Iceland - Economic Indicators

Economic Overview

Iceland's economy combines a capitalist structure and free-market principles with an extensive welfare system. Except for a brief period during the 2008 crisis, Iceland has achieved high growth, low unemployment, and a remarkably even distribution of income. The economy depends heavily on the fishing industry, which provides 40% of merchandise 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....

Continue reading View Factbook for Iceland

GDP Reference Last Previous Units Frequency
Private Consumption 2017 Q4 351,921,981,509 306,975,052,503 ISK, NSA Quarterly
Nominal Gross Domestic Product 2017 Q4 663,240,472,779 688,048,778,126 ISK, NSA Quarterly
Investment 2017 Q4 147,755,426,041 152,898,999,121 ISK, NSA Quarterly
Government Consumption 2017 Q1 141,375 149,171 Mil. ISJ Quarterly
Real Gross Domestic Product 2017 Q1 117.17 128.54 Index 2005=100 Quarterly
Price Reference Last Previous Units Frequency
Consumer Price Index (CPI) Mar 2018 124.45 123.75 2010=100, NSA Monthly
Labor Reference Last Previous Units Frequency
Agriculture Employment 2017 8,349 8,712 # Annual
Unemployment Rate 2017 2.7 3 % of total labor force Annual
Labor Force Employment 2017 208,725 207,438 # Annual
Labor Force 2016 196,491 191,366 # Annual
Unemployment 2016 5,891 7,625 # Annual
Trade Reference Last Previous Units Frequency
Exports of Goods and Services 2017 Q4 308,225,080,371 355,352,374,211 ISK, NSA Quarterly
Imports of Goods and Services 2017 Q4 295,050,966,889 284,968,527,689 ISK, NSA Quarterly
Imports of Goods 2017 Q4 1,791,726,556 1,671,599,147 USD, NSA Quarterly
Current Account Balance 2017 Q4 26,425,890 647,364,638 USD, NSA Quarterly
Exports of Goods 2017 Q4 1,407,940,106 1,239,700,522 USD, NSA Quarterly
Balance of Goods 2017 Q4 -383,786,450 -431,898,625 USD, NSA Quarterly
Government Reference Last Previous Units Frequency
Gross External Debt 2017 Q3 9,660,607,941 9,504,625,463 USD, NSA Quarterly
Markets Reference Last Previous Units Frequency
Treasury Bills (over 31 days) Mar 2018 4.65 4.65 % p.a., NSA Monthly
Money Market Rate Mar 2018 4.12 4.1 % p.a., NSA Monthly
Average Long-term Government Bond Jun 2017 2.46 2.48 % Monthly
Lending Rate Apr 2013 7 7 % - End of period Monthly
Real Estate Reference Last Previous Units Frequency
House Price Index 2017 Q4 136.94 135.65 Index 2015=100, NSA Quarterly
Business Reference Last Previous Units Frequency
Industrial Production Dec 2017 131.57 126.02 2010=100, NSA Monthly
Demographics Reference Last Previous Units Frequency
Population 2016 332,474 330,243 # Annual
Birth Rate 2015 12.5 13.4 # per Ths. pop. Annual
Death Rate 2015 6.6 6.3 # per Ths. pop. Annual
Net Migration 2012 -2,163 # Annual
Deaths 2012 1,955 1,986 #, NSA Annual

Factbook

Background

Background:
Settled by Norwegian and Celtic (Scottish and Irish) immigrants during the late 9th and 10th centuries A.D., Iceland boasts the world's oldest functioning legislative assembly, the Althingi, established in 930. Independent for over 300 years, Iceland was subsequently ruled by Norway and Denmark. Fallout from the Askja volcano of 1875 devastated the Icelandic economy and caused widespread famine. Over the next quarter century, 20% of the island's population emigrated, mostly to Canada and the US. Denmark granted limited home rule in 1874 and complete independence in 1944. The second half of the 20th century saw substantial economic growth driven primarily by the fishing industry. The economy diversified greatly after the country joined the European Economic Area in 1994, but Iceland was especially hard hit by the global financial crisis in the years following 2008. The economy is now on an upward trajectory, fueled primarily by a tourism and construction boom. Literacy, longevity, and social cohesion are first rate by world standards.

