The seasonally adjusted unemployment rate in Iceland fell to 2.9 percent in March of 2019 from 3.3 percent in February. The number of unemployed persons declined by 600 to 6,200 while employment went up by 3,900 to 203,900 and the number of people in the labour force rose by 3,200 to 210,000. The activity rate increased to 82.7 percent from 80.8 percent in February and the employment rate advanced to 80.2 percent from 78.1 percent. A year ago, the unemployment rate was lower at 2.4 percent. Unemployment Rate in Iceland averaged 2.45 percent from 1970 until 2019, 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.
Unemployment Rate in Iceland is expected to be 3.20 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 2.60 in 12 months time. In the long-term, the Iceland Unemployment Rate is projected to trend around 3.00 percent in 2020, according to our econometric models.