Iceland

Description of Iceland

Iceland, a Nordic island nation in the North Atlantic Ocean, is a country of breathtaking landscapes, rich cultural heritage, and a unique position in the global geopolitical landscape. With a small population of around 350,000 people, Iceland has gained international attention for its sustainable energy practices, booming tourism industry, and resilience in the face of economic challenges. As we delve deeper into Iceland's macroeconomic statistics and geopolitical significance, we uncover a fascinating story of a country that punches above its weight on the world stage.

Population And Age Structure

Population, total: Iceland's population of 366,463 is significantly below the average population of 40,097,746. Iceland ranks 171 out of 194 countries in terms of total population.

Population ages 0-14 (% of total population): With 18.71% of its population in the 0-14 age group, Iceland is below the average of 27.34%. It ranks 137 out of 194 countries.

Population ages 0-14, total: The total population aged 0-14 in Iceland is 68,563, much lower than the average of 10,327,380. Iceland ranks 172 out of 194 countries.

Population ages 15-64 (% of total population): Iceland's population in the 15-64 age group, accounting for 66.72% of the total population, is above the average of 63.44%. The country ranks 57 out of 194 countries.

Population ages 15-64, total: Iceland's total population aged 15-64 is 244,499, below the average of 26,003,407. Iceland ranks 171 out of 194 countries.

Population ages 65 and above (% of total population): With 14.57% of its population aged 65 and above, Iceland is above the average of 9.22%. It ranks 49 out of 194 countries.

Population ages 65 and above, total: The total population aged 65 and above in Iceland is 53,400, well below the average of 3,766,959. Iceland ranks 155 out of 194 countries.

Summary

Iceland has a relatively small total population compared to the global average, with a higher percentage of its population in the 15-64 age group and a lower percentage in the 0-14 age group and 65 and above age group. This demographic distribution is crucial as it indicates a potentially smaller workforce in the future, which could impact economic productivity, healthcare requirements, and pension systems in the long term.

Population Miscellaneous

For Rural population, Iceland's value of 22,362 is significantly below the average of 18,044,041. Iceland ranks 181 out of 190 countries in this attribute data.

Regarding Rural population (% of total population), Iceland's value of 6.102% is substantially lower than the average of 41.158%. This places Iceland at rank 185 out of 190 countries.

When looking at Urban population, Iceland's value of 344,101 is well below the average of 22,425,747. Iceland holds the 163rd position out of 194 countries in this attribute.

In terms of Urban population (% of total population), Iceland's value is 93.898%, significantly higher than the average of 59.691%. Iceland ranks 10th out of 194 countries in this aspect.

For Age dependency ratio (% of working-age population), Iceland's ratio of 49.883% is below the average of 59.219%. Iceland holds the 138th rank out of 194 countries in this attribute.

Looking at Birth rate, crude, Iceland's rate of 12.3 per 1,000 people is below the average of 19.384. The country ranks 127th out of 192 countries in this regard.

For Death rate, crude, Iceland's rate of 6.3 per 1,000 people is below the average of 8.214. Iceland is positioned at the 143rd rank out of 192 countries.

Lastly, in Fertility rate, total (births per woman), Iceland's rate of 1.72 is lower than the average of 2.603. Iceland ranks 124th out of 190 countries based on this metric.

Summary

Iceland stands out among countries for its unique demographic profile. With a significantly low rural population and a high urban population, Iceland demonstrates a strong trend towards urbanization. This shift is further underscored by its high urban population percentage compared to the global average. Additionally, Iceland's below-average age dependency ratio and fertility rate indicate potential challenges in sustaining future population growth and supporting an aging population. These indicators are crucial for policymakers and analysts to understand Iceland's demographic dynamics and plan for long-term social and economic development strategies.

Natural Resources

Considering Forest Area, Iceland's 513.5 sq. km is significantly below the average of 211,606.11 sq. km, placing Iceland at rank 160 out of 191 countries.

Looking at Land Area, Iceland's 100,830 sq. km falls below the average of 665,166.51 sq. km, ranking Iceland 104 out of 194 countries.

When it comes to Surface Area, Iceland's 103,000 sq. km is lower than the average of 689,779.56 sq. km, positioning Iceland at rank 107 out of 194 countries.

Examining Arable Land, Iceland's 121,000 hectares contrasts with the average of 7,329,543.16 hectares, ranking Iceland 144 out of 190 countries.

Regarding Land under Cereal Production, Iceland's 1,500 hectares differs from the average of 4,206,011.63 hectares, placing Iceland at rank 160 out of 174 countries.

For Average Precipitation, Iceland's 1,940 mm per year exceeds the average of 1,157.83 mm per year, placing Iceland at rank 35 out of 178 countries.

Lastly, looking at Renewable Internal Freshwater Resources, Iceland's 170 billion cubic meters is below the average of 240.41 billion cubic meters, ranking Iceland 40 out of 178 countries.

Summary

In various key macroeconomic indicators, Iceland appears to have relatively small areas of forest, land, and arable land compared to global averages, but receives higher average precipitation. Additionally, Iceland has lower levels of renewable internal freshwater resources compared to the global average. These statistics are important for understanding Iceland's environmental profile, agricultural potential, and water resource management capabilities in comparison to other countries.

