Iceland vs Italy: Economic Indicators Comparison

Italy with a GDP of $2.1T ranked the 8th largest economy in the world, while Iceland ranked 108th with $25.9B. By GDP 5-years average growth and GDP per capita, Italy and Iceland ranked 154th vs 47th and 29th vs 8th, respectively.

Gross Domestic Product & Income

Stat	Iceland	Italy
GDP	$25.9B	$2.1T
GDP growth, 1 year	4.6%	0.9%
GDP growth, 5-years average	4.5%	0.9%
Population	357k	60.3M
GDP per capita	$73k	$34k
GDP per capita growth	1.6%	0.95%
Purchasing Power Parity conversion factor	138.33	0.7
Price level ratio of PPP conversion factor GDP to market exchange rate	1.28	0.82
GDP per capita, PPP adjusted	$56k	$40k
GNI, Atlas method	$24B	$2T
GNI per capita	$68k	$34k
GNI, PPP adjusted	$19.5B	$2.6T
GNI per capita, PPP adjusted	$55k	$42k

Financial system and Human development

Stat	Iceland	Italy
Income Tax Rate	31.8%	43%
Corporate Tax Rate	20%	27.5%
Inflation, consumer prices	2.7%	1.2%
Inflation, GDP deflator	2.4%	0.9%
Unemployment	2.9%	10.2%
Economic Freedom Index	77.1	63.8
Personal Freedom Index	9.27	8.79
Human Freedom Index	8.22	8.01
Property Rights Index	87.6	75.4
Judical Effectiveness Index	63.2	51.3
Business Freedom Index	84.7	70.4
Fiscal Health Index	97.5	71.1
Labor Freedom Index	63.5	50.9
Investment Freedom Index	85	80
Financial Freedom Index	70	50
Trade Freedom Index	86.8	86.4
Monetary Freedom Index	80.3	83.2
Government Spending Index	44.1	28.5
Tax Burden Index	71.7	56
Government Integrity Index	90.3	62.2
Corruption Perceptions Index	76	52
Life expectancy at birth, years	82.2	83.2
Suicide mortality rate, per 100,000 people	14	8.2
Mortality caused by road traffic injury, per 100,000 people	6.6	5.6
Intentional homicides, per 100,000 people	0.9	0.7
International tourism, number of arrivals	2.3M	61.6M

Government debt & reserves

Stat	Iceland	Italy
Central government debt, % of GDP	35.4%	132.1%
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	16.6%	6%
Gross savings, % of GDP	21.2%	20.8%
Gross capital formation, % of GDP	22.6%	18.2%
Total reserves including gold	$6.3B	$152.4B
Foreign direct investment net inflows	-$434.6M	$39.6B

Exports, imports and economic structure

Stat	Iceland	Italy
Exports of goods and services, % of GDP	47.2%	31.5%
Imports of goods and services, % of GDP	44.1%	29%
Current account balance (balance of payments)	$731.3M	$53.8B
Revenue excluding grants, % of GDP	31%	37.7%
Grants excluding technical cooperation, BoP	N/A	N/A
Personal remittances received	$168.9M	$9.9B
Industry including construction value added, % of GDP	19.6%	21.4%
Agriculture, forestry and fishing value added, % of GDP	4.6%	1.9%
Charges for the use of intellectual property, payments BoP	$143.4M	$5.1B
Charges for the use of intellectual property, receipts BoP	$241.7M	$4.9B
Expense, % of GDP	30.8%	41.3%
Government Expenditure, % of GDP	43.2%	48.8%