Markets Actual Q2 Q3 Q4 Q1 2021
Currency 131.90 133 134 134 135 137
Stock Market (points) 1491.59 1460 1428 1398 1368 1308
Government Bond 10y (%) 2.52 2.57 2.61 2.66 2.71 2.81

Overview Actual Q2 Q3 Q4 Q1 2021
GDP Growth Rate (%) -7.00 -9 1.8 0.5 1 1.3
GDP Annual Growth Rate (%) -1.20 -9.5 -6 -4 -2.8 1.5
Unemployment Rate (%) 5.30 6.7 7.9 8.3 8.6 7
Inflation Rate (%) 2.70 1.7 1.9 2.2 2.1 2.3
Interest Rate (%) 1.00 1 1 1 1 1.75
Balance of Trade (ISK Million) 1704.03 -10400 -10400 -14700 -14700 -13900
Current Account (ISK Billion) 11.40 15 100 35 45 15
Current Account to GDP (%) 5.80 2.6 2.6 2.6 2.7 2.7
Government Debt to GDP (%) 37.00 70 70 70 82 82
Government Budget (% of GDP) -1.00 -8.4 -8.4 -8.4 -9.9 -9.9
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 46.24 46.24 46.24 46.24 46.24 46.24

GDP Actual Q2 Q3 Q4 Q1 2021
GDP Growth Rate (%) -7.00 -9 1.8 0.5 1 1.3
GDP Annual Growth Rate (%) -1.20 -9.5 -6 -4 -2.8 1.5
GDP (USD Billion) 24.70 26.9 26.9 26.9 29.9 29.9
GDP Constant Prices (ISK Million) 366268.00 361413 364535 378133 382860 383805
Gross National Product (ISK Million) 1499287.00 1400622 1426355 1439316 1457307 1460905
Gross Fixed Capital Formation (ISK Million) 58015.00 70526 73372 67878 68726 68896
GDP per capita (USD) 52103.20 53100 53100 53100 54600 54600
GDP per capita PPP (USD) 48605.58 48900 48900 48900 45436 50000

Labour Actual Q2 Q3 Q4 Q1 2021
Unemployment Rate (%) 5.30 6.7 7.9 8.3 8.6 7
Wages (ISK/Month) 669000.00 690542 690542 690542 690542 712777
Population (Million) 0.36 0.37 0.37 0.37 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 (%) 76.90 77.9 77.8 78 78.3 78.5

Prices Actual Q2 Q3 Q4 Q1 2021
Inflation Rate (%) 2.70 1.7 1.9 2.2 2.1 2.3
Consumer Price Index CPI (points) 480.60 478 479 484 485 495
Harmonised Consumer Prices (points) 101.80 105 105 104 103 106
Core Consumer Prices (points) 270.30 271 271 273 275 281
Core Inflation Rate (%) 2.40 2.7 2.7 2.8 2.8 2.8
Producer Prices (points) 223.40 220 216 220 228 230
Producer Prices Change (%) 6.40 2 2 4.5 4.5 4.5
CPI Housing Utilities (points) 466.50 465 467 472 477 483
CPI Transportation (points) 156.60 162 159 160 157 164
Food Inflation (%) 4.90 4.2 4.2 3.8 3.8 3.8
Inflation Rate Mom (%) 0.70 0.5 0.5 0.5 0.5 0.5

Money Actual Q2 Q3 Q4 Q1 2021
Interest Rate (%) 1.00 1 1 1 1 1.75
Interbank Rate (%) 1.41 1.99 1.99 1.99 1.99 2.49

Trade Actual Q2 Q3 Q4 Q1 2021
Balance of Trade (ISK Million) 1704.03 -10400 -10400 -14700 -14700 -13900
Current Account (ISK Billion) 11.40 15 100 35 45 15
Current Account to GDP (%) 5.80 2.6 2.6 2.6 2.7 2.7
Imports (ISK Million) 51247.53 60200 60200 73600 73600 74400
Exports (ISK Million) 52951.56 49800 49800 58900 58900 60500

Government Actual Q2 Q3 Q4 Q1 2021
Government Debt to GDP (%) 37.00 70 70 70 82 82
Government Budget (% of GDP) -1.00 -8.4 -8.4 -8.4 -9.9 -9.9
Government Budget Value (ISK Billion) -8.30 8.81 8.81 9.13 9.13 9.17
Government Spending (ISK Million) 78789.00 76735 76868 79928 80927 81127
Government Spending to GDP (%) 41.90 41.2 41.2 41.2 41.2 41

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

Consumer Actual Q2 Q3 Q4 Q1 2021
Consumer Spending (ISK Million) 185890.00 191067 183222 199615 202110 202609
Disposable Personal Income (ISK Thousand) 4100.50 3906 3977 3936 3986 3996
Gasoline Prices (USD/Liter) 1.34 1.33 1.26 1.2 1.14 1.08


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.