Australia vs Iceland: Economic Indicators Comparison
Gross Domestic Product & Income
| Stat |  Australia |  Iceland |
|---|---|---|
| GDP | $1.4T | $25.9B |
| GDP growth, 1 year | 2.8% | 4.6% |
| GDP growth, 5-years average | 2.6% | 4.5% |
| Population | 24.5M | 357k |
| GDP per capita | $57k | $73k |
| GDP per capita growth | 1.33% | 1.6% |
| Purchasing Power Parity conversion factor | 1.43 | 138.33 |
| Price level ratio of PPP conversion factor GDP to market exchange rate | 1.11 | 1.28 |
| 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
| Stat | Australia | Iceland |
|---|---|---|
| Income Tax Rate | 45% | 31.8% |
| Corporate Tax Rate | 30% | 20% |
| Inflation, consumer prices | 2% | 2.7% |
| Inflation, GDP deflator | 1.9% | 2.4% |
| Unemployment | 5.4% | 2.9% |
| Economic Freedom Index | 82.6 | 77.1 |
| Personal Freedom Index | 9.29 | 9.27 |
| Human Freedom Index | 8.73 | 8.22 |
| Property Rights Index | 82.8 | 87.6 |
| Judical Effectiveness Index | 86.1 | 63.2 |
| Business Freedom Index | 87.8 | 84.7 |
| Fiscal Health Index | 91.8 | 97.5 |
| Labor Freedom Index | 84 | 63.5 |
| Investment Freedom Index | 80 | 85 |
| Financial Freedom Index | 90 | 70 |
| Trade Freedom Index | 88.2 | 86.8 |
| Monetary Freedom Index | 86.2 | 80.3 |
| Government Spending Index | 61.6 | 44.1 |
| Tax Burden Index | 63 | 71.7 |
| Government Integrity Index | 89.3 | 90.3 |
| Corruption Perceptions Index | 77 | 76 |
| Life expectancy at birth, years | 82.5 | 82.2 |
| Suicide mortality rate, per 100,000 people | 13.2 | 14 |
| Mortality caused by road traffic injury, per 100,000 people | 5.6 | 6.6 |
| Intentional homicides, per 100,000 people | 0.8 | 0.9 |
| International tourism, number of arrivals | 9.2M | 2.3M |
Government debt & reserves
| Stat | Australia | Iceland |
|---|---|---|
| Central government debt, % of GDP | 40.7% | 35.4% |
| External debt stocks, % of GNI | N/A | N/A |
| External debt stocks | N/A | N/A |
| Short-term debt, % of total reserves | N/A | N/A |
| Total debt service, % of exports and primary income | N/A | N/A |
| Adjusted net savings including particulate emission damage, % of GNI | 5.6% | 16.6% |
| Gross savings, % of GDP | 21.7% | 21.2% |
| Gross capital formation, % of GDP | 24.5% | 22.6% |
| Total reserves including gold | $53.9B | $6.3B |
| Foreign direct investment net inflows | $60.3B | -$434.6M |
Exports, imports and economic structure
| Stat | Australia | Iceland |
|---|---|---|
| Exports of goods and services, % of GDP | 21.8% | 47.2% |
| Imports of goods and services, % of GDP | 21.4% | 44.1% |
| Current account balance (balance of payments) | -$29.7B | $731.3M |
| Revenue excluding grants, % of GDP | 25.7% | 31% |
| Grants excluding technical cooperation, BoP | N/A | N/A |
| Personal remittances received | $1.9B | $168.9M |
| Industry including construction value added, % of GDP | 24.1% | 19.6% |
| Agriculture, forestry and fishing value added, % of GDP | 2.5% | 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 GDP | 26.1% | 30.8% |
| Government Expenditure, % of GDP | 35.8% | 43.2% |
