Markets Actual Q2 Q3 Q4 Q1 2023
Currency 132.36 135 136 137 138 140
Stock Market (points) 2293.74 2334 2272 2212 2154 2041
Government Bond 10y (%) 5.38 5.35 5.43 5.51 5.6 5.77

Overview Actual Q2 Q3 Q4 Q1 2023
GDP Growth Rate (%) 2.20 0.9 1 0.9 0.9 0.9
GDP Annual Growth Rate (%) 4.40 1.1 2.8 3.1 3.1 3.1
Unemployment Rate (%) 4.60 4.2 4 3.5 3.5 2.5
Inflation Rate (%) 7.20 7.5 7.8 6.3 5 2.7
Interest Rate (%) 3.75 4.5 5.5 6 6 5
Balance of Trade (ISK Million) -13760.00 -13900 -13900 -13900 -13900 -13900
Current Account (ISK Million) -44178.00 15 15 20 20 20
Current Account to GDP (% of GDP) 1.00 1.8 1.8 1.8 1.8 1.7
Government Debt to GDP (% of GDP) 75.00 49 49 49 49 49
Government Budget (% of GDP) -8.90 -8.7 -8.7 -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 Q2 Q3 Q4 Q1 2023
GDP Growth Rate (%) 2.20 0.9 1 0.9 0.9 0.9
GDP Annual Growth Rate (%) 4.40 1.1 2.8 3.1 3.1 3.1
GDP (USD Billion) 21.71 23.5 23.5 24.1 24.1 24.1
GDP Constant Prices (ISK Million) 682061.00 652976 674807 685888 703205 725004
Gross National Product (ISK Million) 2705807.00 2664722 2641210 2685622 2789687 2876167
Gross Fixed Capital Formation (ISK Million) 161278.00 125350 167165 161846 166278 171432
GDP per capita (USD) 53193.56 51000 51000 52000 52000 52000
GDP per capita PPP (USD) 52279.73 53700 53700 54690 54690 54690

Labour Actual Q2 Q3 Q4 Q1 2023
Unemployment Rate (%) 4.60 4.2 4 3.5 3.5 2.5
Wages (ISK/Month) 731000.00 717033 717033 717033 717033 717033
Population (Million) 0.36 0.38 0.38 0.39 0.39 0.39
Retirement Age Women 67.00 67 67 67 67 67
Retirement Age Men 67.00 67 67 67 67 67
Employment Rate (%) 78.40 78.5 78.5 78.5 78.5 78.5

Prices Actual Q2 Q3 Q4 Q1 2023
Inflation Rate (%) 7.20 7.5 7.8 6.3 5 2.7
Consumer Price Index CPI (points) 535.40 540 548 548 555 563
Harmonised Consumer Prices (points) 110.28 116 117 115 116 118
Core Consumer Prices (points) 298.80 302 303 306 313 312
Core Inflation Rate (%) 4.70 6.9 6.4 6 6 2
Producer Prices (points) 291.30 280 303 316 345 374
Inflation Rate Mom (%) 1.30 1.29 0.5 0.5 0.5 0.5
Producer Prices Change (%) 27.10 18 18.5 18.5 18.5 18.5
Food Inflation (%) 5.20 4.8 3.8 3.8 3.8 3.8
CPI Housing Utilities (points) 544.00 531 545 549 562 564
CPI Transportation (points) 179.00 181 182 183 184 185

Money Actual Q2 Q3 Q4 Q1 2023
Interest Rate (%) 3.75 4.5 5.5 6 6 5
Interbank Rate (%) 4.20 4.95 5.95 6.45 6.45 5.95

Trade Actual Q2 Q3 Q4 Q1 2023
Balance of Trade (ISK Million) -13760.00 -13900 -13900 -13900 -13900 -13900
Current Account (ISK Million) -44178.00 15 15 20 20 20
Current Account to GDP (% of GDP) 1.00 1.8 1.8 1.8 1.8 1.7
Imports (ISK Million) 90586.20 74400 74400 74400 74400 74400
Exports (ISK Million) 76826.20 60500 60500 60500 60500 60500

Government Actual Q2 Q3 Q4 Q1 2023
Government Debt to GDP (% of GDP) 75.00 49 49 49 49 49
Government Budget (% of GDP) -8.90 -8.7 -8.7 -8.7 -8.7 -8.7
Government Budget Value (ISK Billion) -89.50 9.17 9.17 9.17 9.17 9.17
Government Spending (ISK Million) 165661.00 165368 166558 163678 170796 176091
Government Spending to GDP (% of GDP) 49.70 41 41 41 41 41

Taxes Actual Q2 Q3 Q4 Q1 2023
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 6.84 6.84 6.84 6.1 6.1
Social Security Rate For Employees (%) 4.00 4 4 4 4 4

Consumer Actual Q2 Q3 Q4 Q1 2023
Consumer Spending (ISK Million) 406066.00 350529 363445 373030 418654 431632
Disposable Personal Income (ISK Thousand) 4272.30 4358 4319 4392 4405 4541
Gasoline Prices (USD/Liter) 2.27 2.35 2.43 2.52 2.61 2.61


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Iceland Forecast - was last updated on Thursday, May 19, 2022.