Markets Actual Q3 Q4 Q1 Q2 2021
Currency 135.83 136 137 138 139 141
Stock Market (points) 1506.76 1484 1452 1421 1391 1330
Government Bond 10y (%) 2.45 2.49 2.54 2.58 2.63 2.73

Overview Actual Q3 Q4 Q1 Q2 2021
GDP Growth Rate (%) -7.00 6.5 0.5 1 3 1.3
GDP Annual Growth Rate (%) -1.20 -6 -4 -1 8.8 1.5
Unemployment Rate (%) 4.10 7.9 8.3 8.6 8.2 7
Inflation Rate (%) 3.00 2.3 2.2 2.3 2.5 2.8
Interest Rate (%) 1.00 1 1 1 1.25 1.75
Balance of Trade (ISK Million) -12395.72 -10400 -14700 -14700 -14700 -13900
Current Account (ISK Billion) 11.40 100 35 45 45 15
Current Account to GDP (%) 5.80 2.6 2.6 2.7 2.7 2.7
Government Debt to GDP (%) 37.00 70 70 82 82 82
Government Budget (% of GDP) -1.00 -8.4 -8.4 -9.9 -9.9 -9.9
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 46.24 46.24 46.24 46.24 46.24 46.24

GDP Actual Q3 Q4 Q1 Q2 2021
GDP Growth Rate (%) -7.00 6.5 0.5 1 3 1.3
GDP Annual Growth Rate (%) -1.20 -6 -4 -1 8.8 1.5
GDP (USD Billion) 24.19 20.2 20.2 23.5 23.5 23.5
GDP Constant Prices (ISK Million) 366268.00 364535 378133 362605 398500 383805
Gross National Product (ISK Million) 1499287.00 1418010 1439316 1484294 1631224 1460905
Gross Fixed Capital Formation (ISK Million) 58015.00 73372 67878 57435 63120 68896
GDP per capita (USD) 51332.14 49000 49000 51000 51000 51000
GDP per capita PPP (USD) 55874.00 52900 52900 53700 53700 53700

Labour Actual Q3 Q4 Q1 Q2 2021
Unemployment Rate (%) 4.10 7.9 8.3 8.6 8.2 7
Wages (ISK/Month) 669000.00 690542 690542 690542 690542 712777
Population (Million) 0.36 0.37 0.37 0.38 0.38 0.38
Retirement Age Women 67.00 67 67 67 67 67
Retirement Age Men 67.00 67 67 67 67 67
Employment Rate (%) 75.50 77.8 78 78.3 78.3 78.5

Prices Actual Q3 Q4 Q1 Q2 2021
Inflation Rate (%) 3.00 2.3 2.2 2.3 2.5 2.8
Consumer Price Index CPI (points) 482.90 481 484 486 494 497
Harmonised Consumer Prices (points) 103.80 105 104 104 105 107
Core Consumer Prices (points) 271.30 271 273 275 279 281
Core Inflation Rate (%) 3.30 2.7 2.8 2.8 2.8 2.8
Producer Prices (points) 211.20 216 240 228 225 249
Producer Prices Change (%) -1.20 2 4.5 4.5 4.5 4.5
CPI Housing Utilities (points) 467.90 469 472 478 479 485
CPI Transportation (points) 157.04 160 160 157 160 165
Food Inflation (%) 5.30 4.2 3.8 3.8 3.8 3.8
Inflation Rate Mom (%) 0.10 0.5 0.5 0.5 0.5 0.5

Money Actual Q3 Q4 Q1 Q2 2021
Interest Rate (%) 1.00 1 1 1 1.25 1.75
Interbank Rate (%) 1.35 1.38 1.38 1.38 1.63 1.63

Trade Actual Q3 Q4 Q1 Q2 2021
Balance of Trade (ISK Million) -12395.72 -10400 -14700 -14700 -14700 -13900
Current Account (ISK Billion) 11.40 100 35 45 45 15
Current Account to GDP (%) 5.80 2.6 2.6 2.7 2.7 2.7
Imports (ISK Million) 59163.80 60200 73600 73600 73600 74400
Exports (ISK Million) 46768.08 49800 58900 58900 58900 60500

Government Actual Q3 Q4 Q1 Q2 2021
Government Debt to GDP (%) 37.00 70 70 82 82 82
Government Budget (% of GDP) -1.00 -8.4 -8.4 -9.9 -9.9 -9.9
Government Budget Value (ISK Billion) -8.30 8.81 9.13 9.13 9.13 9.17
Government Spending (ISK Million) 78789.00 76868 79928 78001 85722 81127
Government Spending to GDP (%) 41.90 41.2 41.2 41.2 41.2 41

Taxes Actual Q3 Q4 Q1 Q2 2021
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 46.24 46.24 46.24 46.24 46.24 46.24
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 6.35 6.35 6.35 6.35 6.35
Social Security Rate For Employees (%) 4.00 4 4 4 4 4

Consumer Actual Q3 Q4 Q1 Q2 2021
Consumer Spending (ISK Million) 185890.00 183222 199615 184031 202248 202609
Disposable Personal Income (ISK Thousand) 4100.50 3977 3936 4059 4461 3996
Gasoline Prices (USD/Liter) 1.48 1.26 1.2 1.14 1.08 1.03


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.