The seasonally adjusted unemployment rate in Iceland rose to 3.3 percent in February 2019 from an upwardly revised 2.8 percent in the previous month, as the number of unemployed people increased by 900 to 6,700, while employment fell by 2,500 to 199,800. The activity rate dropped to 80.8 percent from 82.7 percent in January and the employment rate decreased to 78.1 percent from 80.4 percent. Unemployment Rate in Iceland averaged 2.45 percent from 1970 until 2019, reaching an all time high of 8.80 percent in November of 2010 and a record low of 0.10 percent in August of 1972.
Unemployment Rate in Iceland is expected to be 3.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Iceland to stand at 2.60 in 12 months time. In the long-term, the Iceland Unemployment Rate is projected to trend around 3.00 percent in 2020, according to our econometric models.