Markets Actual Q3 Q4 Q1 Q2 2022
Currency 123.69 127 128 129 130 132
Stock Market (points) 2368.92 2290 2235 2181 2128 2027
Government Bond 10y (%) 3.58 3.58 3.67 3.75 3.84 4.02

Overview Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) -5.20 1.8 1.3 1.3 1.3 0.9
GDP Annual Growth Rate (%) -1.70 5 1.5 1.5 2 1.5
Unemployment Rate (%) 5.80 6.5 7 6.6 6.4 6.3
Inflation Rate (%) 4.30 4 3.8 3.3 2.6 2.3
Interest Rate (%) 1.00 1 1.25 1.25 1.5 1.75
Balance of Trade (ISK Million) -30207.10 -14700 -13900 -13900 -13900 -13900
Current Account (ISK Million) -27070.00 45 15 15 15 20
Current Account to GDP (% of GDP) 1.00 0.9 0.9 1.8 1.8 1.8
Government Debt to GDP (% of GDP) 37.00 52 52 52 52 49
Government Budget (% of GDP) -7.30 -9.9 -9.9 -8.7 -8.7 -8.7
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 46.25 46.3 46.3 46.3 46.3 46.3

GDP Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) -5.20 1.8 1.3 1.3 1.3 0.9
GDP Annual Growth Rate (%) -1.70 5 1.5 1.5 2 1.5
GDP (USD Billion) 21.71 23.5 23.5 23.5 23.5 24.1
GDP Constant Prices (ISK Million) 629975.00 365570 413796 674567 639425 684685
Gross National Product (ISK Million) 2612659.00 1632270 1525192 2651849 2651849 2691627
Gross Fixed Capital Formation (ISK Million) 117851.00 65272 88843 140208 119619 142311
GDP per capita (USD) 47630.33 51000 51000 51000 51000 52000
GDP per capita PPP (USD) 52279.73 53700 53700 53700 53700 54690

Labour Actual Q3 Q4 Q1 Q2 2022
Unemployment Rate (%) 5.80 6.5 7 6.6 6.4 6.3
Wages (ISK/Month) 695000.00 694665 717033 717033 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 (%) 72.20 78.3 78.5 78.5 78.5 78.5

Prices Actual Q3 Q4 Q1 Q2 2022
Inflation Rate (%) 4.30 4 3.8 3.3 2.6 2.3
Consumer Price Index CPI (points) 503.50 506 509 512 516 521
Harmonised Consumer Prices (points) 108.01 108 108 108 111 110
Core Consumer Prices (points) 282.80 281 284 286 290 291
Core Inflation Rate (%) 4.10 2.8 2.8 2.8 2.8 2.8
Producer Prices (points) 237.00 244 231 236 244 238
Producer Prices Change (%) 12.20 7.8 3 3 3 3
CPI Housing Utilities (points) 497.30 488 491 496 507 502
CPI Transportation (points) 167.60 165 166 168 169 170
Food Inflation (%) 4.10 4.8 3.8 3.8 3.8 3.8
Inflation Rate Mom (%) 0.20 0.5 0.5 0.5 0.5 0.5

Money Actual Q3 Q4 Q1 Q2 2022
Interest Rate (%) 1.00 1 1.25 1.25 1.5 1.75
Interbank Rate (%) 1.35 1.35 1.6 1.6 1.85 1.85

Trade Actual Q3 Q4 Q1 Q2 2022
Balance of Trade (ISK Million) -30207.10 -14700 -13900 -13900 -13900 -13900
Current Account (ISK Million) -27070.00 45 15 15 15 20
Current Account to GDP (% of GDP) 1.00 0.9 0.9 1.8 1.8 1.8
Imports (ISK Million) 88900.70 73600 74400 74400 74400 74400
Exports (ISK Million) 58693.60 58900 60500 60500 60500 60500

Government Actual Q3 Q4 Q1 Q2 2022
Government Debt to GDP (% of GDP) 37.00 52 52 52 52 49
Government Budget (% of GDP) -7.30 -9.9 -9.9 -8.7 -8.7 -8.7
Government Budget Value (ISK Billion) -58.10 9.13 9.17 9.17 9.17 9.17
Government Spending (ISK Million) 156606.00 90396 84883 165329 158955 167809
Government Spending to GDP (% of GDP) 49.70 41.2 41 41 41 41

Taxes Actual Q3 Q4 Q1 Q2 2022
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 46.25 46.3 46.3 46.3 46.3 46.3
Sales Tax Rate (%) 24.00 24 24 24 24 24
Social Security Rate (%) 10.10 10.1 10.1 10.1 10.1 10.1
Social Security Rate For Companies (%) 6.10 6.1 6.84 6.84 6.1 6.1
Social Security Rate For Employees (%) 4.00 4 4 4 4 4

Consumer Actual Q3 Q4 Q1 Q2 2022
Consumer Spending (ISK Million) 343143.00 199830 220938 363437 348290 368889
Disposable Personal Income (ISK Thousand) 4272.30 4648 4240 4336 4336 4401
Gasoline Prices (USD/Liter) 1.74 1.65 1.57 1.49 1.42 1.35


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.