Geography

Location:
Northern Europe, island between the Greenland Sea and the North Atlantic Ocean, northwest of the United Kingdom
Geographic coordinates:
65 00 N, 18 00 W
Map references:
Arctic Region
Area:
total: 103,000 sq km
land: 100,250 sq km
water: 2,750 sq km
country comparison to the world: 109
Area - comparative:
slightly smaller than Pennsylvania; about the same size as Kentucky
Area comparison map:
Land boundaries:
0 km
Coastline:
4,970 km
Maritime claims:
territorial sea: 12 nm
exclusive economic zone: 200 nm
continental shelf: 200 nm or to the edge of the continental margin
Climate:
temperate; moderated by North Atlantic Current; mild, windy winters; damp, cool summers
Terrain:
mostly plateau interspersed with mountain peaks, icefields; coast deeply indented by bays and fiords
Elevation:
mean elevation: 557 m
elevation extremes: lowest point: Atlantic Ocean 0 m
highest point: Hvannadalshnukur 2,110 m (at Vatnajokull Glacier)
Natural resources:
fish, hydropower, geothermal power, diatomite
Land use:
agricultural land: 18.7%
arable land 1.2%; permanent crops 0%; permanent pasture 17.5%
forest: 0.3%
other: 81% (2011 est.)
Irrigated land:
NA
Population - distribution:
Iceland is almost entirely urban with half of the population located in and around the capital of Reykjavik; smaller clusters are primarily found along the coast in the north and west
Natural hazards:
earthquakes and volcanic activity
volcanism: Iceland, situated on top of a hotspot, experiences severe volcanic activity; Eyjafjallajokull (1,666 m) erupted in 2010, sending ash high into the atmosphere and seriously disrupting European air traffic; scientists continue to monitor nearby Katla (1,512 m), which has a high probability of eruption in the very near future, potentially disrupting air traffic; Grimsvoetn and Hekla are Iceland's most active volcanoes; other historically active volcanoes include Askja, Bardarbunga, Brennisteinsfjoll, Esjufjoll, Hengill, Krafla, Krisuvik, Kverkfjoll, Oraefajokull, Reykjanes, Torfajokull, and Vestmannaeyjar
Environment - current issues:
water pollution from fertilizer runoff; inadequate wastewater treatment
Environment - international agreements:
party to: Air Pollution, Air Pollution-Persistent Organic Pollutants, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Kyoto Protocol, Law of the Sea, Marine Dumping, Ozone Layer Protection, Ship Pollution, Transboundary Air Pollution, Wetlands, Whaling
signed, but not ratified: Environmental Modification, Marine Life Conservation
Geography - note:
strategic location between Greenland and Europe; westernmost European country; Reykjavik is the northernmost national capital in the world; more land covered by glaciers than in all of continental Europe