Resource Rents

Iceland's total natural resources rents account for only 0.00011% of its GDP, which is significantly below the average of 4.63%. This places Iceland at a rank of 175 out of 175 countries in the dataset.

In terms of forest rents, Iceland also falls below the average with 0.00011% of GDP allocated to this sector, compared to the average of 1.53%. Iceland is ranked 173 out of 174 countries in this category.

Summary

Iceland ranks at the bottom among countries in terms of both total natural resources rents and forest rents as a percentage of its GDP. The extremely low contribution of these sectors to Iceland's economy highlights the country's heavy reliance on other industries for growth and development. This limited diversification could pose challenges in terms of sustainability and resilience to external shocks, emphasizing the need for Iceland to explore avenues for economic diversification and resource utilization.

Commodities

Iceland's cereal production of 7,287 metric tons is significantly below the average production of 17,249,945.93 metric tons, ranking 156 out of 174 countries.

In terms of aquaculture production, Iceland's 40,595.06 metric tons is notably lower than the average of 679,642.92 metric tons, placing it at rank 48 out of 180 countries.

Iceland's capture fisheries production of 1,035,413.76 metric tons is above the average of 467,453.06 metric tons, ranking 19 out of 190 countries.

The country's total fisheries production of 1,076,008.82 metric tons falls slightly below the average of 1,153,914.85 metric tons, resulting in a rank of 24 out of 182 countries.

Iceland's fertilizer consumption of 130.10 kilograms per hectare of arable land is lower than the average of 159.04 kilograms, positioning it at rank 75 out of 187 countries.

Summary

Iceland's agricultural production, particularly in cereals and aquaculture, falls below global averages, indicating room for potential growth in these sectors. However, the country excels in capture fisheries production, surpassing the global average and ranking in the top 20 countries. Despite this, Iceland's total fisheries production is slightly below average. In terms of fertilizer consumption, Iceland lags behind the global average, suggesting potential inefficiencies or sustainability practices in its agriculture. These indicators are crucial as they highlight Iceland's strengths and weaknesses in key sectors, guiding policymakers in fostering sustainable agricultural development and enhancing food security.

Intellectual Property

Analysis of key statistical attributes for Iceland:

Summary

In summary, Iceland exhibits below-average numbers across various key macroeconomic indicators related to industrial design applications, patent applications, trademark applications, scientific and technical journal articles, and charges for the use of intellectual property. These rankings highlight Iceland's relatively lower involvement and activity in the innovation and intellectual property sectors compared to the global average.

Broad Economy Attributes

1. GDP (current US$): Iceland's GDP is $21,565,767,851.14. This is significantly below the average GDP of $442,870,224,838.68. Iceland is ranked 106th out of 189 countries.

2. GDP, PPP (current international $): Iceland's GDP, PPP stands at $20,386,763,560.24, which is notably lower than the average GDP, PPP of $734,141,122,350.78. Iceland holds the 141st rank out of 181 countries.

3. GDP per capita (current US$): With a GDP per capita of $58,848.42, Iceland is well above the average GDP per capita of $15,462.11. Iceland ranks 10th out of 190 countries.

4. GDP per capita, PPP (current international $): Iceland's GDP per capita, PPP is $55,631.16, exceeding the average of $21,251.89. The country is ranked 17th out of 181 countries.

5. GNI (current US$): Iceland's GNI is $21,074,087,065.62, significantly lower than the average GNI of $452,040,815,370.70. Iceland is placed 106th out of 185 countries.

6. GNI, PPP (current international $): The GNI, PPP of Iceland is $19,921,963,049.04, below the average GNI, PPP of $730,698,223,823.47. Iceland is ranked 140th out of 181 countries.

7. GNI per capita, PPP (current international $): Iceland's GNI per capita, PPP is $54,360, higher than the average of $20,615.75. Iceland holds the 17th rank out of 181 countries.

Summary

Iceland's macroeconomic indicators paint a picture of a small economy with relatively lower total GDP figures compared to the global average, but with significantly higher GDP per capita figures, ranking well above average in this aspect. This indicates that while Iceland's total economic output is limited, the wealth generated is more evenly distributed among its population, leading to a higher standard of living for its citizens. These indicators are crucial as they reflect not just the overall economic health of a country but also the level of prosperity enjoyed by its people.

Broad Value Added

- Gross value added at basic prices (GVA) in Iceland is $19,403,619,119.77, significantly below the average of $360,070,943,595.12, ranking 102 out of 176 countries. - Agriculture, forestry, and fishing contribute 4.64% to Iceland's GDP, lower than the average of 10.86%, placing Iceland at rank 114 out of 182 countries. - The value added in Agriculture, forestry, and fishing in Iceland is $1,001,002,412.16, much lower than the average of $19,924,732,828.07, ranking 131 out of 182 countries. - Services value added in Iceland represents 65.19% of GDP, above the average of 56.72%, ranking 46 out of 183 countries. - Iceland's Services value added stands at $14,058,308,768.19, significantly lower than the average of $295,837,711,130.69, placing Iceland at rank 101 out of 183 countries. - Industry value added in Iceland is $4,344,307,939.42, well below the average of $118,421,095,413.50, ranking 113 out of 183 countries.

