The seasonally adjusted unemployment rate in Iceland soared to 6.4 percent in July of 2020 from 4.1 percent in the previous month. It was the highest jobless rate since January of 2014, amid the coronavirus pandemic. The number of unemployed rose by 4,300 to 12,600 and employment decreased by 3,100 to 194,800. The activity rate went down to 79.9 percent from 80.1 in June and the employment rate advanced to 75.7 percent from 75.5 percent.
Unemployment Rate in Iceland averaged 2.49 percent from 1970 until 2020, reaching an all time high of 9.10 percent in April of 2011 and a record low of 0.10 percent in August of 1972. This page provides the latest reported value for - Iceland Unemployment Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Iceland Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020.
Unemployment Rate in Iceland is expected to be 7.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Iceland to stand at 8.20 in 12 months time. In the long-term, the Iceland Unemployment Rate is projected to trend around 7.00 percent in 2021 and 6.00 percent in 2022, according to our econometric models.