Markets Actual Q1 Q2 Q3 Q4 2022
Currency 128.91 130 131 132 133 134
Stock Market (points) 1953.95 1898 1858 1818 1779 1701
Government Bond 10y (%) 3.37 3.41 3.48 3.54 3.61 3.74

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 2.60 1 3 1.8 1.3 0.9
GDP Annual Growth Rate (%) -10.40 -1 8.8 5 1.5 1.5
Unemployment Rate (%) 7.10 8.6 8.2 8.2 7 6
Inflation Rate (%) 4.30 2.3 2.5 2.5 2.8 2.8
Interest Rate (%) 0.75 0.75 0.75 1 1.25 2.5
Balance of Trade (ISK Million) 959.29 -14700 -14700 -14700 -13900 -13900
Current Account (ISK Million) -1184.00 45 45 45 15 20
Current Account to GDP (%) 5.80 2.7 2.7 2.7 2.7 2.8
Government Debt to GDP (%) 37.00 52 52 52 52 49
Government Budget (% of GDP) -1.00 -9.9 -9.9 -9.9 -9.9 -6.2
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 46.24 46.3 46.24 46.24 46.3 46.3

GDP Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 2.60 1 3 1.8 1.3 0.9
GDP Annual Growth Rate (%) -10.40 -1 8.8 5 1.5 1.5
GDP (USD Billion) 24.19 23.5 23.5 23.5 23.5 24.1
GDP Constant Prices (ISK Million) 618087.00 376282 366023 365570 413796 381926
Gross National Product (ISK Million) 1500248.00 1440238 1485246 1632270 1525192 1461842
Gross Fixed Capital Formation (ISK Million) 126426.00 67736 57766 65272 88843 68752
GDP per capita (USD) 51332.14 51000 51000 51000 51000 52000
GDP per capita PPP (USD) 55874.00 53700 53700 53700 53700 54690

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 7.10 8.6 8.2 8.2 7 6
Wages (ISK/Month) 669000.00 694665 690542 690542 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 (%) 75.00 78.3 78.3 78.3 78.5 78.5

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) 4.30 2.3 2.5 2.5 2.8 2.8
Consumer Price Index CPI (points) 173.60 486 494 177 178 183
Harmonised Consumer Prices (points) 104.00 104 106 107 107 110
Core Consumer Prices (points) 275.80 275 273 275 283 283
Core Inflation Rate (%) 3.70 2.8 2.8 2.8 2.8 2.8
Producer Prices (points) 228.10 212 223 217 249 218
Producer Prices Change (%) 6.30 2 2.8 2.3 3 3
CPI Housing Utilities (points) 475.60 478 479 481 486 500
CPI Transportation (points) 160.00 157 160 162 164 169
Food Inflation (%) 6.60 3.8 3.8 3.8 3.8 3.8
Inflation Rate Mom (%) -0.10 0.5 0.5 0.5 0.5 0.5

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) 0.75 0.75 0.75 1 1.25 2.5
Interbank Rate (%) 1.13 1.04 1.04 1.04 4.47 1.54

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (ISK Million) 959.29 -14700 -14700 -14700 -13900 -13900
Current Account (ISK Million) -1184.00 45 45 45 15 20
Current Account to GDP (%) 5.80 2.7 2.7 2.7 2.7 2.8
Imports (ISK Million) 57615.30 73600 73600 73600 74400 74400
Exports (ISK Million) 58600.00 58900 58900 58900 60500 60500

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 37.00 52 52 52 52 49
Government Budget (% of GDP) -1.00 -9.9 -9.9 -9.9 -9.9 -6.2
Government Budget Value (ISK Billion) -68.60 9.13 9.13 9.13 9.17 9.17
Government Spending (ISK Million) 157879.00 80250 77796 90396 84883 81454
Government Spending to GDP (%) 41.90 41.2 41.2 41.2 41 41

Taxes Actual Q1 Q2 Q3 Q4 2022
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 46.24 46.3 46.24 46.24 46.3 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 6.84 6.84
Social Security Rate For Employees (%) 4.00 4 4 4 4 4

Consumer Actual Q1 Q2 Q3 Q4 2022
Consumer Spending (ISK Million) 336615.00 199615 184031 199830 220938 202609
Disposable Personal Income (ISK Thousand) 4100.50 3936 4059 4461 4240 3996
Gasoline Prices (USD/Liter) 1.50 1.63 1.2 1.14 1.54 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.