Summary

Iceland's economy is characterized by a relatively low Gross Value Added at Basic Prices (GVA) and a smaller contribution from Agriculture, forestry, and fishing compared to the global average. However, the country excels in the Services sector, with a higher than average contribution to GDP. This indicates a shift towards a more service-oriented economy, which can lead to greater resilience and diversification in the face of economic challenges.

Manufacturing Value Added

For Manufacturing, value added (current US$), Iceland's value is $1,911,527,559.99, ranking 104 out of 173 countries. This is considerably lower than the attribute average of $76,207,179,589.66.

Manufacturing, value added (% of GDP) in Iceland is 8.86%, ranking 114 out of 173 countries, which is below the attribute average of 11.90%.

In terms of Medium and high-tech manufacturing value added (% manufacturing value added), Iceland's value of 11.78% is below the average of 24.49%. Iceland ranks 104 out of 149 countries for this attribute.

Iceland's Chemicals (% of value added in manufacturing) is 0.72%, ranking 88 out of 89 countries, significantly below the average of 11.56%.

For Food, beverages and tobacco (% of value added in manufacturing), Iceland excels with a value of 51.85%, ranking 10 out of 92 countries, surpassing the average of 24.51%.

Machinery and transport equipment (% of value added in manufacturing) in Iceland is 12.28%, below the average of 16.85%, ranking 56 out of 93 countries.

Textiles and clothing (% of value added in manufacturing) in Iceland is 1.08%, ranking 85 out of 93 countries, lower than the average of 6.33%.

Lastly, Iceland's Other manufacturing (% of value added in manufacturing) is at 34.08%, ranking 71 out of 94 countries, slightly below the average of 42.13%.

Summary

In summary, Iceland performs below average in Manufacturing, value added, Medium and high-tech manufacturing value added, Chemicals, Machinery and transport equipment, Textiles and clothing, and Other manufacturing. However, it excels in Food, beverages and tobacco, ranking well above the average. These findings are important as they indicate Iceland's strengths and weaknesses in different manufacturing sectors, highlighting areas where the country may need to focus on improving competitiveness and productivity to enhance its overall economic performance.

Money

For Inflation, consumer prices (annual %), Iceland's value of 2.85% is below the average of 8.26%. This places Iceland at rank 67 out of 165 countries in the dataset.

In terms of Inflation, GDP deflator (annual %), Iceland's 4.01% is lower than the average of 6.90%, ranking Iceland 62 out of 188 countries.

Regarding Broad money growth (annual %), Iceland's rate of 7.37% is below the average of 18.03%, positioning Iceland at rank 109 out of 139 countries.

With Broad money (% of GDP), Iceland's value of 72.35% is slightly above the average of 71.75%, placing Iceland at rank 57 out of 139 countries.

Lastly, in terms of Broad money to total reserves ratio, Iceland's ratio of 2.43 is below the average of 5.17, ranking Iceland at 79 out of 126 countries.

Summary

Iceland performs moderately in key macroeconomic indicators compared to global averages. While the country maintains relatively lower inflation rates and prudent broad money growth, it lags behind in broad money to total reserves ratio. These indicators are crucial as they reflect Iceland's economic stability, monetary policy effectiveness, and financial resilience in the global economic landscape.

Consumption Expenditure

For Final consumption expenditure (current US$), Iceland's value is $17,281,102,593.12, which is significantly below the average of $381,630,252,515.38. Iceland ranks 103 out of 159 countries for this attribute.

Final consumption expenditure (% of GDP) in Iceland is 80.13%, slightly below the average of 82.37%. Iceland's rank for this attribute is 80 out of 159 countries.

General government final consumption expenditure (current US$) in Iceland is $6,071,654,708.16, much lower than the average of $93,676,578,238.03. Iceland ranks 82 out of 158 countries for this attribute.

In terms of General government final consumption expenditure (% of GDP), Iceland's value is 28.15%, significantly higher than the average of 18.71%. Iceland holds the 11th rank out of 158 countries.

For Household and NPISHs Final consumption expenditure (current US$), Iceland spends $11,209,447,884.96, well below the average of $290,127,571,157.69. Iceland ranks 107 out of 158 countries for this attribute.

Households and NPISHs final consumption expenditure (% of GDP) in Iceland is 51.98%, notably lower than the average of 63.68%. Iceland ranks 120 out of 158 countries for this attribute.

Summary

Iceland's final consumption expenditure in current US dollars is significantly below the global average, leading to a low ranking in comparison to other countries. However, its general government final consumption expenditure as a percentage of GDP is notably higher than average, indicating a significant portion of government spending in the economy. These statistics are crucial for understanding Iceland's economic structure and government priorities, highlighting potential areas for growth or improvement in public expenditure efficiency.

Investment

For Foreign direct investment, net (BoP, current US$), Iceland received $501,161,099.93, ranking 28th out of 169 countries. This is significantly above the average net inflow of $1,615,235,980.51.

Foreign direct investment, net inflows (BoP, current US$) in Iceland were -$878,458,464.59, ranking 166th out of 182 countries. This is considerably below the average net inflow of $5,749,271,080.15.

Iceland's Foreign direct investment, net inflows (% of GDP) were -4.07%, placing it at rank 170 out of 178 countries. This is notably below the average of 2.61%.

Foreign direct investment, net outflows (BoP, current US$) from Iceland were -$377,297,364.66. Iceland ranked 142nd out of 156 countries, and this is under the average outflow of $5,707,991,116.07.

