We use cookies to personalise content and ads. You can change your cookie settings at any time. More info
CompareEconomy.com Comparison of world economies

Iceland

World Rank 34 4.36 Iceland flag svg
Capital
Area
Currency
Reykjavík
102,775 km 2
Icelandic króna (ISK)

Table of Contents

Introduction

Iceland is located in the North Atlantic Ocean and it is considered to be a Nordic island country. The place is well known for its volcanic and geological activity. It is also the most sparsely populated country in the entire Europe due to very small population and considerably large land area of 102,885 square kilometers. The nation is governed by President Guðni Th. Jóhannesson and Prime Minister Katrín Jakobsdóttir. 

Economy

If we include Icelean to European's comparison, then we can safely state the Icelandic GDP is fairly the lowest with the value of $21.7 billion in 2019. Interestingly, the second lowest GDP in the EU is Malta.

We need to remember that in spite of that, Iceland is one of the best places for blue collar workers and for immigrants. Icelanders are also incredibly wealthy, because on average everyone receives approximately $60,000. If we were to compare it to the highest GDP per capita in Europe, Iceland would be third, together with Denmark. And it is even if we take into account the large financial crisis that dropped their GDP per capita level by 10% in 2008-2010.

Gross domestic product (GDP, GDP PPP)

Gross domestic product (GDP)

  • Last
  • Historical chart
#101 (2021)
25,602,419,210 US$

List of countries by GDP

(United States of America (USA))

Gross domestic product growth rate

Gross domestic product per capita

Gross domestic product (PPP)

Gross domestic product (PPP) per capita

International trade (Export, Import)

External balance on goods and services

  • Last
  • Historical chart
#79 (2021)
-457,200,418 US$

List of countries by external balance on goods and services

(China)

External balance on goods and services (% of GDP)

Exports of goods and services (current US$)

Exports of goods and services (% of GDP)

Imports of goods and services (current US$)

Imports of goods and services (% of GDP)

Employment by sector, Unemployment

Unemployment (% of total labor force)

  • Last
  • Historical chart
#88 (2021)
6.02 %

List of countries by unemployment

(South Africa)

Employment in agriculture (% of total employment)

Employment in industry (% of total employment)

Employment in services (% of total employment)

Vulnerable employment (% of total employment)