Iceland

Continent

Europe

Capital

Reykjavik

Population

364,036

Sub-Zones

General Information

Basic details about Iceland

Population:: 364,036
Area:: 103,000 sq km
Currency:: Icelandic kronur
Languages:: Icelandic, English, Polish, Nordic languages, German

Economic Overview

Key economic indicators for Iceland

GDP:: $26.455 billion
GDP per Capita:: $67,300
GDP Growth:: 5.04%
Inflation:: 8.74%
Unemployment:: 3.56%
Public Debt:: 81.06% of GDP
Credit Rating:: A (2017)

Political System

Governance structure of Iceland

Government Type:: unitary parliamentary republic
Head of State:: President Halla TOMASDOTTIR (since 1 August 2024)
Head of Government:: Prime Minister Kristrun FROSTADOTTIR (since 21 December 2024)
Judiciary:: Supreme Court or Haestirettur (consists of 7 judges)
Administrative Divisions:: 64 municipalities (sveitarfelog, singular - sveitarfelagidh); Akranes, Akureyri, Arneshreppur, Asahreppur, Blaskogabyggdh, Bolungarvik, Borgarbyggdh, Dalabyggdh, Dalvikurbyggdh, Eyjafjardharsveit, Eyja-og Miklaholtshreppur, Fjallabyggdh, Fjardhabyggdh, Fljotsdalshreppur, Floahreppur, Gardhabaer, Grimsnes-og Grafningshreppur, Grindavikurbaer, Grundarfjardharbaer, Grytubakkahreppur, Hafnarfjordhur, Horgarsveit, Hrunamannahreppur, Hunathing Vestra, Hunabyggdh, Hvalfjardharsveit, Hveragerdhi, Isafjardharbaer, Kaldrananeshreppur, Kjosarhreppur, Kopavogur, Langanesbyggdh, Mosfellsbaer, Mulathing, Myrdalshreppur, Nordhurthing, Rangarthing Eystra, Rangarthing Ytra, Reykholahreppur, Reykjanesbaer, Reykjavik, Seltjarnarnes, Skaftarhreppur, Skagabyggdh, Skagafjordhur, Skeidha-og Gnupverjahreppur, Skorradalshreppur, Snaefellsbaer, Strandabyggdh, Stykkisholmur, Sudhavikurhreppur, Sudhurnesjabaer, Svalbardhsstrandarhreppur, Sveitarfelagidh Arborg, Sveitarfelagidh Hornafjordhur, Sveitarfelagidh Olfus, Sveitarfelagidh Skagastrond, Sveitarfelagidh Vogar, Talknafjardharhreppur, Thingeyjarsveit, Tjorneshreppur, Vestmannaeyjar, Vesturbyggdh, Vopnafjardharhreppur

Major Political Parties

Not specified

International Relations

Global position and alliances

UN Member:: Yes
EU Member:: No
Diplomatic Presence:: House of Sweden, 2900 K Street NW, #509, Washington, DC 20007

Major Alliances and Organizations

NATOOECD

Economic Sectors & Trade

Detailed economic breakdown

Major Economic Sectors

Agriculture

3.8% (2023 est.)

Industry

21.1% (2023 est.)

Services

64.6% (2023 est.)note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

Trade Volume

Exports:: $13.71 billion
Imports:: $13.532 billion

Major Trading Partners

Netherlands 27

Germany 11

USA 10

UK 8

Norway 6

Economic Outlook

Iceland has a 5.04% GDP growth rate with 8.74% inflation. The economy is characterized by a strong agriculture sector.