In terms of Foreign direct investment, net outflows (% of GDP), Iceland had a value of -1.75%, ranking 143rd out of 155 countries. This is lower than the average outflow percentage of 1.00%.

Portfolio Investment, net (BoP, current US$) in Iceland amounted to $1,038,335,083.85, positioning Iceland at rank 42 out of 159 countries. This is above the average net investment of $679,559,169.57.

For Portfolio equity, net inflows (BoP, current US$), Iceland had -$29,210,531.74, ranking 82nd out of 125 countries. This is significantly below the average of $9,197,145,994.70.

Summary

Iceland has shown a mixed performance in terms of foreign direct investment and portfolio investment. While the country received above-average net inflows for Foreign Direct Investment in absolute terms, it ranked considerably lower when considering the percentage of GDP. Additionally, Iceland saw a significant outflow of portfolio equity, indicating a potential need to attract more investment to balance its investment portfolio. These indicators are crucial as they reflect Iceland's attractiveness to foreign investors and its ability to participate in global investment activities, ultimately influencing its economic growth and stability.

Broad Trade Attributes

Trade (% of GDP): Iceland's trade as a percentage of its GDP is 68.02%, which is below the average of 82.34%. Iceland ranks 83 out of 163 countries in this attribute.

Merchandise trade (% of GDP): Iceland's merchandise trade as a percentage of its GDP is 47.66%, lower than the average of 60.01%. Iceland ranks 107 out of 186 countries in this attribute.

Trade in services (% of GDP): Iceland's trade in services as a percentage of its GDP is 21.82%, slightly below the average of 24.63%. Iceland ranks 58 out of 171 countries in this attribute.

External balance on goods and services (current US$): Iceland has an external balance of goods and services valued at -328,223,410.16 US$, significantly below the average of 3,405,509,011.13 US$. Iceland ranks 84 out of 163 countries in this attribute.

External balance on goods and services (% of GDP): Iceland's external balance on goods and services as a percentage of its GDP is -1.52%, which is better than the average of -5.97%. Iceland ranks 76 out of 163 countries in this attribute.

Summary

Iceland's trade, merchandise trade, and trade in services as a percentage of GDP are below global averages, indicating a smaller reliance on international trade compared to other countries. Despite this, Iceland maintains a relatively better external balance on goods and services as a percentage of its GDP, showcasing a more balanced trade profile. These indicators are crucial as they reflect Iceland's integration into the global economy, its ability to generate revenue from trade, and its overall economic stability.

Net Trade

The Current account balance (BoP, current US$) for Iceland is $200,648,076.72, which is significantly below the average of $1,443,864,831.49. Iceland ranks 60th out of 170 countries in this attribute.

Iceland's Current account balance (% of GDP) is 0.93%, higher than the average of -2.36%. This places Iceland at the 57th position out of 170 countries.

Iceland's Net trade in goods and services (BoP, current US$) is -$321,327,327.37, a value below the average of $2,604,730,003.57. Iceland ranks 88th out of 171 countries in this statistic.

The Net primary income (BoP, current US$) for Iceland is $716,190,686.29, surpassing the average of -$903,807,529.74. Iceland holds the 24th position out of 170 countries in this attribute.

Iceland's Net secondary income (BoP, current US$) is -$194,216,528.10, slightly above the average of -$269,227,340.40. Iceland ranks 128th out of 170 countries in this statistic.

The Net trade in goods (BoP, current US$) for Iceland is -$626,055,029.04, significantly lower than the average of $1,302,831,005.68. Iceland ranks 94th out of 171 countries in this attribute.

Iceland's Net capital account (BoP, current US$) is -$16,636,526.73, below the average of $136,543,824.05. Iceland holds the 129th position out of 159 countries in this statistic.

Iceland's Net financial account (BoP, current US$) is $1,293,447,226.05, well above the average of -$469,840,994.63. In this category, Iceland ranks 41st out of 170 countries.

Summary

Iceland's macroeconomic indicators reveal a mixed performance compared to global averages. While the country excels in Net primary income and Net financial account, it faces challenges in Net trade in goods and services and Net secondary income. These statistics are crucial as they reflect Iceland's economic position in international trade, its ability to generate income from primary activities, and its overall financial health in the global market.

Broad Export Attributes

Exports of goods, services and primary income (BoP, current US$): Iceland's value of $7,924,061,778.71 is below the average of $146,238,908,936.30. Iceland ranks 97 out of 170 countries in this attribute.

Exports of goods and services (BoP, current US$): Iceland's value of $7,196,536,913.59 is below the average of $122,938,540,059.78. Iceland ranks 98 out of 170 countries in this attribute.

Exports of goods and services (current US$): Iceland's value of $7,169,892,724.87 is below the average of $129,596,864,610.19. Iceland ranks 96 out of 163 countries in this attribute.

Exports of goods and services (% of GDP): Iceland's value of 33.25% is below the average of 38.19%. Iceland ranks 70 out of 163 countries in this attribute.

Goods exports (BoP, current US$): Iceland's value of $4,691,292,458.66 is below the average of $93,310,581,697.39. Iceland ranks 102 out of 171 countries in this attribute.

ICT goods exports (% of total goods exports): Iceland's value of 0.24% is below the average of 3.81%. Iceland ranks 93 out of 142 countries in this attribute.

