Markets Actual Q1 Q2 Q3 Q4 2022
Currency 128.15 129 130 131 131 133
Stock Market (points) 2075.79 2051 2007 1964 1922 1838
Government Bond 10y (%) 3.54 3.61 3.67 3.74 3.81 3.95

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 4.80 1 3 1.8 1.3 0.9
GDP Annual Growth Rate (%) -5.10 -1 8.8 5 1.5 1.5
Unemployment Rate (%) 8.20 8.6 8.2 8.2 7 6
Inflation Rate (%) 4.10 3.7 2.5 2.5 2.8 2.8
Interest Rate (%) 0.75 0.75 0.75 1 1.25 2.5
Balance of Trade (ISK Million) -11961.70 -14700 -14700 -14700 -13900 -13900
Current Account (ISK Million) 22086.00 45 45 45 15 20
Current Account to GDP (%) 5.80 2.7 2.7 2.7 2.7 2.8
Government Debt to GDP (%) 37.00 52 52 52 52 49
Government Budget (% of GDP) -1.00 -9.9 -9.9 -9.9 -9.9 -6.2
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 46.24 46.3 46.24 46.24 46.3 46.3

GDP Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 4.80 1 3 1.8 1.3 0.9
GDP Annual Growth Rate (%) -5.10 -1 8.8 5 1.5 1.5
GDP (USD Billion) 24.19 23.5 23.5 23.5 23.5 24.1
GDP Constant Prices (ISK Million) 664598.00 366023 365570 648991 627358 636769
Gross National Product (ISK Million) 2612659.00 1485246 1632270 1575260 1522752 1545593
Gross Fixed Capital Formation (ISK Million) 138136.00 57766 65272 132747 128322 130247
GDP per capita (USD) 51332.14 51000 51000 51000 51000 52000
GDP per capita PPP (USD) 55874.00 53700 53700 53700 53700 54690

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 8.20 8.6 8.2 8.2 7 6
Wages (ISK/Month) 669000.00 694665 690542 690542 717033 717033
Population (Million) 0.36 0.38 0.38 0.38 0.38 0.39
Retirement Age Women 67.00 67 67 67 67 67
Retirement Age Men 67.00 67 67 67 67 67
Employment Rate (%) 71.50 78.3 78.3 78.3 78.5 78.5

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) 4.10 3.7 2.5 2.5 2.8 2.8
Consumer Price Index CPI (points) 174.70 493 494 177 178 183
Harmonised Consumer Prices (points) 103.80 105 106 107 107 110
Core Consumer Prices (points) 277.10 275 273 275 283 283
Core Inflation Rate (%) 4.10 2.8 2.8 2.8 2.8 2.8
Producer Prices (points) 228.10 212 223 217 249 218
Producer Prices Change (%) 6.90 2 2.8 2.3 3 3
CPI Housing Utilities (points) 477.70 484 479 481 486 500
CPI Transportation (points) 160.83 159 160 162 164 169
Food Inflation (%) 6.50 3.8 3.8 3.8 3.8 3.8
Inflation Rate Mom (%) 0.70 0.5 0.5 0.5 0.5 0.5

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) 0.75 0.75 0.75 1 1.25 2.5
Interbank Rate (%) 1.13 1.04 1.04 1.04 4.47 1.54

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (ISK Million) -11961.70 -14700 -14700 -14700 -13900 -13900
Current Account (ISK Million) 22086.00 45 45 45 15 20
Current Account to GDP (%) 5.80 2.7 2.7 2.7 2.7 2.8
Imports (ISK Million) 64527.00 73600 73600 73600 74400 74400
Exports (ISK Million) 52565.30 58900 58900 58900 60500 60500

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 37.00 52 52 52 52 49
Government Budget (% of GDP) -1.00 -9.9 -9.9 -9.9 -9.9 -6.2
Government Budget Value (ISK Billion) -68.60 9.13 9.13 9.13 9.17 9.17
Government Spending (ISK Million) 162886.00 77796 90396 165773 160247 162651
Government Spending to GDP (%) 41.90 41.2 41.2 41.2 41 41

Taxes Actual Q1 Q2 Q3 Q4 2022
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 46.24 46.3 46.24 46.24 46.3 46.3
Sales Tax Rate (%) 24.00 24 24 24 24 24
Social Security Rate (%) 10.84 10.84 10.84 10.84 10.84 10.84
Social Security Rate For Companies (%) 6.35 6.84 6.35 6.35 6.84 6.84
Social Security Rate For Employees (%) 4.00 4 4 4 4 4

Consumer Actual Q1 Q2 Q3 Q4 2022
Consumer Spending (ISK Million) 358066.00 184031 199830 353446 341664 346789
Disposable Personal Income (ISK Thousand) 4100.50 4059 4461 4306 4162 4224
Gasoline Prices (USD/Liter) 1.58 1.43 1.35 1.29 1.22 1.16


This page has economic forecasts for Iceland including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Iceland economy.