Location
GDP per capita: 86,041 USD (PPP: 84,257 intl$) · Total GDP: 33.3 billion USD (2024)
Income and purchasing power
The average monthly income in Iceland is 6,850 USD per month. This compares to prices and purchasing power compared to the United States.
Cost of Living
Cost of living indices are relative to New York City (NYC = 100). Lower index means lower costs. Data as of November 2025.
How to read: All indices are relative to New York City (NYC = 100). An index of 70 means costs are 30% lower than NYC. Estimated prices are calculated based on NYC reference prices.
Economic performance 2024
| Indicator | Value | Per Capita |
|---|---|---|
| GDP | 33.26 billion USD | 86,041 USD |
| Gross National Product (GNI) | 82,200 USD | |
| GDP (PPP) | 84,257 intl$ |
Development of gross domestic product in billions of USD 1960 - 2024
| Year | GDP (billions USD) | GDP per capita (USD) |
|---|---|---|
| 2024 | 33.26 | 86,041 |
| 2023 | 31.68 | 82,139 |
| 2022 | 29.17 | 76,350 |
| 2021 | 26.23 | 70,425 |
| 2020 | 22.03 | 60,128 |
| 2019 | 24.99 | 69,296 |
| 2018 | 26.68 | 75,634 |
| 2017 | 25.06 | 72,976 |
| 2016 | 21.08 | 62,854 |
| 2015 | 17.70 | 53,506 |
| 2014 | 18.05 | 55,140 |
| 2013 | 16.24 | 50,173 |
| 2012 | 14.94 | 46,595 |
| 2011 | 15.39 | 48,255 |
| 2010 | 13.92 | 43,776 |
| 2009 | 13.21 | 41,484 |
| 2008 | 18.25 | 57,489 |
| 2007 | 21.96 | 70,483 |
| 2006 | 17.67 | 58,172 |
| 2005 | 17.15 | 57,784 |
| 2004 | 13.96 | 47,810 |
| 2003 | 11.56 | 39,944 |
| 2002 | 9.42 | 32,749 |
| 2001 | 8.32 | 29,208 |
| 2000 | 9.14 | 32,504 |
| 1999 | 9.11 | 32,834 |
| 1998 | 8.64 | 31,519 |
| 1997 | 7.72 | 28,462 |
| 1996 | 7.69 | 28,584 |
| 1995 | 7.37 | 27,565 |
| 1994 | 6.61 | 24,858 |
| 1993 | 6.44 | 24,404 |
| 1992 | 7.33 | 28,072 |
| 1991 | 7.15 | 27,740 |
| 1990 | 6.69 | 26,272 |
| 1989 | 5.87 | 23,219 |
| 1988 | 6.32 | 25,307 |
| 1987 | 5.71 | 23,238 |
| 1986 | 4.13 | 16,980 |
| 1985 | 3.09 | 12,793 |
| 1984 | 2.96 | 12,378 |
| 1983 | 2.86 | 12,080 |
| 1982 | 3.32 | 14,191 |
| 1981 | 3.62 | 15,666 |
| 1980 | 3.50 | 15,340 |
| 1979 | 2.95 | 13,082 |
| 1978 | 2.60 | 11,630 |
| 1977 | 2.29 | 10,305 |
| 1976 | 1.73 | 7,848 |
| 1975 | 1.46 | 6,680 |
| 1974 | 1.57 | 7,287 |
| 1973 | 1.19 | 5,627 |
| 1972 | 0.87 | 4,155 |
| 1971 | 0.69 | 3,366 |
| 1970 | 0.55 | 2,666 |
| 1969 | 0.44 | 2,142 |
| 1968 | 0.50 | 2,473 |
| 1967 | 0.65 | 3,284 |
| 1966 | 0.66 | 3,378 |
| 1965 | 0.55 | 2,861 |
| 1964 | 0.46 | 2,414 |
| 1963 | 0.36 | 1,924 |
| 1962 | 0.30 | 1,641 |
| 1961 | 0.27 | 1,490 |
| 1960 | 0.26 | 1,486 |
Largest economic sectors
The main economic sectors in Iceland play a crucial role in the country's economic development and prosperity. These industries contribute significantly to GDP, employment, and overall economic stability.
Primary Sectors
- Banking and financial services
- Construction and real estate
- Manufacturing (metals, steel)
- Information technology
Supporting Sectors
- Logistics and transportation
- Tourism and hospitality
- Agriculture and food processing
- Energy and utilities
Note: Detailed sector breakdown data is being collected and will be updated soon.
Imports and Exports 2024
| Indicator | Iceland | Per Capita |
|---|---|---|
| Imports | 14.47 billion USD (43.5% of GDP) | |
| Exports | 14.12 billion USD (42.5% of GDP) |
Household debt and deficits 2024
| Indicator | Iceland | |
|---|---|---|
| Government debt | 26.66 billion USD (80.2% of GDP) |
Corruption in Iceland
The Corruption Perceptions Index (CPI) measures the perceived levels of public sector corruption. The scale ranges from 0 (highly corrupt) to 100 (very clean).