Summary

Iceland's export values in various categories consistently fall below the global average, resulting in the country ranking lower than the majority of nations in these indicators. This signifies a challenge for Iceland's economy in terms of global competitiveness and revenue generation, highlighting the need for strategic initiatives to boost exports and strengthen its position in international trade.

Merchandise Exports

1. Merchandise exports (current US$): Iceland's merchandise exports amount to $4,582,000,000, which is significantly below the average of $89,542,711,229.95. Iceland ranks 110th out of 187 countries in this category.

2. Agricultural raw materials exports (% of merchandise exports): Iceland's agricultural raw materials exports account for 0.52% of its total merchandise exports, lower than the average of 2.97%. Iceland ranks 111th out of 151 countries in this aspect.

3. Food exports (% of merchandise exports): A considerable portion, 50.81%, of Iceland's merchandise exports come from food products, well above the average of 24.06%. Iceland holds the 24th rank out of 152 countries in this attribute.

4. Fuel exports (% of merchandise exports): Iceland's fuel exports represent 0.72% of its merchandise exports, which is significantly lower than the average of 13.70%. The country ranks 112th out of 147 nations in this aspect.

5. Ores and metals exports (% of merchandise exports): Iceland's ores and metals exports constitute 36.11% of its merchandise exports, much higher than the average of 9.10%. This places Iceland at the 14th rank out of 152 countries.

6. Merchandise exports by the reporting economy, residual (% of total merchandise exports): Iceland's residual merchandise exports ratio is 0.01%, significantly below the average of 3.20%. Iceland holds the 133rd rank out of 166 countries in this category.

Summary

Iceland has a diverse export profile with a significant focus on food products and ores/metals, outperforming global averages in these areas. However, the country lags behind in fuel exports and agricultural raw materials. This data is crucial for understanding Iceland's economic strengths and weaknesses in international trade, highlighting areas for potential growth and optimization.

Technology Exports

Manufactures exports (% of merchandise exports): In Iceland, the value for this attribute is 11.29%, which is significantly below the average of 42.62%. Iceland ranks 122 out of 152 countries in this category.

High-technology exports (current US$): Iceland's exports in this category amount to $144,572,358, a substantial difference below the average of $16,655,934,078.80. Iceland holds the 77th rank out of 151 countries included.

High-technology exports (% of manufactured exports): Iceland's percentage stands at 27.96%, surpassing the average of 10.15%. This places Iceland at the 11th position out of 150 countries.

Medium and high-tech exports (% manufactured exports): Iceland's value of 32.44% is slightly below the average of 34.29%. The country is ranked 75th out of 149 nations.

Summary

Iceland's export performance in high-tech and manufactured goods falls below global averages in various categories, indicating a potential opportunity for growth and diversification in its export sector. These statistics highlight the country's current positioning in the global market and underscore the importance of strategic initiatives to enhance competitiveness and capture a larger share of high-value export markets.

Service Exports

Service exports (BoP, current US$): Iceland's value of $2,505,251,720.56 for this attribute is significantly below the average of $28,917,292,503.82. Iceland ranks 83rd out of 171 countries in this data set.

ICT service exports (BoP, current US$): Iceland's value of $347,312,412.29 is below the average of $4,578,501,153.77 for this attribute. Iceland is ranked 69th out of 166 countries.

ICT service exports (% of service exports, BoP): Iceland's value of 13.86% is above the average of 11.75% for this attribute. Iceland ranks 46th out of 166 countries.

Communications, computer, etc. (% of service exports, BoP): Iceland's value of 41.33% for this attribute is below the average of 45.85%. Iceland ranks 99th out of 169 countries.

Transport services (% of service exports, BoP): Iceland's value of 27.26% is above the average of 21.80% for this attribute. Iceland is ranked 55th out of 169 countries.

Travel services (% of service exports, BoP): Iceland's value of 26.09% is slightly below the average of 26.40%. Iceland is ranked 66th out of 167 countries.

Insurance and financial services (% of service exports, BoP): Iceland's value of 5.32% is below the average of 6.46% for this attribute. Iceland ranks 58th out of 161 countries.

Summary

Despite Iceland's below-average values in most service export categories, it performs relatively well in ICT service exports and transport services. This suggests a potential for growth and specialization in these sectors to diversify Iceland's service export portfolio. Improving performance in lower-ranking categories such as communications and financial services could further enhance Iceland's competitiveness in the global service export market.

Commercial Service Exports

For Commercial service exports (current US$), Iceland's value of 2,486,207,388.71 is below the average of 28,508,218,402.80. Iceland ranks 82 out of 171 countries in this attribute.

Travel services (% of commercial service exports) in Iceland account for 26.29%, slightly below the average of 27.89%. Iceland ranks 69 out of 167 countries in this category.

Computer, communications and other services (% of commercial service exports) make up 40.88% in Iceland, lower than the average of 42.44%. Iceland ranks 94 out of 169 countries for this attribute.

Iceland's Insurance and financial services (% of commercial service exports) represent 5.36%, below the average of 6.97%. Iceland ranks 60 out of 161 countries in this regard.

Transport services (% of commercial service exports) in Iceland constitute 27.47%, higher than the average of 23.37%. Iceland ranks 58 out of 169 countries for this specific attribute.

