Economic activity has slowed recently. The economy grew by 4.1% last year. Gross domestic product is forecast to increase by 1.5% this year, driven by private consumption, foreign trade and public consumption.

The publication of the economic forecast, which was to be published tomorrow, Tuesday, 19 March 2024, has been postponed.

Iceland’s GDP is projected to increase by 3.6% this year. Growth dynamics are changing as GDP growth will be driven by net exports while growth in domestic demand is expected to ease, following robust growth for the last two years. In 2024 GDP is forecast to grow by 2.1% as export growth eases.

Iceland‘s GDP is forecast to grow by 4% this year and by 2.5% in 2024. Last year's economic growth was driven by domestic demand, but this year the contribution of net exports to GDP growth is expected to increase. In the first quarter, GDP increased by 7% from the previous year, but growth is expected […]

Economic growth accelerated to 6.4% last year driven by an increase in private consumption and a robust recovery in exports. For this year, GDP is projected to grow by 3.8%. Growth in domestic demand is expected to ease but the contribution of foreign trade to economic growth will be positive.

Alcohol consuption In Iceland was approximately 2,418 thousand liters of pure alcohol in 2022, compared with just over 2,475 thousand liters in 2021. The total consumption per capita 15 years and older was 7.8 liters in 2022 compared with 8.2 liters in 2021. Figures have been updated.

A total of 7.7% of the Icelandic population, aged 15 years and over, experienced symptoms of depression in 2019. This proportion was slightly higher in Iceland compared with the EU average of 7.0% according to figures from Eurostat. Among European countries, the proportion was highest in France, 10.8%, and lowest in Serbia, 2.3%.

In 2020, the consumption of alcoholic beverages in Iceland was 2,207 thousand liters of pure alcohol compared with 1,708 thousand liters in 2010. Pure alcohol consumption per capita was 7.41 liters in 2020 compared with 6.79 liters in 2010, peaking in 2017 at 7.75 liters. Figures have been updated along with figures for smoking habits.

In 2020, the number of hospital beds was 1,039 compared with 1,009 in 2019. The number of hospital beds per 100,000 inhabitants was 283.5 in 2020 but 279.8 the year before. Small changes were noted in the numbers of rehabilitative, long-term and psychiatric care beds. Figures have been updated.

Figures have been updated

Preliminary results of the Tourism Satellite Accounts (TSAs) indicate that tourism as a proportion of GDP amounted to 8.8% in 2023 and has never been greater. For comparison, these estimates were 7.5% in 2022 and, on average, around 8.2% in the period from 2016 to 2019, prior to the Covid-19 pandemic.

Following the publication of national accounts on the basis of the expenditure approach, figures based on the production approach are now being published. The figures show e.g. the share of individual industries in GDP. Figures for 2022 are preliminary and figures for 2023 first estimates.

Household gross disposable income is estimated to have increased by 9.9% in the fourth quarter of 2023, compared with last year’s corresponding quarter. Disposable income per capita amounted to just over 1.4 million ISK in the quarter and is estimated to have increased by 7.5% compared with the fourth quarter of 2022.

Results for the year 2023 indicate that gross domestic production (GDP) increased by 4.1% in volume with nominal level estimated at 4,279 billion ISK. In the fourth quarter, the growth of the economy slowed down, but the increase in GDP was 0.6% compared with the same quarter of the previous year.

Preliminary figures of the Tourism Satellite Accounts (TSAs) indicate that tourism, as a proportion of GDP, amounted to 8.5% in 2023, exceeding pre-Covid-19 levels. These estimates were 7.5% in 2022 and, on average, 8.2% in the period from 2016 to 2019, prior to the Covid-19 pandemic.