People & Society

Population:
339,747 (July 2017 est.)
country comparison to the world: 178
Nationality:
noun: Icelander(s)
adjective: Icelandic
Ethnic groups:
homogeneous mixture of descendants of Norse and Celts 94%, population of foreign origin 6%
Languages:
Icelandic, English, Nordic languages, German widely spoken
Religions:
Evangelical Lutheran Church of Iceland (official) 69.9%, Roman Catholic 3.8%, Reykjavik Free Church 2.9%, Hafnarfjorour Free Church 2%, Asatru Association 1.1%, The Independent Congregation 1%, other religions 4% (includes Zuist and Pentecostal), none 6.1%, other or unspecified 9.2% (2017 est.)
Age structure:
0-14 years: 20.4% (male 35,418/female 33,887)
15-24 years: 13.5% (male 23,190/female 22,659)
25-54 years: 39.88% (male 68,579/female 66,899)
55-64 years: 11.81% (male 20,119/female 20,007)
65 years and over: 14.42% (male 22,936/female 26,053) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 51.6
youth dependency ratio: 30.8
elderly dependency ratio: 20.8
potential support ratio: 4.8 (2015 est.)
Median age:
total: 36.5 years
male: 35.9 years
female: 37.1 years (2017 est.)
country comparison to the world: 70
Population growth rate:
1.13% (2017 est.)
country comparison to the world: 106
Birth rate:
13.7 births/1,000 population (2017 est.)
country comparison to the world: 141
Death rate:
6.4 deaths/1,000 population (2017 est.)
country comparison to the world: 148
Net migration rate:
4 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 29
Population distribution:
Iceland is almost entirely urban with half of the population located in and around the capital of Reykjavik; smaller clusters are primarily found along the coast in the north and west
Urbanization:
urban population: 94.3% of total population (2017)
rate of urbanization: 1.1% annual rate of change (2015-20 est.)
Major urban areas - population:
REYKJAVIK (capital) 184,000 (2014)
Sex ratio:
at birth: 1.05 male(s)/female
0-14 years: 1.05 male(s)/female
15-24 years: 1.03 male(s)/female
25-54 years: 1.02 male(s)/female
55-64 years: 1.01 male(s)/female
65 years and over: 0.88 male(s)/female
total population: 1.01 male(s)/female (2016 est.)
Mother's mean age at first birth:
27.4 years (2015 est.)
Maternal mortality rate:
3 deaths/100,000 live births (2015 est.)
country comparison to the world: 183
Infant mortality rate:
total: 2.1 deaths/1,000 live births
male: 2.2 deaths/1,000 live births
female: 1.9 deaths/1,000 live births (2017 est.)
country comparison to the world: 223
Life expectancy at birth:
total population: 83.1 years
male: 80.9 years
female: 85.4 years (2017 est.)
country comparison to the world: 6
Total fertility rate:
2 children born/woman (2017 est.)
country comparison to the world: 120
Health expenditures:
8.9% of GDP (2014)
country comparison to the world: 43
Physicians density:
3.79 physicians/1,000 population (2015)
Hospital bed density:
3.18 beds/1,000 population (2014)
Drinking water source:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
improved:
urban: 98.7% of population
rural: 100% of population
total: 98.8% of population
unimproved:
urban: 1.3% of population
rural: 0% of population
total: 1.2% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Obesity - adult prevalence rate:
21.9% (2016)
country comparison to the world: 83
Education expenditures:
7.8% of GDP (2013)
country comparison to the world: 14
School life expectancy (primary to tertiary education):
total: 20 years
male: 18 years
female: 21 years (2013)
Unemployment, youth ages 15-24:
total: 6.5%
male: 6.7%
female: 6.4% (2016 est.)
country comparison to the world: 85