Summary

In analyzing key macroeconomic indicators for Iceland, it is evident that the country generally falls below the global average in terms of commercial service exports composition. Specifically, Iceland ranks below average in travel services, computer, communications, and other services, insurance and financial services, while performing above average in transport services. These findings are crucial as they highlight areas where Iceland may need to focus on improving competitiveness and diversification within its service export sector to enhance economic growth and sustainability in the long term.

Broad Import Attributes

Imports of goods and services (current US$): Iceland's value of $7,498,116,135.03 is below the attribute average of $126,191,355,599.06. Iceland ranks 104 out of 163 countries in this data.

Imports of goods and services (% of GDP): Iceland's value of 34.77% is below the attribute average of 44.15%. With a rank of 93 out of 163 countries, Iceland shows a lower reliance on imports compared to other nations.

ICT goods imports (% total goods imports): Iceland's value of 6.23% is slightly below the attribute average of 6.85%. Ranking 53 out of 143 countries, Iceland exhibits a moderate but slightly lower dependency on ICT goods imports compared to the average.

Goods imports (BoP, current US$): Iceland's value of $5,317,355,281.50 is significantly below the attribute average of $92,007,788,027.17. Iceland ranks 108 out of 171 countries in goods imports, indicating a relatively lower volume of imports in comparison.

Imports of goods and services (BoP, current US$): Iceland's value of $7,517,863,712.80 is below the attribute average of $120,321,577,988.12. With a rank of 106 out of 170 countries, Iceland's import level is below the average relative to other nations.

Imports of goods, services and primary income (BoP, current US$): Iceland's value of $7,529,197,891.62 is significantly below the attribute average of $144,514,428,722.28. Ranking 110 out of 170 countries, Iceland's overall import figure including primary income is notably lower compared to the average among included nations.

Summary

Iceland shows a consistent trend of maintaining import values below the global attribute averages across various indicators such as total imports, imports as a percentage of GDP, and ICT goods imports. This indicates that Iceland relies less on imports compared to many other countries, potentially showcasing a strategy focused on self-sufficiency or domestic production over heavy reliance on foreign goods and services.

Merchandise Imports

Analysis of key import statistics for Iceland:

Summary

Iceland has a total merchandise imports value of $5,697,000,000, ranking 112 out of 190 countries. The country's import composition shows a higher reliance on manufactures and ores/metals, while having lower food and fuel imports compared to global averages. This indicates Iceland's specialization in certain industries and its ability to access key resources efficiently.

Service Imports

Analysis of key stats for various service import attributes in Iceland:

1. Service imports (BoP, current US$): Iceland's value of 2.20 billion USD is significantly below the average of 27.62 billion USD, ranking 94th out of 171 countries.

2. Communications, computer, etc. (% of service imports, BoP): Iceland's percentage of 52.54% is above the average of 44.40%, ranking 65th out of 169 countries.

3. Transport services (% of service imports, BoP): Iceland's percentage of 20.48% is below the average of 32.90%, ranking 128th out of 169 countries.

4. Travel services (% of service imports, BoP): Iceland's percentage of 24.18% is above the average of 14.14%, ranking 26th out of 169 countries.

5. Insurance and financial services (% of service imports, BoP): Iceland's percentage of 2.81% is below the average of 8.53%, ranking 143rd out of 169 countries.

Summary

In summary, Iceland has a relatively low total value of service imports compared to the global average, with a focus on communication, computer, and related services, as well as travel services. However, it lags behind in transport services and insurance/financial services imports.

These findings are important as they indicate Iceland's strong reliance on communication and travel-related services, which could signify a robust tourism industry and a growing technological sector. The lower imports in transport and financial services suggest potential areas for improvement or investment to diversify Iceland's service import portfolio.

Commercial Service Imports

Commercial service imports in Iceland amount to $2.18 billion, which is significantly below the average of $27.10 billion, ranking Iceland 92nd out of 171 countries in this category.

Computer, communications, and other services contribute to 52.18% of Iceland's commercial service imports, surpassing the average of 41.71%. Iceland ranks 61st out of 169 countries for this attribute.

Insurance and financial services represent 2.83% of Iceland's commercial service imports, considerably lower than the average of 8.85%. Iceland ranks 146th out of 169 countries in this aspect.

Transport services constitute 20.63% of Iceland's commercial service imports, falling below the average of 34.71%. Iceland is ranked 127th out of 169 countries for this attribute.

Travel services make up 24.36% of Iceland's commercial service imports, surpassing the average of 14.73%. Iceland ranks impressively 30th out of 169 countries in this category.

Summary

In summary, Iceland has a lower total commercial service imports compared to the global average, ranking 92nd out of 171 countries. However, it outperforms the average in terms of the contribution of computer, communications, and travel services to its imports, ranking 61st and 30th respectively. This indicates Iceland's dependence on these specific service sectors for its commercial activities, which could have implications for its economic diversification and growth strategies.

Infrastructure

Analysis of key statistics for Iceland in comparison to global averages:

1. Air transport, freight (million ton-km): Iceland's value is 135.059286 million ton-km, below the global average of 1384.3654403116147 million ton-km. Iceland ranks 44th out of 126 countries in this attribute.

2. Air transport, registered carrier departures worldwide: Iceland has 13,594 departures, well below the global average of 134,365.60535838926 departures. Iceland ranks 70th out of 149 countries in this category.

