OECD Economic Surveys: Iceland 2025

Basic statistics of Iceland, 2024

 

(Numbers in parentheses refer to the OECD average)

LAND, PEOPLE AND ELECTORAL CYCLE
Population (million, 2023)	0.4		Population density per km² (2023)	3.9	(39.2)
Under 15 (%, 2023)	18.1	(16.9)	Life expectancy at birth (years, 2023, OECD: 2022)	82.6	(80.6)
Over 65 (%, 2023)	15.3	(18.2)	Men (2023, OECD: 2022)	80.9	(78.0)
International migrant stock (% of population)	25.1	(15.7)	Women (2023, OECD: 2022)	84.4	(83.2)
Latest 5-year average growth (%)	2.2	(0.4)	Latest general election	November 2024
ECONOMY
Gross domestic product (GDP)			Value added shares (%, 2023)
In current prices (billion USD)	33.3		Agriculture, forestry and fishing	4.3	(2.7)
In current prices (billion ISK)	4 598.4		Industry including construction	23.5	(27.1)
Latest 5-year average real growth (%)	2.2	(1.7)	Services	72.2	(70.2)
Per capita (thousand USD PPP, 2023)1	77.3	(59.0)
GENERAL GOVERNMENT Per cent of GDP
Expenditure	46.4	(43.7)	Gross financial debt (OECD: 2023)	59.6	(110.5)
Revenue	42.9	(38.8)	Net financial debt (OECD: 2023)	5.0	(67.2)
EXTERNAL ACCOUNTS
Exchange rate (ISK per USD)	138.01		Main exports (% of total merchandise exports)
PPP exchange rate (USA = 1)	148.70		Metals	36.8
In per cent of GDP			Animal	35.1
Exports of goods and services	42.3	(30.5)	Miscellaneous	7.7
Imports of goods and services	43.1	(30.1)	Main imports (% of total merchandise imports)
Current account balance	-2.7	(-0.3)	Machinery and electronics	26.3
Net international investment position	42.6		Chemicals	14.4
			Fuels	11.5
LABOUR MARKET, SKILLS AND INNOVATION
Employment rate (aged 15 and over, %)	73.5	(58.0)	Unemployment rate, Labour Force Survey (aged 15 and over, %)	3.6	(4.9)
Men	77.8	(65.4)	Youth (aged 15-24, %)	9.1	(11.1)
Women	69.0	(51.0)	Long-term unemployed (1 year and over, %)	1.7	(1.0)
Participation rate (aged 15 and over, %)	76.2	(61.0)	Tertiary educational attainment (aged 25-64, %, 2023)	44.5	(41.0)
Average hours worked per year (2023)	1 434	(1 667)	Gross domestic expenditure on R&D (% of GDP, 2022)	2.6	(3.0)
ENVIRONMENT
Total primary energy supply per capita (toe, 2023)	15.9	(3.7)	CO₂ emissions from fuel combustion per capita (tonnes, 2023)	4.1	(7.6)
Renewables (%, 2023)	89.7	(12.5)	Water abstractions per capita (1 000 m³, 1999)	0.6
Exposure to air pollution (more than 10 μg/m³ of PM 2.5, % of population, 2020)	0.0	(56.5)	Municipal waste per capita (tonnes, 2022, OECD: 2023)	0.6	(0.6)
SOCIETY
Income inequality (Gini coefficient, 2017, OECD: latest available)	0.250	(0.316)	Education outcomes (PISA 2022 score)
Relative poverty rate (%, 2017, OECD: 2022)	4.9	(11.7)	Reading	436	(476)
Median disposable household income (thousand USD PPP, 2017, OECD: 2021)	34.3	(30.0)	Mathematics	459	(472)
Public and private spending (% of GDP)			Science	447	(485)
Health care (2023)	9.0	(9.2)	Share of women in parliament (%)	46.0	(33.3)
Pensions (2021)	8.5	(9.9)	Net official development assistance (% of GNI, 2022)	0.3	(0.4)
Education (total spending, 2020)	6.3	(5.1)

Notes: The year is indicated in parenthesis if it deviates from the year in the main title of this table. Where the OECD aggregate is not provided in the source database, a simple OECD average of latest available data is calculated where data exist for at least 80% of member countries.

¹ OECD aggregate refers to weighted average.

Source: Calculations based on data extracted from databases of the following organisations: OECD, International Energy Agency, International Labour Organisation, International Monetary Fund, United Nations, World Bank.