
9. Source: Annual reports (Corporate data) Go back
10. Source: Credit Suisse Global Wealth Databook (Household wealth) Go back
11. Source: World Bank Indicators (Gini coefficient) Go back
12. Source: CIA World Factbook (Government budget) Go back
13. Source: IMF Dissemination Standards Bulletin Board, Access National Summary Data (Public debt) Go back
14. Source: Investing.com (Government bond yield) Go back
15. Source: OECD Stats, Public Sector, Taxation, Tax Database (Individual tax rates) Go back
16. Source: Tax Foundation (Corporate tax rate) Go back
17. Source: Yahoo Finance (Money supply) Go back
18. Source: IceNews (Benchmark interest rate) Go back
19. Source: World Bank Indicators (Total reserves) Go back
20. Source: Yahoo Finance (Exchange rate) Go back
21. Source: World Bank Indicators (Inflation rate) Go back
22. Source: Relbanks.com (Financial institutions by assets) Go back
23. Source: CIA World Factbook (Trade data) Go back
24. Source: World Bank Indicators (FDI data) Go back