Markets Actual Q3 Q4 Q1 Q2 2022
Currency 129.83 130 131 132 133 135
Stock Market (points) 2372.93 2385 2331 2278 2226 2125
Government Bond 10y (%) 3.94 3.77 3.85 3.93 4.01 4.18

Overview Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) 4.20 1.8 1.3 1.3 1.3 0.9
GDP Annual Growth Rate (%) 7.30 5 1.5 1.5 2 1.5
Unemployment Rate (%) 5.20 6.2 7 6.6 6.4 6.3
Inflation Rate (%) 4.30 4 3.8 3.3 2.6 2.3
Interest Rate (%) 1.25 1.25 1.5 1.5 1.75 2
Balance of Trade (ISK Million) -36242.60 -14700 -13900 -13900 -13900 -13900
Current Account (ISK Million) -31084.00 45 15 15 15 20
Current Account to GDP (% of GDP) 1.00 0.9 0.9 1.8 1.8 1.8
Government Debt to GDP (% of GDP) 79.90 52 52 52 52 49
Government Budget (% of GDP) -7.30 -9.9 -9.9 -8.7 -8.7 -8.7
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 46.25 46.3 46.3 46.3 46.3 46.3

GDP Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) 4.20 1.8 1.3 1.3 1.3 0.9
GDP Annual Growth Rate (%) 7.30 5 1.5 1.5 2 1.5
GDP (USD Billion) 21.71 23.5 23.5 23.5 23.5 24.1
GDP Constant Prices (ISK Million) 666996.00 648991 671680 649776 680336 681756
Gross National Product (ISK Million) 2612659.00 1575260 1525192 2651849 2664912 2691627
Gross Fixed Capital Formation (ISK Million) 166853.00 132747 88843 124735 170190 147503
GDP per capita (USD) 47630.33 51000 51000 51000 51000 52000
GDP per capita PPP (USD) 52279.73 53700 53700 53700 53700 54690

Labour Actual Q3 Q4 Q1 Q2 2022
Unemployment Rate (%) 5.20 6.2 7 6.6 6.4 6.3
Wages (ISK/Month) 731000.00 694665 717033 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 (%) 74.80 78.3 78.5 78.5 78.5 78.5

Prices Actual Q3 Q4 Q1 Q2 2022
Inflation Rate (%) 4.30 4 3.8 3.3 2.6 2.3
Consumer Price Index CPI (points) 505.80 506 502 512 516 521
Harmonised Consumer Prices (points) 108.85 108 108 108 111 110
Core Consumer Prices (points) 284.00 281 283 286 290 291
Core Inflation Rate (%) 4.20 2.8 2.8 2.8 2.8 2.8
Producer Prices (points) 242.40 244 249 236 244 238
Producer Prices Change (%) 11.10 7.8 3 3 3 3
CPI Housing Utilities (points) 500.20 488 487 496 507 502
CPI Transportation (points) 167.91 165 166 168 169 170
Food Inflation (%) 1.50 4.8 3.8 3.8 3.8 3.8
Inflation Rate Mom (%) 0.50 0.5 0.5 0.5 0.5 0.5

Money Actual Q3 Q4 Q1 Q2 2022
Interest Rate (%) 1.25 1.25 1.5 1.5 1.75 2
Interbank Rate (%) 1.63 1.63 1.88 1.88 2.13 2.13

Trade Actual Q3 Q4 Q1 Q2 2022
Balance of Trade (ISK Million) -36242.60 -14700 -13900 -13900 -13900 -13900
Current Account (ISK Million) -31084.00 45 15 15 15 20
Current Account to GDP (% of GDP) 1.00 0.9 0.9 1.8 1.8 1.8
Imports (ISK Million) 92112.10 73600 74400 74400 74400 74400
Exports (ISK Million) 55869.50 58900 60500 60500 60500 60500

Government Actual Q3 Q4 Q1 Q2 2022
Government Debt to GDP (% of GDP) 79.90 52 52 52 52 49
Government Budget (% of GDP) -7.30 -9.9 -9.9 -8.7 -8.7 -8.7
Government Budget Value (ISK Billion) -88.20 9.13 9.17 9.17 9.17 9.17
Government Spending (ISK Million) 165061.00 165773 84883 164557 168362 167700
Government Spending to GDP (% of GDP) 49.70 41.2 41 41 41 41

Taxes Actual Q3 Q4 Q1 Q2 2022
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 46.25 46.3 46.3 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 6.84 6.84 6.1 6.1
Social Security Rate For Employees (%) 4.00 4 4 4 4 4

Consumer Actual Q3 Q4 Q1 Q2 2022
Consumer Spending (ISK Million) 358476.00 353446 220938 348811 365646 370177
Disposable Personal Income (ISK Thousand) 4272.30 4486 4240 4336 4358 4401
Gasoline Prices (USD/Liter) 1.71 1.62 1.54 1.47 1.39 1.32


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.