Government

Country name:
conventional long form: Republic of Iceland
conventional short form: Iceland
local long form: Lydveldid Island
local short form: Island
etymology: Floki VILGERDARSON, an early explorer of the island (9th century), applied the name "Land of Ice" after spotting a fjord full of drift ice to the north and spending a bitter winter on the island; he eventually settled on the island, however, after he saw how it greened up in the summer and that it was, in fact, habitable
Government type:
parliamentary republic
Capital:
name: Reykjavik
geographic coordinates: 64 09 N, 21 57 W
time difference: UTC 0 (5 hours ahead of Washington, DC, during Standard Time)
Administrative divisions:
8 regions; Austurland, Hofudhborgarsvaedhi, Nordhurland Eystra, Nordhurland Vestra, Sudhurland, Sudhurnes, Vestfirdhir, Vesturland
Independence:
1 December 1918 (became a sovereign state under the Danish Crown); 17 June 1944 (from Denmark; birthday of Jon SIGURDSSON, leader of Iceland's 19th Century independence movement)
National holiday:
Independence Day, 17 June (1944)
Constitution:
history: several previous; latest ratified 16 June 1944, effective 17 June 1944 (at independence)
amendments: proposed by the Althingi; passage requires approval by the Althingi and by the next elected Althingi, and confirmation by the president of the republic; proposed amendments to Article 62 of the constitution – that the Evangelical Lutheran Church shall be the state church of Iceland – also require passage by referendum; amended many times, last in 2013 (2016)
Legal system:
civil law system influenced by the Danish model
International law organization participation:
has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Iceland
dual citizenship recognized: yes
residency requirement for naturalization: 3 to 7 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President Gudni Thorlacius JOHANNESSON (since 1 August 2016)
head of government: Acting Prime Minister Bjarni BENEDIKTSSON (since 11 January 2017); Prime Minister BENEDIKTSSON resigned on 16 September 2017
cabinet: Cabinet appointed by the prime minister
elections/appointments: president directly elected by simple majority popular vote for a 4-year term (no term limits); election last held on 25 June 2016 (next to be held in June 2020); following legislative elections, the leader of the majority party or majority coalition becomes prime minister
election results: Gudni Thorlacius JOHANNESSON elected president; percent of vote - Gudni Thorlacius JOHANNESSON (IP) 39.1%, Halla TOMASDOTTIR (independent) 27.9%, Andri Snaer MAGNASON (independent) 14.3%, David ODDSSON (IP) 13.7%, Sturla JONSSON (Sturla Jonsson) 3.5%, invalid 1.5%
Legislative branch:
description: unicameral Althingi or Parliament (63 seats; members directly elected in multi-seat constituencies by proportional representation vote to serve 4-year terms)
elections: last held on 29 October 2016 (next to be held on 28 October 2017); note - an early election is being held because the governing coalition collapsed
election results: percent of vote by party - IP 29.0%, LGM 15.9%, PIP 14.5%, PP 11.5%, Reform 10.5%, BF 7.2%, SDA 5.7%, PP 3.5%; other 2.2%; seats by party - IP 21, LGM 10, PIP 10, PP 8, Reform 7, BF 4, SDA 3
Judicial branch:
highest court(s): Supreme Court or Haestirettur (consists of 9 judges)
judge selection and term of office: judges proposed by Ministry of Interior selection committee and appointed by the president; judges appointed for an indefinite period
subordinate courts: 8 district courts; Labor Court
Political parties and leaders:
Bright Future (Bjort framtid) or BF [Ottarr PROPPE]
Independence Party (Sjalfstaedisflokkurinn) or IP [Bjarni BENEDIKTSSON]
Left-Green Movement (Vinstrihreyfingin-graent frambod) or LGM [Katrin JAKOBSDOTTIR]
Pirate Party (Piratar) or PIP [Birgitta JONSDOTTIR]
Progressive Party (Framsoknarflokkurinn) or PP [Sigurdur Ingi JOHANNSSON]
Reform (Vidreisn) or R [Benedict JOHANNSSON]
Social Democratic Alliance (Samfylkingin) or SDA [Logi Mar EINARSSON]
Sturla Jonsson (formerly Move Forward Party [Sturla JONSSON, chairman]
International organization participation:
Arctic Council, Australia Group, BIS, CBSS, CD, CE, EAPC, EBRD, EFTA, FAO, FATF, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, NATO, NC, NEA, NIB, NSG, OAS (observer), OECD, OPCW, OSCE, PCA, Schengen Convention, UN, UNCTAD, UNESCO, UPU, WCO, WHO, WIPO, WMO, WTO
Diplomatic representation in the US:
chief of mission: Ambassador Geir Hilmar HAARDE (since 23 February 2015)
chancery: House of Sweden, 2900 K Street NW
telephone: [1] (202) 265-6653
FAX: [1] (202) 265-6656
consulate(s) general: New York
Diplomatic representation from the US:
chief of mission: Ambassador (vacant); Charge d'Affaires Jill ESPOSITO (since 20 January 2017)
embassy: Laufasvegur 21, 101 Reykjavik
mailing address: US Department of State, 5640 Reykjavik Place, Washington, D.C. 20521-5640
telephone: [354] 595-22-00
FAX: [354] 562-9118
Flag description:
blue with a red cross outlined in white extending to the edges of the flag; the vertical part of the cross is shifted to the hoist side in the style of the Dannebrog (Danish flag); the colors represent three of the elements that make up the island: red is for the island's volcanic fires, white recalls the snow and ice fields of the island, and blue is for the surrounding ocean
National symbol(s):
gyrfalcon; national colors: blue, white, red
National anthem:
name: "Lofsongur" (Song of Praise)
lyrics/music: Matthias JOCHUMSSON/Sveinbjorn SVEINBJORNSSON
note: adopted 1944; also known as "O, Gud vors lands" (O, God of Our Land), the anthem was originally written and performed in 1874

