Iceland recorded a Current Account surplus of 1 percent of the country's Gross Domestic Product in 2020. source: EUROSTAT

Current Account to GDP in Iceland averaged -3.46 percent from 1980 until 2020, reaching an all time high of 8.10 percent in 2016 and a record low of -22.70 percent in 2006. This page provides - Iceland Current Account to GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news. Iceland Current Account to GDP - values, historical data and charts - was last updated on June of 2021.

Current Account to GDP in Iceland is expected to reach 0.90 percent by the end of 2021, according to Trading Economics global macro models and analysts expectations. In the long-term, the Iceland Current Account to GDP is projected to trend around 1.80 percent in 2022 and 1.70 percent in 2023, according to our econometric models.

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Iceland Current Account to GDP

Actual Previous Highest Lowest Dates Unit Frequency
1.00 6.40 8.10 -22.70 1980 - 2020 percent of GDP Yearly
NSA

Iceland Trade Last Previous Highest Lowest Unit
Balance of Trade -15541.90 -11170.80 21093.00 -33367.10 ISK Million [+]
Current Account -27070.00 23301.00 104939.00 -133503.00 ISK Million [+]
Current Account to GDP 1.00 6.40 8.10 -22.70 percent of GDP [+]
Imports 76764.50 72630.60 81652.80 1.21 ISK Million [+]
Exports 61222.60 61459.80 76594.10 0.78 ISK Million [+]
External Debt 2450013.00 2379828.00 15748529.00 280593.00 ISK Million [+]
Capital Flows 13908.00 75683.00 414266.00 -418160.00 ISK Million [+]
Gold Reserves 1.98 1.98 2.00 1.84 Tonnes [+]
Remittances 1388.00 1482.00 2448.00 18.00 ISK Million [+]
Terrorism Index 0.00 0.03 1.22 0.00 [+]
Tourist Arrivals 4601.00 2997.00 291344.00 924.00 [+]
Foreign Direct Investment -74093.00 4503.00 199978.00 -553027.00 ISK Million [+]


Iceland Current Account to GDP
The Current account balance as a percent of GDP provides an indication on the level of international competitiveness of a country. Usually, countries recording a strong current account surplus have an economy heavily dependent on exports revenues, with high savings ratings but weak domestic demand. On the other hand, countries recording a current account deficit have strong imports, a low saving rates and high personal consumption rates as a percentage of disposable incomes.