The seasonally adjusted unemployment rate in Iceland rose to 7.1 percent in November of 2020 from an upwardly revised 6.8 percent in the previous month. It was the highest jobless rate since March 2012, as the coronavirus pandemic hit the labour market. The number of unemployed rose by 1,000 to 14,900 while employment dropped by 2,600 to 190,100. Meantime, the activity rate went up to 79.7 percent from 79 percent in October and the employment rate declined to 74.3 percent from 74.5 percent. source: Statistics Iceland

Unemployment Rate in Iceland averaged 2.52 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 January of 2021.

Unemployment Rate in Iceland is expected to be 8.30 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.

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Iceland Unemployment Rate

Actual Previous Highest Lowest Dates Unit Frequency
7.10 6.80 9.10 0.10 1970 - 2020 percent Monthly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-09-24 09:00 AM Aug 6% 6.4% 6.5%
2020-11-05 09:00 AM Sep 4.9% 6% 7.9%
2020-11-26 09:00 AM Oct 6.7% 4.9% 5.2%
2020-12-22 09:00 AM Nov 7.1% 6.8% 7.3%
2021-01-28 09:00 AM Dec 7.1% 7.4%
2021-02-25 09:00 AM Jan
2021-03-25 09:00 AM Feb
2021-04-28 09:00 AM Mar


News Stream
Iceland Jobless Rate Climbs to Highest Since 2012
The seasonally adjusted unemployment rate in Iceland rose to 7.1 percent in November of 2020 from an upwardly revised 6.8 percent in the previous month. It was the highest jobless rate since March 2012, as the coronavirus pandemic hit the labour market. The number of unemployed rose by 1,000 to 14,900 while employment dropped by 2,600 to 190,100. Meantime, the activity rate went up to 79.7 percent from 79 percent in October and the employment rate declined to 74.3 percent from 74.5 percent.
2020-12-22
Iceland Jobless Rate Jumps to Over 7-Year High of 6.7%
The seasonally adjusted unemployment rate in Iceland jumped to 6.7 percent in October of 2020 from 4.9 percent in the previous month. It was the highest jobless rate since June 2013, as the coronavirus pandemic hit the labour market. The number of unemployed rose by 3,700 to 13,600 while employment dropped by 6,900 to 191,600. The activity rate went down to 79 percent from 80.1 percent in September and the employment rate declined to 75.0 percent from 75.5 percent. Meantime, the jobless rate among young people aged 16 to 24 decreased to 10.5 percent from 11.4 percent in the prior month.
2020-11-26
Iceland Jobless Rate Falls to 4.9% in September
The seasonally adjusted unemployment rate in Iceland fell to 4.9 percent in September of 2020 from 6 percent in the previous month, but well above 3.5 percent in the same month of the previous year, amid the pandemic crisis. The number of unemployed declined by 2,500 to 9,900 while employment rose by 3,300 to 199,300. The activity rate went down slightly to 80.2 percent from 80.8 percent in August and the employment rate decreased to 75.7 percent from 76.3 percent. Meantime, unemployment among young people aged 16 to 24 increased to 11.7 percent from 9.8 percent in August.
2020-11-05
Iceland Jobless Rate Falls to 6% in August
The seasonally adjusted unemployment rate in Iceland fell to 6 percent in August of 2020 from 6.4 percent in the previous month. Still, the jobless rate remains among one of the highest since 2014, as the coronavirus pandemic hit the labour market. The number of unemployed declined by 200 to 12,400 while employment rose by 1,200 to 196,000. The activity rate went up to 80.8 percent from 79.9 percent in July and the employment rate increased to 76.3 percent from 75.7 percent.
2020-09-24

Iceland Unemployment Rate
In Iceland, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force.