Economy

Economy - overview:
Iceland's economy combines a capitalist structure and free-market principles with an extensive welfare system. Except for a brief period during the 2008 crisis, Iceland has achieved high growth, low unemployment, and a remarkably even distribution of income. The economy depends heavily on the fishing industry, which provides 40% of merchandise 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. Since 2010, tourism has become the main pillar of Icelandic economic growth, with the number of tourists reaching 4.5 times the Icelandic population in 2016.
Iceland's economy has been diversifying into manufacturing and service industries in the last decade, particularly within the fields of tourism, software production, and biotechnology. 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, although no exploration has yet taken place. 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.
Following the privatization of the banking sector in the early 2000s, domestic banks expanded aggressively in foreign markets, and consumers and businesses borrowed heavily in foreign currencies. 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. Three new banks were established to take over the domestic assets of the collapsed banks. Two of them have majority ownership by the state, which intends to re-privatize them.
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. Capital controls were finally lifted in March 2017, but some financial protections (e.g., reserve requirements for specified investments connected to new inflows of foreign currency) remain in place. Iceland’s financial woes prompted an initial increase in public support to join the EU and the euro zone, with accession negotiations beginning in July 2010, but negotiations were suspended under the center-right government that took power in 2013. The current ruling coalition does not intend to restart accession talks, but has signaled that it would allow a vote on the question of EU membership, if a bill came before parliament near the end of the current parliamentary term. Most macroeconomic indicators and employment have rebounded to pre-crisis levels, driven primarily by the unprecedented growth in tourism – averaging over 20% annually – following the well-publicized volcanic eruption in 2010.
GDP (purchasing power parity):
$16.52 billion (2016 est.)
$15.21 billion (2015 est.)
$14.46 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 151
GDP (official exchange rate):
$20.05 billion (2016 est.)
GDP - real growth rate:
7.2% (2016 est.)
4.1% (2015 est.)
1.9% (2014 est.)
country comparison to the world: 7
GDP - per capita (PPP):
$49,200 (2016 est.)
$46,300 (2015 est.)
$45,000 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 28
Gross national saving:
29.3% of GDP (2016 est.)
24.5% of GDP (2015 est.)
21.3% of GDP (2014 est.)
country comparison to the world: 26
GDP - composition, by end use:
household consumption: 49%
government consumption: 23.1%
investment in fixed capital: 21.2%
investment in inventories: 0.1%
exports of goods and services: 49.1%
imports of goods and services: -42.5% (2016 est.)
GDP - composition, by sector of origin:
agriculture: 5.8%
industry: 20.2%
services: 74% (2016 est.)
Agriculture - products:
potatoes, carrots, green vegetables, tomatoes, cucumbers; mutton, chicken, pork, beef, dairy products; fish
Industries:
tourism, fish processing; aluminum smelting;; geothermal power, hydropower; medical/pharmaceutical products
Industrial production growth rate:
2% (2016 est.)
country comparison to the world: 110
Labor force:
196,500 (2016 est.)
country comparison to the world: 173
Labor force - by occupation:
agriculture: 4.8%
industry: 22.2%
services: 73% (2008)
Unemployment rate:
3% (2016 est.)
4% (2015 est.)
country comparison to the world: 29
Population below poverty line:
NA%
note: 332,100 families (2011 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Distribution of family income - Gini index:
28 (2006)
25 (2005)
country comparison to the world: 135
Budget:
revenues: $11.71 billion
expenditures: $8.264 billion (2016 est.)
Taxes and other revenues:
58.4% of GDP (2016 est.)
country comparison to the world: 9
Budget surplus (+) or deficit (-):
17.2% of GDP (2016 est.)
country comparison to the world: 2
Public debt:
54.5% of GDP (2016 est.)
68.1% of GDP (2015 est.)
country comparison to the world: 88
Fiscal year:
calendar year
Inflation rate (consumer prices):
1.7% (2016 est.)
1.6% (2015 est.)
country comparison to the world: 114
Central bank discount rate:
5.4% (31 January 2012)
5.75% (31 December 2010)
country comparison to the world: 77
Commercial bank prime lending rate:
8.24% (31 December 2016 est.)
7.61% (31 December 2015 est.)
country comparison to the world: 103
Stock of narrow money:
$4.251 billion (31 December 2016 est.)
$3.314 billion (31 December 2015 est.)
country comparison to the world: 108
Stock of broad money:
$8.693 billion (31 December 2015 est.)
$7.471 billion (31 December 2015 est.)
country comparison to the world: 107
Stock of domestic credit:
$21.18 billion (31 December 2016 est.)
$18.43 billion (31 December 2015 est.)
country comparison to the world: 86
Market value of publicly traded shares:
$2.825 billion (31 December 2012 est.)
$2.021 billion (31 December 2011 est.)
$1.996 billion (31 December 2010 est.)
country comparison to the world: 96
Current account balance:
$1.589 billion (2016 est.)
$918 million (2015 est.)
country comparison to the world: 37
Exports:
$4.483 billion (2016 est.)
$4.655 billion (2015 est.)
country comparison to the world: 108
Exports - commodities:
fish and fish products (42%), aluminum (38%), agricultural products, medicinal and medical products, ferro-silicon (2015)
Exports - partners:
Netherlands 25.4%, UK 11.3%, Spain 10.5%, US 7.8%, Germany 7%, France 6.7%, Norway 4.2% (2016)
Imports:
$5.315 billion (2016 est.)
$4.926 billion (2015 est.)
country comparison to the world: 120
Imports - commodities:
machinery and equipment, petroleum products, foodstuffs, textiles
Imports - partners:
Germany 10.1%, US 10%, Norway 9.1%, Netherlands 7.5%, China 7.4%, Denmark 6.1%, UK 5.8% (2016)
Reserves of foreign exchange and gold:
$7.226 billion (31 December 2016 est.)
$5.041 billion (31 December 2015 est.)
country comparison to the world: 81
Debt - external:
$25.02 billion (31 December 2016 est.)
$30.25 billion (31 December 2015 est.)
country comparison to the world: 85
Stock of direct foreign investment - at home:
$13.89 billion (31 December 2016 est.)
$16.26 billion (31 December 2015 est.)
country comparison to the world: 90
Stock of direct foreign investment - abroad:
$17.64 billion (31 December 2016 est.)
$16.47 billion (31 December 2015 est.)
country comparison to the world: 54
Exchange rates:
Icelandic kronur (ISK) per US dollar -
129.3 (2016 est.)
131.92 (2015 est.)
131.92 (2014 est.)
116.77 (2013 est.)
125.08 (2012 est.)

