Markets Actual Q2 Q3 Q4 Q1 2022
Currency 123.31 124 125 125 126 128
Stock Market (points) 2186.64 2135 2089 2045 2001 1913
Government Bond 10y (%) 3.65 3.76 3.83 3.9 3.97 4.11

Overview Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) -5.20 3 1.8 1.3 1.3 0.9
GDP Annual Growth Rate (%) -1.70 8.8 5 1.5 1.5 1.5
Unemployment Rate (%) 8.60 9.2 9.1 8.4 7.9 6.9
Inflation Rate (%) 4.40 5 4 3.8 3.3 2.3
Interest Rate (%) 1.00 1 1 1.25 1.25 1.75
Balance of Trade (ISK Million) -15541.90 -14700 -14700 -13900 -13900 -13900
Current Account (ISK Million) -27070.00 45 45 15 15 20
Current Account to GDP (% of GDP) 1.00 0.9 0.9 0.9 1.8 1.8
Government Debt to GDP (% of GDP) 37.00 52 52 52 52 49
Government Budget (% of GDP) -7.30 -9.9 -9.9 -9.9 -8.7 -8.7
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 46.25 46.3 46.24 46.3 46.3 46.3

GDP Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) -5.20 3 1.8 1.3 1.3 0.9
GDP Annual Growth Rate (%) -1.70 8.8 5 1.5 1.5 1.5
GDP (USD Billion) 24.19 23.5 23.5 23.5 23.5 24.1
GDP Constant Prices (ISK Million) 629975.00 365570 648991 674567 674567 684685
Gross National Product (ISK Million) 2612659.00 1632270 1575260 2651849 2651849 2691627
Gross Fixed Capital Formation (ISK Million) 117851.00 65272 132747 140208 140208 142311
GDP per capita (USD) 51332.14 51000 51000 51000 51000 52000
GDP per capita PPP (USD) 55874.00 53700 53700 53700 53700 54690

Labour Actual Q2 Q3 Q4 Q1 2022
Unemployment Rate (%) 8.60 9.2 9.1 8.4 7.9 6.9
Wages (ISK/Month) 695000.00 694665 690542 717033 717033 717033
Population (Million) 0.36 0.38 0.38 0.38 0.38 0.39
Retirement Age Women 67.00 67 67 67 67 67
Retirement Age Men 67.00 67 67 67 67 67
Employment Rate (%) 71.30 78.3 78.3 78.5 78.5 78.5

Prices Actual Q2 Q3 Q4 Q1 2022
Inflation Rate (%) 4.40 5 4 3.8 3.3 2.3
Consumer Price Index CPI (points) 501.40 506 506 509 512 521
Harmonised Consumer Prices (points) 105.40 109 108 108 108 110
Core Consumer Prices (points) 281.50 275 273 283 283 283
Core Inflation Rate (%) 4.10 2.8 2.8 2.8 2.8 2.8
Producer Prices (points) 232.60 217 231 249 236 238
Producer Prices Change (%) 4.10 2.8 2.3 3 3 3
CPI Housing Utilities (points) 491.30 491 488 491 496 502
CPI Transportation (points) 162.68 164 165 166 168 170
Food Inflation (%) 4.10 4.8 3.8 3.8 3.8 3.8
Inflation Rate Mom (%) 0.40 0.5 0.5 0.5 0.5 0.5

Money Actual Q2 Q3 Q4 Q1 2022
Interest Rate (%) 1.00 1 1 1.25 1.25 1.75
Interbank Rate (%) 1.35 1.1 1.1 1.35 1.35 1.6

Trade Actual Q2 Q3 Q4 Q1 2022
Balance of Trade (ISK Million) -15541.90 -14700 -14700 -13900 -13900 -13900
Current Account (ISK Million) -27070.00 45 45 15 15 20
Current Account to GDP (% of GDP) 1.00 0.9 0.9 0.9 1.8 1.8
Imports (ISK Million) 76764.50 73600 73600 74400 74400 74400
Exports (ISK Million) 61222.60 58900 58900 60500 60500 60500

Government Actual Q2 Q3 Q4 Q1 2022
Government Debt to GDP (% of GDP) 37.00 52 52 52 52 49
Government Budget (% of GDP) -7.30 -9.9 -9.9 -9.9 -8.7 -8.7
Government Budget Value (ISK Billion) -58.10 9.13 9.13 9.17 9.17 9.17
Government Spending (ISK Million) 156606.00 90396 165773 165329 165329 167809
Government Spending to GDP (% of GDP) 49.70 41.2 41.2 41 41 41

Taxes Actual Q2 Q3 Q4 Q1 2022
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 46.25 46.3 46.24 46.3 46.3 46.3
Sales Tax Rate (%) 24.00 24 24 24 24 24
Social Security Rate (%) 10.10 10.1 10.1 10.1 10.1 10.1
Social Security Rate For Companies (%) 6.10 6.1 6.1 6.84 6.1 6.1
Social Security Rate For Employees (%) 4.00 4 4 4 4 4

Consumer Actual Q2 Q3 Q4 Q1 2022
Consumer Spending (ISK Million) 343143.00 199830 353446 363437 363437 368889
Disposable Personal Income (ISK Thousand) 4272.30 4648 4486 4336 4336 4401
Gasoline Prices (USD/Liter) 1.70 1.43 1.35 1.54 1.22 1.16


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.