Iceland (orthographic projection)

We offer a data-driven country report for Iceland that explores inter alia population, international trading relationships, energy consumption, GDP growth, current account balances, and R&D investment. Additionally, CFI quotes from the Big Mac Index (courtesy of The Economist) which gives a rough idea of purchasing power parity. Other authoritative sources include The United Nations Conference on Trade and Development, The World Bank, and The International Money Fund. Visit us regularly for updates and new sources of key economic information on Iceland.

Its population in 2018 was 337,780 [1]

In 2015, 77.03% of its total energy
consumption was renewable [2]

In 2021, its GDP grew by 3.70% [2]

In 2021 it had a negative Current
Account Balance of US$bn 0.71 [3]

Its unemployment rate in 2021 was 6.02% [3]

Its Expenditure on R&D (as a percentage of
GDP) in 2020 was 2.47% [2]

What free trade areas or economic unions is it a member of?

Member of the European Free Trade Association (EFTA) since 01/01/1970

Other members:

Liechtenstein, Norway, Switzerland

What trade deals are there between European Free Trade Association and other countries and economic unions?

EFTA - Türkiye Free Trade Agreement (from 01/04/1992)

EFTA - Israel Free Trade Agreement (from 01/01/1993)

European Single Market (SM) (from 01/01/1993)

EFTA - Morocco Free Trade Agreement (from 01/07/1999)

EFTA - Palestinian Authority Free Trade Agreement (from 01/07/1999)

EFTA - Mexico Free Trade Agreement (from 01/07/2001)

EFTA - North Macedonia Free Trade Agreement (from 01/05/2002)

EFTA - Jordan Free Trade Agreement (from 01/09/2002)

EFTA - Singapore Free Trade Agreement (from 01/01/2003)

EFTA - Chile Free Trade Agreement (from 01/12/2004)

EFTA - Tunisia Free Trade Agreement (from 01/07/2005)

SACU - EFTA free trade agreement (from 01/07/2006)

EFTA - Korea, Republic of Free Trade Agreement (from 01/10/2006)

EFTA - Lebanon Free Trade Agreement (from 01/07/2007)

EFTA - Egypt Free Trade Agreement (from 01/08/2007)

EFTA - Canada Free Trade Agreement (from 01/07/2009)

EFTA - Albania Free Trade Agreement (from 01/10/2011)

EFTA - Serbia Free Trade Agreement (from 01/10/2011)

EFTA - Peru Free Trade Agreement (from 01/07/2012)

EFTA - Hong Kong, China Free Trade Agreement (from 01/11/2012)

EFTA - Montenegro Free Trade Agreement (from 01/11/2012)

EFTA - Gulf Cooperation Council (GCC) Free Trade Agreement (from 01/07/2014)

EFTA - Gulf Cooperation Council free trade agreement (from 01/07/2014)

EFTA - Central America Free Trade Agreement (from 05/09/2014)

EFTA - Colombia Free Trade Agreement (from 01/10/2014)

EFTA - Bosnia and Herzegovina Free Trade Agreement (from 01/01/2015)

EFTA - Georgia Free Trade Agreement (from 01/05/2018)

EFTA - Philippines Free Trade Agreement (from 01/06/2018)

EFTA - Ecuador free trade agreement (from 01/11/2020)

EFTA - Indonesia free trade agreement (from 01/11/2021)

What trade deals are there with other countries and economic unions?

Iceland - Faroe Islands free trade agreement (from 01/11/2006)

Iceland - China free trade agreement (from 01/07/2014)

UK - Norway, Iceland, and Liechtenstein free trade agreement (from 01/01/2021)

Brexit: Fishing in Troubled Waters

It’s perhaps a case of having your fish and eating it too. The number of analogies

Trade with the United Kingdom

Source: UK Office for National Statistics, October 2022.

Contains public sector information licensed under the Open Government Licence v3.0.