Energy

Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
18.56 billion kWh (2015 est.)
country comparison to the world: 78
Electricity - consumption:
17.98 billion kWh (2015 est.)
country comparison to the world: 73
Electricity - exports:
0 kWh (2016 est.)
country comparison to the world: 149
Electricity - imports:
0 kWh (2016 est.)
country comparison to the world: 161
Electricity - installed generating capacity:
2.772 million kW (2015 est.)
country comparison to the world: 101
Electricity - from fossil fuels:
4.2% of total installed capacity (2015 est.)
country comparison to the world: 206
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 110
Electricity - from hydroelectric plants:
71.7% of total installed capacity (2015 est.)
country comparison to the world: 18
Electricity - from other renewable sources:
24.1% of total installed capacity (2015 est.)
country comparison to the world: 24
Crude oil - production:
0 bbl/day (2016 est.)
country comparison to the world: 150
Crude oil - exports:
0 bbl/day (2016 est.)
country comparison to the world: 139
Crude oil - imports:
0 bbl/day (2016 est.)
country comparison to the world: 142
Crude oil - proved reserves:
0 bbl (1 January 2017 es)
country comparison to the world: 149
Refined petroleum products - production:
0 bbl/day (2016 est.)
country comparison to the world: 158
Refined petroleum products - consumption:
19,800 bbl/day (2016 est.)
country comparison to the world: 139
Refined petroleum products - exports:
2,845 bbl/day (2016 est.)
country comparison to the world: 103
Refined petroleum products - imports:
19,530 bbl/day (2016 est.)
country comparison to the world: 119
Natural gas - production:
0 cu m (2014 est.)
country comparison to the world: 150
Natural gas - consumption:
0 cu m (2014 est.)
country comparison to the world: 194
Natural gas - exports:
0 cu m (2014 est.)
country comparison to the world: 122
Natural gas - imports:
0 cu m (2014 est.)
country comparison to the world: 139
Natural gas - proved reserves:
0 cu m (1 January 2014 es)
country comparison to the world: 153
Carbon dioxide emissions from consumption of energy:
3.3 million Mt (2013 est.)
country comparison to the world: 141