3. Air transport, passengers carried: Iceland carries 903,927 passengers, significantly below the global average of 11,848,242.70036577 passengers. Iceland ranks 75th out of 149 countries for this metric.

4. Container port traffic (TEU: 20 foot equivalent units): Iceland's port traffic is 297,263 TEU, far lower than the global average of 6,907,110.268181819 TEU. Iceland holds the 91st rank out of 110 countries in this attribute.

Summary

In comparison to global averages, Iceland exhibits lower values in key macroeconomic indicators such as air transport, freight; air transport, registered carrier departures; air transport, passengers carried; and container port traffic. These statistics indicate that Iceland's transportation and trade sectors are relatively smaller and less active compared to the global average, positioning Iceland in the lower percentiles in these categories. This could suggest constraints in Iceland's connectivity and trade volumes, impacting its economic growth potential and global competitiveness.

Information Technology Infrastructure

Secure Internet servers: Iceland has 27,673 secure internet servers, which is lower than the average of 458,294. Iceland ranks 57 out of 193 countries in this attribute.

Secure Internet servers (per 1 million people): With 75,514 secure internet servers per 1 million people, Iceland exceeds the average of 14,067. Iceland ranks 12 out of 193 countries in this attribute.

Individuals using the Internet (% of population): Iceland has 99.53% of its population using the internet, well above the average of 64.77%. Iceland ranks 4 out of 180 countries in this attribute.

Fixed broadband subscriptions: Iceland has 141,816 fixed broadband subscriptions, lower than the average of 6,591,956. Iceland ranks 118 out of 185 countries in this attribute.

Mobile cellular subscriptions: Iceland has 421,384 mobile cellular subscriptions, significantly lower than the average of 42,526,464. Iceland ranks 170 out of 193 countries in this attribute.

Summary

In summary, Iceland boasts a high number of secure internet servers per 1 million people and a near-universal internet usage rate, ranking well above the global averages. However, the country falls below average in fixed broadband and mobile cellular subscriptions.

These indicators are crucial for assessing Iceland's connectivity infrastructure and digital readiness. High numbers of secure internet servers and internet users signify advanced digital infrastructure and widespread internet access, which are vital for economic development, innovation, and global competitiveness. On the other hand, lower levels of fixed broadband and mobile cellular subscriptions may indicate areas for improvement in ensuring broader access to telecommunications services for all segments of the population.

Energy Consumption

Analysis of Renewable Energy Consumption (% of total final energy consumption) in Iceland: Iceland's renewable energy consumption stands at 82.79%, significantly above the average of 32.18%. This places Iceland at rank 14 out of 191 countries included in the data.

Analysis of CO2 Emissions (kt) in Iceland: Iceland's CO2 emissions amount to 1446.6 kt, well below the average of 171895.94 kt. This positions Iceland at rank 152 out of 188 countries in the dataset.

Summary

Iceland stands out as a global leader in renewable energy consumption, with 82.79% of its total final energy consumption coming from renewable sources, far surpassing the global average of 32.18%. This not only showcases Iceland's commitment to sustainability but also positions the country favorably in the global ranking at 14th place out of 191 countries. Additionally, Iceland's significantly low CO2 emissions of 1446.6 kt, compared to the global average of 171895.94 kt, further solidify its environmental stewardship, placing it at 152nd out of 188 countries. These indicators are crucial as they highlight Iceland's proactive approach towards reducing carbon footprint and reliance on renewable energy, setting a positive example for other nations in combatting climate change.

Government Balance Sheet

1. Iceland's net acquisition of financial assets (% of GDP) is 0.583%, which is below the average of 2.45%. Iceland ranks 57th out of 87 countries in this attribute data.

2. Iceland's central government debt, total (% of GDP) is 100.61%, exceeding the average of 74.12%. This places Iceland at 13th out of 61 countries in this category.

3. In terms of net incurrence of liabilities, total (% of GDP), Iceland's value is 8.64%, slightly above the average of 7.43%. Iceland ranks 31st out of 92 countries for this metric.

4. Iceland has reserves and related items standing at -217,725,786.10 US$, significantly lower than the average of 1,924,407,186.58 US$. This places Iceland at 120th out of 171 countries in this data set.

5. The country's total reserves minus gold is 6,298,662,205.06 US$, well below the average of 74,221,588,171.61 US$. Iceland ranks 83rd out of 161 countries in this category.

6. Iceland's total reserves (including gold) stand at 6,419,314,385.06 US$, significantly lower than the average of 85,708,019,773.47 US$. Iceland is 87th out of 161 countries in this attribute.

7. Iceland's total reserves in months of imports is 10.23, higher than the average of 7.10 months. This places Iceland at 29th out of 151 countries for this measure.

Summary

In summary, Iceland displays below-average performance in key macroeconomic indicators such as net acquisition of financial assets, central government debt, reserves, and net incurrence of liabilities compared to global averages. These metrics are crucial as they reflect Iceland's financial stability, ability to meet financial obligations, and capacity to withstand economic shocks. Improving these indicators would enhance Iceland's financial resilience and credibility in the international financial markets.

Government Revenue

1. Revenue, excluding grants (% of GDP): Iceland's value of 29.55% is slightly above the average of 27.02%. Iceland ranks 45th out of 122 countries for this attribute.