Unemployment rates in percentages 1991 - 2025
The unemployment rate is calculated as the percentage of unemployed persons in the total labor force. Data source: ILOSTAT
| Year | Unemployment Rate (%) |
|---|---|
| 2025 | 3.6% |
| 2024 | 3.6% |
| 2023 | 3.5% |
| 2022 | 3.8% |
| 2021 | 6.0% |
| 2020 | 5.5% |
| 2019 | 3.5% |
| 2018 | 2.7% |
| 2017 | 2.7% |
| 2016 | 3.0% |
| 2015 | 4.0% |
| 2014 | 4.9% |
| 2013 | 5.4% |
| 2012 | 6.0% |
| 2011 | 7.0% |
| 2010 | 7.6% |
| 2009 | 7.2% |
| 2008 | 2.9% |
| 2007 | 2.3% |
| 2006 | 2.8% |
| 2005 | 2.5% |
| 2004 | 4.0% |
| 2003 | 4.0% |
| 2002 | 3.0% |
| 2001 | 1.9% |
| 2000 | 1.9% |
| 1999 | 2.2% |
| 1998 | 3.1% |
| 1997 | 3.7% |
| 1996 | 3.6% |
| 1995 | 5.2% |
| 1994 | 5.3% |
| 1993 | 5.3% |
| 1992 | 4.3% |
| 1991 | 2.5% |
Inflation rates in percentages 1960 - 2024
| Year | Inflation Rate (%) |
|---|---|
| 2024 | 5.9% |
| 2023 | 8.7% |
| 2022 | 8.3% |
| 2021 | 4.4% |
| 2020 | 2.8% |
| 2019 | 3.0% |
| 2018 | 2.7% |
| 2017 | 1.8% |
| 2016 | 1.7% |
| 2015 | 1.6% |
| 2014 | 2.0% |
| 2013 | 3.9% |
| 2012 | 5.2% |
| 2011 | 4.0% |
| 2010 | 5.4% |
| 2009 | 12.0% |
| 2008 | 12.7% |
| 2007 | 5.1% |
| 2006 | 6.7% |
| 2005 | 4.0% |
| 2004 | 3.2% |
| 2003 | 2.1% |
| 2002 | 5.2% |
| 2001 | 6.4% |
| 2000 | 5.1% |
| 1999 | 3.2% |
| 1998 | 1.7% |
| 1997 | 1.8% |
| 1996 | 2.3% |
| 1995 | 1.7% |
| 1994 | 1.6% |
| 1993 | 4.0% |
| 1992 | 3.9% |
| 1991 | 6.8% |
| 1990 | 15.5% |
| 1989 | 20.8% |
| 1988 | 25.7% |
| 1987 | 18.3% |
| 1986 | 22.1% |
| 1985 | 32.0% |
| 1984 | 30.9% |
| 1983 | 84.0% |
| 1982 | 50.2% |
| 1981 | 51.8% |
| 1980 | 58.5% |
| 1979 | 44.4% |
| 1978 | 43.7% |
| 1977 | 30.3% |
| 1976 | 32.0% |
| 1975 | 49.4% |
| 1974 | 42.5% |
| 1973 | 21.4% |
| 1972 | 9.8% |
| 1971 | 6.7% |
| 1970 | 13.4% |
| 1969 | 21.8% |
| 1968 | 15.2% |
| 1967 | 3.3% |
| 1966 | 10.7% |
| 1965 | 7.3% |
| 1964 | 19.2% |
| 1963 | 12.9% |
| 1962 | 11.0% |
| 1961 | 4.7% |
| 1960 | 2.0% |
Frequently Asked Questions
What is the GDP per capita of Iceland in 2024?
The GDP per capita of Iceland is 86,041 USD in 2024. When adjusted for purchasing power parity (PPP), the GDP per capita is 84,257 international dollars. This indicator measures the economic output per person and is a key metric for comparing economic prosperity across countries.
What are the main industries in Iceland?
The main economic sectors in Iceland include banking and financial services, construction and real estate, manufacturing (metals, steel), and information technology. Supporting sectors include logistics and transportation, tourism and hospitality, agriculture and food processing, and energy and utilities. These industries contribute significantly to GDP, employment, and overall economic stability.
What is the inflation rate in Iceland in 2024?
The inflation rate in Iceland is 5.9% in 2024. Inflation measures the rate at which the general level of prices for goods and services rises, eroding purchasing power. This data is updated regularly from reliable sources like the World Bank and IMF.
Explore key economic indicators of Iceland including GDP, inflation, unemployment, and trade data. This page provides up-to-date statistics and visual insights based on official international sources such as World Bank, IMF, and ILO.
Our comprehensive database allows you to compare Iceland's economic performance with other countries and understand global economic trends. Access current economic indicators, historical data, and comparative analysis to gain a deeper understanding of Iceland's economic landscape. For demographic data, visit our population statistics section.
Data Sources
All economic data presented on this page is sourced from reputable international organizations and updated regularly.
- World Bank: GDP, inflation, unemployment, trade, and economic indicators
- IMF (International Monetary Fund): Economic indicators and financial statistics
- OECD: Economic and social statistics
- Transparency International: Corruption perception index
- Numbeo: Cost of living data
Data is updated monthly. Last update: June 2026