Markets Actual Q1 Q2 Q3 Q4 2023
Currency 128.42 129 130 131 132 134
Stock Market (points) 2588.57 2534 2481 2430 2379 2280
Government Bond 10y (%) 4.22 4.3 4.37 4.45 4.52 4.68

Overview Actual Q1 Q2 Q3 Q4 2023
GDP Growth Rate (%) -2.30 1 0.9 1 0.9 0.9
GDP Annual Growth Rate (%) 6.00 2 1.1 2.8 3.1 3.1
Unemployment Rate (%) 4.20 4.5 4.2 4 3.5 2.5
Inflation Rate (%) 5.10 4.5 3.6 3.2 2.3 2.7
Interest Rate (%) 2.00 2.25 2.25 2.5 2.75 3
Balance of Trade (ISK Million) -18448.30 -13900 -13900 -13900 -13900 -13900
Current Account (ISK Million) 13058.00 15 15 15 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) 79.90 49 49 49 49 49
Government Budget (% of GDP) -7.30 -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 Q1 Q2 Q3 Q4 2023
GDP Growth Rate (%) -2.30 1 0.9 1 0.9 0.9
GDP Annual Growth Rate (%) 6.00 2 1.1 2.8 3.1 3.1
GDP (USD Billion) 21.71 23.5 23.5 23.5 24.1 24.1
GDP Constant Prices (ISK Million) 652151.00 413796 652976 674807 670411 725251
Gross National Product (ISK Million) 2612659.00 1525192 2664912 2641398 2685813 2863351
Gross Fixed Capital Formation (ISK Million) 158926.00 88843 125350 167165 163376 156914
GDP per capita (USD) 53193.56 51000 51000 51000 52000 52000
GDP per capita PPP (USD) 52279.73 53700 53700 53700 54690 54690

Labour Actual Q1 Q2 Q3 Q4 2023
Unemployment Rate (%) 4.20 4.5 4.2 4 3.5 2.5
Wages (ISK/Month) 731000.00 717033 717033 717033 717033 717033
Population (Million) 0.36 0.38 0.38 0.38 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 (%) 76.70 78.5 78.5 78.5 78.5 78.5

Prices Actual Q1 Q2 Q3 Q4 2023
Inflation Rate (%) 5.10 4.5 3.6 3.2 2.3 2.7
Consumer Price Index CPI (points) 513.00 518 521 524 525 539
Harmonised Consumer Prices (points) 107.59 110 112 112 110 113
Core Consumer Prices (points) 288.80 295 296 302 303 306
Core Inflation Rate (%) 4.70 6.3 6.9 6.4 6 2
Producer Prices (points) 276.00 255 256 272 298 316
Inflation Rate Mom (%) 0.45 0.5 0.5 0.5 0.5 0.5
Producer Prices Change (%) 21.00 11.2 8 6.3 8 6
Food Inflation (%) 1.70 4.8 3.8 3.8 3.8 3.8
CPI Housing Utilities (points) 516.50 502 512 521 528 543
CPI Transportation (points) 170.75 172 172 173 174 175

Money Actual Q1 Q2 Q3 Q4 2023
Interest Rate (%) 2.00 2.25 2.25 2.5 2.75 3
Interbank Rate (%) 2.40 2.65 2.65 2.9 3.15 3.15

Trade Actual Q1 Q2 Q3 Q4 2023
Balance of Trade (ISK Million) -18448.30 -13900 -13900 -13900 -13900 -13900
Current Account (ISK Million) 13058.00 15 15 15 20 20
Current Account to GDP (% of GDP) 1.00 1.8 1.8 1.8 1.8 1.7
Imports (ISK Million) 95072.60 74400 74400 74400 74400 74400
Exports (ISK Million) 76624.30 60500 60500 60500 60500 60500

Government Actual Q1 Q2 Q3 Q4 2023
Government Debt to GDP (% of GDP) 79.90 49 49 49 49 49
Government Budget (% of GDP) -7.30 -8.7 -8.7 -8.7 -8.7 -8.7
Government Budget Value (ISK Billion) -34.20 9.17 9.17 9.17 9.17 9.17
Government Spending (ISK Million) 158883.00 84883 165368 166877 169683 178399
Government Spending to GDP (% of GDP) 49.70 41 41 41 41 41

Taxes Actual Q1 Q2 Q3 Q4 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 Q1 Q2 Q3 Q4 2023
Consumer Spending (ISK Million) 361303.00 220938 350529 363445 371419 393795
Disposable Personal Income (ISK Thousand) 4272.30 4240 4358 4319 4392 4682
Gasoline Prices (USD/Liter) 1.79 1.7 1.62 1.54 1.46 1.39


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 Monday, January 17, 2022.