Iceland - Macroeconomic Outlook Report

Iceland - Macroeconomic Outlook Report


Financial intermediation, real estate and business activities contributed 25.5% to the gross value added (GVA) in 2023, followed by the mining, manufacturing and utilities with 14.6%, and wholesale, retail and hotels with 11.9%. According to GlobalData estimates, the three sectors are expected to grow by 6.2%, 6.4% and 8.0%, respectively, in 2024.

Reykjavik contributed 57.6% of Iceland’s GDP and was home to 60.8% of the country’s population as of 2023

ICEXI index exhibited a downward trend over the past year. As of February 21, 2024, the index stood at 2,275.0, compared to 2,393.2 on February 21, 2023.


According to the World Bank, Logistics Performance Index (2023), Iceland ranked 26th out of 139 nations in 2023

Reasons to Buy

Macroeconomic Outlook Report identifies the potentials of the country as an investment destination by analyzing the political, economic, social, technological, legal and environmental (PESTLE) structure.

PESTLE Insights provides 360 degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials and direction of operations

Along with providing the country’s snapshot, the report captures the risk factors pertaining to the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure and natural and geographic aspects that might impact business.

This report also highlights key clusters/cities which contribute significantly to the country GDP and population along with major companies’ presence in these areas.

List of Exhibits
Did You Know?
Country Highlights
Key Economic Updates
Country Snapshot
Political Landscape
Economic Landscape
Social Landscape
Technological Landscape
Legal Landscape
Environmental Landscape
List of Tables
Exhibit 1: Iceland’s performance in terms of its country risk analysis in comparison to West Europe and the World average
Exhibit 2: Performance overview (score: 0–100)
Exhibit 3: Broad categories and weights behind the index
Exhibit 4: ICEXI index
Exhibit 5: Key sectors’ contribution to the economy
Exhibit 6: FDI inflows and FDI inward stock (2018–22)
Exhibit 7: Greenfield FDI projects and net cross border M&A deals (2018–22)
Exhibit 8: Key infrastructure indicators
Exhibit 9: Real GDP and household consumption growth rate (2019–26f)
Exhibit 10: Real GDP growth rate comparison (2023e)
Exhibit 11: Volume of exports and imports growth (2019–26f)
Exhibit 12: Current account balance (2019–26f)
Exhibit 13: Top three commodity exports, % of total exports (2018–22)
Exhibit 14: Exports of aluminum and articles thereof, % share of the world’s total (2022)
Exhibit 15: Interest rates (February 2020 – February 2024)
Exhibit 16: Exchange rate and inflation (2019–26f)
Exhibit 17: General government deficit (2019–26f)
Exhibit 18: General government debt (2019–26f)
Exhibit 19: Unemployment rate (2019–26f)
Exhibit 20: Labor force participation rate (2019–26f)
Exhibit 21: Average annual wages (2019–26f)
Exhibit 22: Rural/urban share of total population (1995, 2005, 2015, 2025f)
Exhibit 23: Age-group share of total population (1995, 2005, 2015, 2025f)
Exhibit 24: Gender split (1995, 2005, 2015, 2025f)
Exhibit 25: Internet users as a percentage of total population, mobile penetration rate and broadband penetration rate (2023e)
Exhibit 26: Number of patents granted per million population (2022)
Exhibit 27: High-technology exports, % of manufactured exports (2022)
Exhibit 28: Index of economic freedom (rankings) 2024
Exhibit 29: Corruption perceptions index (rankings) (2023)
Exhibit 30: Renewable energy capacity (2018–23)
Exhibit 31: CO2 emissions (2018–22)

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