Armenia vs Iceland: Economic Indicators Comparison

Iceland with a GDP of $25.9B ranked the 108th largest economy in the world, while Armenia ranked 136th with $12.4B. By GDP 5-years average growth and GDP per capita, Iceland and Armenia ranked 47th vs 56th and 8th vs 115th, respectively.

Gross Domestic Product & Income

StatArmeniaIceland
GDP$12.4B$25.9B
GDP growth, 1 year5%4.6%
GDP growth, 5-years average3.9%4.5%
Population2.9M357k
GDP per capita$4.2k$73k
GDP per capita growth4.95%1.6%
Purchasing Power Parity conversion factor196.69138.33
Price level ratio of PPP conversion factor GDP to market exchange rate0.411.28
GDP per capita, PPP adjusted$10k$56k
GNI, Atlas method$12.5B$24B
GNI per capita$4.2k$68k
GNI, PPP adjusted$30.9B$19.5B
GNI per capita, PPP adjusted$10k$55k

Financial system and Human development

StatArmeniaIceland
Income Tax Rate26%31.8%
Corporate Tax Rate20%20%
Inflation, consumer prices2.5%2.7%
Inflation, GDP deflator2.6%2.4%
Unemployment17.7%2.9%
Economic Freedom Index70.677.1
Personal Freedom Index7.219.27
Human Freedom Index7.428.22
Property Rights Index60.787.6
Judical Effectiveness Index54.163.2
Business Freedom Index8184.7
Fiscal Health Index68.897.5
Labor Freedom Index72.563.5
Investment Freedom Index7585
Financial Freedom Index7070
Trade Freedom Index80.686.8
Monetary Freedom Index7680.3
Government Spending Index80.644.1
Tax Burden Index84.971.7
Government Integrity Index43.490.3
Corruption Perceptions Index3576
Life expectancy at birth, years74.882.2
Suicide mortality rate, per 100,000 people6.614
Mortality caused by road traffic injury, per 100,000 people17.16.6
Intentional homicides, per 100,000 people2.40.9
International tourism, number of arrivals1.7M2.3M

Government debt & reserves

StatArmeniaIceland
Central government debt, % of GDP48.5%35.4%
External debt stocks, % of GNI87.5%N/A
External debt stocks$11BN/A
Short-term debt, % of total reserves50.2%N/A
Total debt service, % of exports and primary income29.9%N/A
Adjusted net savings including particulate emission damage, % of GNI1.5%16.6%
Gross savings, % of GDP13.6%21.2%
Gross capital formation, % of GDP22.4%22.6%
Total reserves including gold$2.3B$6.3B
Foreign direct investment net inflows$254.1M-$434.6M

Exports, imports and economic structure

StatArmeniaIceland
Exports of goods and services, % of GDP37.8%47.2%
Imports of goods and services, % of GDP53.5%44.1%
Current account balance (balance of payments)-$1.2B$731.3M
Revenue excluding grants, % of GDP22.5%31%
Grants excluding technical cooperation, BoP$111.9MN/A
Personal remittances received$1.5B$168.9M
Industry including construction value added, % of GDP25%19.6%
Agriculture, forestry and fishing value added, % of GDP13.7%4.6%
Charges for the use of intellectual property, payments BoPN/A$143.4M
Charges for the use of intellectual property, receipts BoPN/A$241.7M
Expense, % of GDP22.1%30.8%
Government Expenditure, % of GDP25.4%43.2%

Compare with countries close by GDP per capita

Armenia vs

CountryGDP
per capita
Population
North Macedonia
$6.1k
2.08M
Bosnia and Herzegovina
$6.1k
3.51M
Namibia
$5.9k
2.53M
Iraq
$5.8k
38.3M
Paraguay
$5.8k
6.81M
Iran
$5.6k
80M
Jamaica
$5.4k
2.89M
Albania
$5.3k
3.02M
Guyana
$5k
778k
Belize
$4.9k
375k
Azerbaijan
$4.7k
10M
Georgia
$4.7k
3.72M
Guatemala
$4.5k
17.3M
Tonga
$4.4k
108k
Jordan
$4.2k
10.4M
Samoa
$4.2k
196k
Eswatini
$4.1k
1.37M
Mongolia
$4.1k
3.08M
Algeria
$4.1k
41.3M
Sri Lanka
$4.1k
21.4M
El Salvador
$4.1k
6.42M
Indonesia
$3.9k
264M
Marshall Islands
$3.8k
53.1k
Tuvalu
$3.7k
11.2k
Cape Verde
$3.6k
546k
Bolivia
$3.5k
11.1M
Tunisia
$3.4k
11.6M
Angola
$3.4k
29.8M
Bhutan
$3.2k
808k
Morocco
$3.2k
36M

Iceland vs

CountryGDP
per capita
Population
Monaco
$186k
38.7k
Liechtenstein
$165k
37.9k
Luxembourg
$117k
626k
Switzerland
$83k
8.47M
Norway
$82k
5.37M
Cayman Islands
$81k
58.4k
Ireland
$79k
4.76M
Qatar
$69k
2.64M
Singapore
$65k
5.89M
United States
$63k
325M
Denmark
$61k
5.83M
Australia
$57k
24.5M
Sweden
$55k
10.3M
Netherlands
$53k
17.3M
Austria
$51k
8.81M
Finland
$50k
5.5M
San Marino
$48k
33.4k
Germany
$48k
83.1M
Belgium
$48k
11.4M
Canada
$46k
37.9M
United Arab Emirates
$43k
9.4M
United Kingdom
$43k
66M
Andorra
$42k
76.2k
New Zealand
$42k
4.94M
Israel
$42k
9.09M
France
$41k
66.6M
Japan
$39k
127M
Italy
$34k
60.3M
Kuwait
$34k
4.6M
Bahamas
$32k
395k