Markets Actual Q4 Q1 Q2 Q3 2021
Currency 139.99 140 141 142 143 145
Stock Market (points) 1625.62 1589 1555 1521 1489 1424
Government Bond 10y (%) 3.14 3.33 3.39 3.45 3.52 3.65

Overview Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -9.10 0.5 1 3 1.8 1.3
GDP Annual Growth Rate (%) -9.30 -4 -1 8.8 -5 1.5
Unemployment Rate (%) 6.00 8.3 8.6 8.2 8.2 7
Inflation Rate (%) 3.50 2.2 2.3 2.5 2.5 2.8
Interest Rate (%) 1.00 1 1 1.25 1.25 1.5
Balance of Trade (ISK Million) -3762.38 -14700 -14700 -14700 -14700 -13900
Current Account (ISK Million) 6954.00 35 45 45 45 15
Current Account to GDP (%) 5.80 2.6 2.7 2.7 2.7 2.7
Government Debt to GDP (%) 37.00 70 82 82 82 82
Government Budget (% of GDP) -1.00 -8.4 -9.9 -9.9 -9.9 -9.9
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 46.24 46.3 46.24 46.24 46.24 46.3

GDP Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -9.10 0.5 1 3 1.8 1.3
GDP Annual Growth Rate (%) -9.30 -4 -1 8.8 -5 1.5
GDP (USD Billion) 24.19 20.2 23.5 23.5 23.5 23.5
GDP Constant Prices (ISK Million) 336002.00 403310 376282 366023 365570 413796
Gross National Product (ISK Million) 1500248.00 1486542 1440238 1485246 1632270 1525192
Gross Fixed Capital Formation (ISK Million) 59993.00 86592 67736 57766 65272 88843
GDP per capita (USD) 51332.14 49000 51000 51000 51000 51000
GDP per capita PPP (USD) 55874.00 52900 53700 53700 53700 53700

Labour Actual Q4 Q1 Q2 Q3 2021
Unemployment Rate (%) 6.00 8.3 8.6 8.2 8.2 7
Wages (ISK/Month) 669000.00 694665 690542 690542 690542 717033
Population (Million) 0.36 0.37 0.38 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 (%) 76.30 78 78.3 78.3 78.3 78.5

Prices Actual Q4 Q1 Q2 Q3 2021
Inflation Rate (%) 3.50 2.2 2.3 2.5 2.5 2.8
Consumer Price Index CPI (points) 172.50 484 486 494 177 497
Harmonised Consumer Prices (points) 104.20 104 104 106 107 107
Core Consumer Prices (points) 273.70 275 273 275 279 283
Core Inflation Rate (%) 3.60 2.8 2.8 2.8 2.8 2.8
Producer Prices (points) 221.70 240 228 221 232 249
Producer Prices Change (%) 6.80 4.5 4.5 4.5 4.5 4.5
CPI Housing Utilities (points) 469.60 472 478 479 481 485
CPI Transportation (points) 158.21 160 157 160 162 165
Food Inflation (%) 6.50 3.8 3.8 3.8 3.8 3.8
Inflation Rate Mom (%) 0.40 0.5 0.5 0.5 0.5 0.5

Money Actual Q4 Q1 Q2 Q3 2021
Interest Rate (%) 1.00 1 1 1.25 1.25 1.5
Interbank Rate (%) 1.25 4.47 1.31 1.56 1.56 4.47

Trade Actual Q4 Q1 Q2 Q3 2021
Balance of Trade (ISK Million) -3762.38 -14700 -14700 -14700 -14700 -13900
Current Account (ISK Million) 6954.00 35 45 45 45 15
Current Account to GDP (%) 5.80 2.6 2.7 2.7 2.7 2.7
Imports (ISK Million) 65375.90 73600 73600 73600 73600 74400
Exports (ISK Million) 61613.52 58900 58900 58900 58900 60500

Government Actual Q4 Q1 Q2 Q3 2021
Government Debt to GDP (%) 37.00 70 82 82 82 82
Government Budget (% of GDP) -1.00 -8.4 -9.9 -9.9 -9.9 -9.9
Government Budget Value (ISK Billion) -78.40 9.13 9.13 9.13 9.13 9.17
Government Spending (ISK Million) 83085.00 82732 80250 77796 90396 84883
Government Spending to GDP (%) 41.90 41.2 41.2 41.2 41.2 41

Taxes Actual Q4 Q1 Q2 Q3 2021
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 46.24 46.3 46.24 46.24 46.24 46.3
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 6.84 6.35 6.35 6.35 6.84
Social Security Rate For Employees (%) 4.00 4 4 4 4 4

Consumer Actual Q4 Q1 Q2 Q3 2021
Consumer Spending (ISK Million) 183667.00 215339 199615 184031 199830 220938
Disposable Personal Income (ISK Thousand) 4100.50 4133 3936 4059 4461 4240
Gasoline Prices (USD/Liter) 1.34 1.63 1.2 1.14 1.08 1.54


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.