2. Grants and other revenue (% of revenue): Iceland's value of 14.25% is below the average of 23.54%. Iceland ranks 69th out of 108 countries for this attribute.

3. Social contributions (% of revenue): Iceland's value of 10.18% is significantly below the average of 22.29%. Iceland ranks 59th out of 81 countries for this attribute.

4. Taxes on goods and services (% of revenue): Iceland's value of 37.68% is above the average of 31.82%. Iceland ranks 43rd out of 122 countries for this attribute.

5. Taxes on international trade (% of revenue): Iceland's value of 0.30% is notably below the average of 6.24%. Iceland ranks 90th out of 101 countries for this attribute.

6. Other taxes (% of revenue): Iceland's value of 4.48% is above the average of 2.12%. Iceland ranks 15th out of 106 countries for this attribute.

7. Taxes on income, profits and capital gains (% of revenue): Iceland's value of 33.11% is higher than the average of 24.66%. Iceland ranks 28th out of 119 countries for this attribute.

Summary

Iceland exhibits a unique revenue composition compared to global averages, with higher reliance on taxes on goods and services and taxes on income, profits, and capital gains, while having lower social contributions. This indicates a heavier tax burden on consumption and income which can impact consumer behavior, business investment, and economic growth in the country.

Taxes

Tax revenue (% of GDP): Iceland's tax revenue accounts for 22.47% of its GDP, which is above the average of 16.72%. Iceland ranks 22nd out of 123 countries in this metric.

Customs and other import duties (% of tax revenue): Iceland's customs and other import duties as a percentage of tax revenue are 0.39%, significantly below the average of 9.01%. Iceland ranks 91st out of 99 countries in this category.

Taxes on income, profits and capital gains (% of total taxes): In Iceland, taxes on income, profits, and capital gains contribute to 43.81% of total taxes, which is higher than the average of 38.40%. Iceland holds the 38th rank out of 120 countries for this indicator.

Summary

Iceland demonstrates a strong reliance on tax revenue, with it constituting 22.47% of its GDP, above the global average. However, the country's low reliance on customs and import duties, at just 0.39% of tax revenue, suggests a more diversified revenue collection strategy. Additionally, Iceland's higher proportion of taxes on income, profits, and capital gains compared to the global average underscores a focus on progressive taxation. These indicators are crucial as they reflect Iceland's fiscal policy effectiveness, revenue sources diversification, and approach to taxation, providing insights into its economic stability and priorities.

Government Expenses

Expense (% of GDP): Iceland's expense as a percentage of GDP is 37.14%, which is above the average of 31.69%. Iceland ranks 40th out of 123 countries in this aspect.

Compensation of employees (% of expense): Iceland's allocation towards compensation of employees is 24.24% of its expenses, slightly below the average of 24.70%. Iceland ranks 57th out of 123 countries in this category.

Goods and services expense (% of expense): Iceland spends 19.30% of its expenses on goods and services, higher than the average of 14.77%. Iceland ranks 30th out of 122 countries in this metric.

Interest payments (% of expense): Iceland dedicates 9.72% of its expenses to interest payments, significantly higher than the average of 6.85%. Iceland ranks 30th out of 121 countries in this expenditure.

Other expense (% of expense): Iceland's other expenses constitute 11.27% of its total expenses, greater than the average of 8.29%. Iceland ranks 32nd out of 120 countries in this area.

Subsidies and other transfers (% of expense): Iceland's allocation towards subsidies and other transfers is 35.48% of its expenses, below the average of 43.29%. Iceland ranks 77th out of 121 countries in this spending category.

Summary

In summary, Iceland's expense as a percentage of GDP is above average, with a higher allocation towards goods and services, interest payments, and other expenses, but lower spending on subsidies and other transfers. These statistics are crucial as they indicate Iceland's financial priorities, allocation of resources, and potential areas for economic reform to maintain fiscal sustainability and competitiveness.

Top Stats

Ranks in Top Decile For:

Attribute Rank/Total
Urban population (% of total population) 10/194
GDP per capita (current US$) 10/190
GDP per capita, PPP (current international $) 17/181
GNI per capita, PPP (current international $) 17/181
General government final consumption expenditure (% of GDP) 11/158
Ores and metals exports (% of merchandise exports) 14/152
High-technology exports (% of manufactured exports) 11/150
Ores and metals imports (% of merchandise imports) 5/152
Secure Internet servers (per 1 million people) 12/193
Individuals using the Internet (% of population) 4/180
Renewable energy consumption (% of total final energy consumption) 14/191

Ranks in Bottom Decile For:

Attribute Rank/Total
Rural population 181/190
Rural population (% of total population) 185/190
Land under cereal production (hectares) 160/174
Total natural resources rents (% of GDP) 175/175
Forest rents (% of GDP) 173/174
Patent applications, nonresidents 121/129
Chemicals (% of value added in manufacturing) 88/89
Textiles and clothing (% of value added in manufacturing) 85/93
Foreign direct investment, net inflows (BoP, current US$) 166/182
Foreign direct investment, net inflows (% of GDP) 170/178
Foreign direct investment, net outflows (BoP, current US$) 142/156
Foreign direct investment, net outflows (% of GDP) 143/155
Merchandise imports by the reporting economy, residual (% of total merchandise imports) 167/180
Customs and other import duties (% of tax revenue) 91/99