Economy of Iceland

Uncommon card · No. 163295

Iceland has a highly developed social democratic economy. In 2011, the gross domestic product (GDP) was US$12 billion. By 2018, it had increased to a nominal GDP of US$27 billion, and by 2025, it reached US$35 billion. As of 2025, it has the fifth highest nominal GDP per capita ($91,000) and fourteenth highest GDP per capita by PPP ($81,000). In 2025 Iceland topped the Human Development Index. The nation has high levels of free trade and government intervention. However, government consumption is lower compared to other Nordic countries. 100% of Iceland's electrical grid is produced from renewable sources. Geothermal and Hydropower are the primary sources of energy in Iceland. A founding member of the OECD, Iceland has the third lowest Not in Education, Employment, or Training (NEET) rate among the youth. The 2008–2011 Icelandic financial crisis produced a decline in GDP and employment, which has since been reversed entirely by a recovery aided by a tourism boom starting in 2010. Tourism...

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