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World Factbook

Iceland

Last updated: 2026-03-28 (today)

Budget

note

note: central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated

revenues

$10.023 billion (2023 est.)

expenditures

$10.364 billion (2023 est.)

Exports

note

note: balance of payments - exports of goods and services in current dollars

Exports 2022

$13.114 billion (2022 est.)

Exports 2023

$13.702 billion (2023 est.)

Exports 2024

$13.916 billion (2024 est.)

Imports

note

note: balance of payments - imports of goods and services in current dollars

Imports 2022

$13.237 billion (2022 est.)

Imports 2023

$13.63 billion (2023 est.)

Imports 2024

$14.298 billion (2024 est.)

Industries

tourism, fish processing; aluminum smelting; geothermal power, hydropower; medical/pharmaceutical products

Labor force

248,400 (2024 est.)

note: number of people ages 15 or older who are employed or seeking work

Public debt

note

note: central government debt as a % of GDP

Public debt 2023

80.7% of GDP (2023 est.)

Remittances

note

note: personal transfers and compensation between resident and non-resident individuals/households/entities

Remittances 2022

0.7% of GDP (2022 est.)

Remittances 2023

0.7% of GDP (2023 est.)

Remittances 2024

0.7% of GDP (2024 est.)

Exchange rates

Currency

Icelandic kronur (ISK) per US dollar -

Exchange rates 2020

135.422 (2020 est.)

Exchange rates 2021

126.989 (2021 est.)

Exchange rates 2022

135.28 (2022 est.)

Exchange rates 2023

137.943 (2023 est.)

Exchange rates 2024

137.958 (2024 est.)

Economic overview

high-income North Atlantic island economy; not an EU member but market integration via European Economic Area (EEA); dominant tourism, fishing, and aluminum industries vulnerable to demand swings and disruption from volcanic activity; inflation remains above target rate; barriers to foreign business access and economic diversification

Unemployment rate

note

note: % of labor force seeking employment

Unemployment rate 2022

3.8% (2022 est.)

Unemployment rate 2023

3.6% (2023 est.)

Unemployment rate 2024

3.2% (2024 est.)

Exports - partners

Netherlands 27%, Germany 11%, USA 10%, UK 8%, Norway 6% (2023)

note: top five export partners based on percentage share of exports

Imports - partners

Norway 11%, China 9%, Germany 9%, Netherlands 8%, USA 7% (2023)

note: top five import partners based on percentage share of imports

Real GDP per capita

note

note: data in 2021 dollars

Real GDP per capita 2022

$65,500 (2022 est.)

Real GDP per capita 2023

$67,200 (2023 est.)

Real GDP per capita 2024

$65,600 (2024 est.)

Real GDP growth rate

note

note: annual GDP % growth based on constant local currency

Real GDP growth rate 2022

9% (2022 est.)

Real GDP growth rate 2023

5.6% (2023 est.)

Real GDP growth rate 2024

0.5% (2024 est.)

Agricultural products

milk, chicken, lamb/mutton, barley, potatoes, pork, beef, eggs, other meats, cucumbers/gherkins (2023)

note: top ten agricultural products based on tonnage

Exports - commodities

aluminum, fish, orthopedic appliances, animal meal, iron alloys (2023)

note: top five export commodities based on value in dollars

Imports - commodities

refined petroleum, cars, carbon-based electronics, aluminum oxide, computers (2023)

note: top five import commodities based on value in dollars

Current account balance

note

note: balance of payments - net trade and primary/secondary income in current dollars

Current account balance 2022

-$698.165 million (2022 est.)

Current account balance 2023

$290.603 million (2023 est.)

Current account balance 2024

-$845.319 million (2024 est.)

Taxes and other revenues

23.3% (of GDP) (2023 est.)

note: central government tax revenue as a % of GDP

GDP (official exchange rate)

$33.463 billion (2024 est.)

note: data in current dollars at official exchange rate

GDP - composition, by end use

note

note: figures may not total 100% due to rounding or gaps in data collection

household consumption

49.3% (2023 est.)

government consumption

25.3% (2023 est.)

investment in inventories

0.7% (2023 est.)

investment in fixed capital

24.8% (2023 est.)

exports of goods and services

43.4% (2023 est.)

imports of goods and services

-43.3% (2023 est.)

Population below poverty line

8.8% (2017 est.)

note: % of population with income below national poverty line

Inflation rate (consumer prices)

note

note: annual % change based on consumer prices

Inflation rate (consumer prices) 2022

8.3% (2022 est.)

Inflation rate (consumer prices) 2023

8.7% (2023 est.)

Inflation rate (consumer prices) 2024

5.9% (2024 est.)

Industrial production growth rate

-2.3% (2024 est.)

note: annual % change in industrial value added based on constant local currency

Real GDP (purchasing power parity)

note

note: data in 2021 dollars

Real GDP (purchasing power parity) 2022

$25.012 billion (2022 est.)

Real GDP (purchasing power parity) 2023

$26.424 billion (2023 est.)

Real GDP (purchasing power parity) 2024

$26.561 billion (2024 est.)

Youth unemployment rate (ages 15-24)

male

8.3% (2024 est.)

note

note: % of labor force ages 15-24 seeking employment

total

7.6% (2024 est.)

female

7% (2024 est.)

Reserves of foreign exchange and gold

note

note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

Reserves of foreign exchange and gold 2022

$5.887 billion (2022 est.)

Reserves of foreign exchange and gold 2023

$5.809 billion (2023 est.)

Reserves of foreign exchange and gold 2024

$6.403 billion (2024 est.)

GDP - composition, by sector of origin

note

note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

industry

19.4% (2024 est.)

services

65.5% (2024 est.)

agriculture

4% (2024 est.)

Household income or consumption by percentage share

note

note: % share of income accruing to lowest and highest 10% of population

lowest 10%

3.7% (2018 est.)

highest 10%

21.7% (2018 est.)

Gini Index coefficient - distribution of family income

note

note: index (0-100) of income distribution; higher values represent greater inequality

Gini Index coefficient - distribution of family income 2018

26.6 (2018 est.)