Browse a full set of economic indicators


Includes historical data for Iceland’s Gross Domestic Product growth, debt-to-GDP ratio and more, as well as information on trade, banking and financial sector leadership.

Economy Powered By Renewables And A Highly Educated Workforce

Situated between North America and Europe in the Atlantic Ocean, this country of approximately 400,000 people boasts an advanced economy primarily centered on tourism, fisheries and aluminum production. Incentives, open-market policies,and regulatory efficiency attract significant foreign investment, and have helped diversifying and expanding the economy into sectors such as information technology, creative industries, manufacturing and life sciences. Additionally, Iceland boasts a highly educated and English-proficient workforce, a high standard of living and low social inequality, and a renewable energy grid that derives 99% of its power from geothermal and hydropower sources. Despite not being a member, Iceland is highly integrated into the European Union via the Agreement on the European Economic Area.

However, Iceland faces challenges, including a small domestic market, rigid labor regulations, and exports still disproportionately concentrated on aluminum and fishing products. Volcanic and seismic risks pose further concerns.

Macroeconomy & Sovereign Data

Type of Government Unitary parliamentary republic
Capital Reykjavik
Sovereign Ratings S&P: A
Moody’s: A2
Fitch: A
Total Population 400,000
Median Age 36.8
Adult Per Capita Income (PPP) 76,195.99
Total GDP (2023) 33.4 billion

Iceland GDP & Economic Overview

Most Recent Content

Banking & Finance

Trade & Investment

Total Exports USD 8.7 billion (2023)
Leading Exports Aluminum And Aluminum Products
Fish Fillets
Iron Alloys
Animal Meal
Total Imports USD 7.8 billion (2022)
Leading Imports Refined Petroleum
Aluminum Oxide
Carbon/Graphite Electronics
Packaged Medicines
Source: World Integrated Trade Solution

Iceland Leading Companies

Arion Bank Financials
Kvika Banki Financials
Íslandsbanki  Financials
Marel Industrials, Food Processing Equipment
Alvotech Pharmaceuticals, Biotechnology & Life Sciences
Sildarvinnslan Consumer Staples, Food Products
Icelandair Airlines

Major Trade Partners — Import

Norway 10%
China 9%
Germany 9%
United States 8%
Denmark 8%

Source: World Integrated Trade Solution

Major Trade Partners — Export

Netherlands 27%
Spain 12%
United Kingdom 10%
France 8%
United States 8%

Source: World Integrated Trade Solution

Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings


Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000