Australia vs Iceland: Economic Indicators Comparison

Australia with a GDP of $1.4T ranked the 13th largest economy in the world, while Iceland ranked 108th with $25.9B. By GDP 5-years average growth and GDP per capita, Australia and Iceland ranked 111th vs 47th and 13th vs 8th, respectively.

Gross Domestic Product & Income

StatAustraliaIceland
GDP$1.4T$25.9B
GDP growth, 1 year2.8%4.6%
GDP growth, 5-years average2.6%4.5%
Population24.5M357k
GDP per capita$57k$73k
GDP per capita growth1.33%1.6%
Purchasing Power Parity conversion factor1.43138.33
Price level ratio of PPP conversion factor GDP to market exchange rate1.111.28
GDP per capita, PPP adjusted$52k$56k
GNI, Atlas method$1.3T$24B
GNI per capita$53k$68k
GNI, PPP adjusted$1.3T$19.5B
GNI per capita, PPP adjusted$50k$55k

Financial system and Human development

StatAustraliaIceland
Income Tax Rate45%31.8%
Corporate Tax Rate30%20%
Inflation, consumer prices2%2.7%
Inflation, GDP deflator1.9%2.4%
Unemployment5.4%2.9%
Economic Freedom Index82.677.1
Personal Freedom Index9.299.27
Human Freedom Index8.738.22
Property Rights Index82.887.6
Judical Effectiveness Index86.163.2
Business Freedom Index87.884.7
Fiscal Health Index91.897.5
Labor Freedom Index8463.5
Investment Freedom Index8085
Financial Freedom Index9070
Trade Freedom Index88.286.8
Monetary Freedom Index86.280.3
Government Spending Index61.644.1
Tax Burden Index6371.7
Government Integrity Index89.390.3
Corruption Perceptions Index7776
Life expectancy at birth, years82.582.2
Suicide mortality rate, per 100,000 people13.214
Mortality caused by road traffic injury, per 100,000 people5.66.6
Intentional homicides, per 100,000 people0.80.9
International tourism, number of arrivals9.2M2.3M

Government debt & reserves

StatAustraliaIceland
Central government debt, % of GDP40.7%35.4%
External debt stocks, % of GNIN/AN/A
External debt stocksN/AN/A
Short-term debt, % of total reservesN/AN/A
Total debt service, % of exports and primary incomeN/AN/A
Adjusted net savings including particulate emission damage, % of GNI5.6%16.6%
Gross savings, % of GDP21.7%21.2%
Gross capital formation, % of GDP24.5%22.6%
Total reserves including gold$53.9B$6.3B
Foreign direct investment net inflows$60.3B-$434.6M

Exports, imports and economic structure

StatAustraliaIceland
Exports of goods and services, % of GDP21.8%47.2%
Imports of goods and services, % of GDP21.4%44.1%
Current account balance (balance of payments)-$29.7B$731.3M
Revenue excluding grants, % of GDP25.7%31%
Grants excluding technical cooperation, BoPN/AN/A
Personal remittances received$1.9B$168.9M
Industry including construction value added, % of GDP24.1%19.6%
Agriculture, forestry and fishing value added, % of GDP2.5%4.6%
Charges for the use of intellectual property, payments BoP$3.6B$143.4M
Charges for the use of intellectual property, receipts BoP$973.4M$241.7M
Expense, % of GDP26.1%30.8%
Government Expenditure, % of GDP35.8%43.2%

Compare with countries close by GDP per capita

Australia 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
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
Brunei
$32k
429k

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
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
Brunei
$32k
429k