Communications

Telephones - fixed lines:
total subscriptions: 164,566
subscriptions per 100 inhabitants: 49 (July 2016 est.)
country comparison to the world: 131
Telephones - mobile cellular:
total: 401,613
subscriptions per 100 inhabitants: 120 (July 2016 est.)
country comparison to the world: 175
Telephone system:
general assessment: telecommunications infrastructure is modern and fully digitized, with satellite-earth stations, fiber-optic cables, and an extensive broadband network
domestic: liberalization of the telecommunications sector beginning in the late 1990s has led to increased competition especially in the mobile services segment of the market
international: country code - 354; the CANTAT-3 and FARICE-1 submarine cable systems provide connectivity to Canada, the Faroe Islands, UK, Denmark, and Germany; a planned new section of the Hibernia-Atlantic submarine cable will provide additional connectivity to Canada, US, and Ireland; satellite earth stations - 2 Intelsat (Atlantic Ocean), 1 Inmarsat (Atlantic and Indian Ocean regions); note - Iceland shares the Inmarsat earth station with the other Nordic countries (Denmark, Finland, Norway, and Sweden) (2015)
Broadcast media:
state-owned public TV broadcaster operates 1 TV channel nationally; several privately owned TV stations broadcast nationally and roughly another half-dozen operate locally; about one-half the households utilize multi-channel cable or satellite TV services; state-owned public radio broadcaster operates 2 national networks and 4 regional stations; 2 privately owned radio stations operate nationally and another 15 provide more limited coverage (2007)
Internet country code:
.is
Internet users:
total: 329,967
percent of population: 98.2% (July 2016 est.)
country comparison to the world: 141

Transportation

National air transport system:
number of registered air carriers: 5
inventory of registered aircraft operated by air carriers: 43
annual passenger traffic on registered air carriers: 3,413,950
annual freight traffic on registered air carriers: 102,356,809 mt-km (2015)
Civil aircraft registration country code prefix:
TF (2016)
Airports:
96 (2013)
country comparison to the world: 60
Airports - with paved runways:
total: 7
over 3,047 m: 1
1,524 to 2,437 m: 3
914 to 1,523 m: 3 (2017)
Airports - with unpaved runways:
total: 89
1,524 to 2,437 m: 3
914 to 1,523 m: 26
under 914 m: 60 (2013)
Roadways:
total: 12,890 km
paved/oiled gravel: 4,782 km (excludes urban roads)
unpaved: 8,108 km (2012)
country comparison to the world: 127
Merchant marine:
total: 2
by type: passenger/cargo 2
registered in other countries: 19 (Antigua and Barbuda 10, Belize 1, Faroe Islands 4, Finland 1, Gibraltar 1, Norway 2) (2010)
country comparison to the world: 142
Ports and terminals:
major seaport(s): Grundartangi, Hafnarfjordur, Reykjavik

Military & Security

Military expenditures:
0.1% of GDP (2016)
0.13% of GDP (2012)
0.14% of GDP (2011)
0.13% of GDP (2010)
country comparison to the world: 131
Military branches:
no regular military forces; Icelandic National Police; Icelandic Coast Guard (2016)
Military - note:
Iceland is the only NATO member that has no standing military force; all US military forces in Iceland were withdrawn as of October 2006; defense of Iceland remains a NATO commitment and NATO maintains an air policing presence in Icelandic airspace; Iceland participates in international peacekeeping missions with the civilian-manned Icelandic Crisis Response Unit (ICRU)

Transnational Issues

Disputes - international:
Iceland, the UK, and Ireland dispute Denmark's claim that the Faroe Islands' continental shelf extends beyond 200 nm; the European Free Trade Association Surveillance Authority filed a suit against Iceland, claiming the country violated the Agreement on the European Economic Area in failing to pay minimum compensation to Icesave depositors
Refugees and internally displaced persons:
stateless persons: 131 (2016)

Economic Indicators for Iceland including actual values, historical data, and latest data updates for the Iceland economy.