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Iceland vs South Korea: Economic Indicators Comparison

South Korea with a GDP of $1.6T ranked the 12th largest economy in the world, while Iceland ranked 108th with $25.9B. By GDP 5-years average growth and GDP per capita, South Korea and Iceland ranked 93rd vs 47th and 33rd vs 8th, respectively.

Gross Domestic Product & Income

StatIcelandSouth Korea
GDP$25.9B$1.6T
GDP growth, 1 year4.6%2.7%
GDP growth, 5-years average4.5%3%
Population357k51.1M
GDP per capita$73k$31k
GDP per capita growth1.6%2.33%
Purchasing Power Parity conversion factor138.33860.51
Price level ratio of PPP conversion factor GDP to market exchange rate1.280.78
GDP per capita, PPP adjusted$56k$41k
GNI, Atlas method$24B$1.6T
GNI per capita$68k$31k
GNI, PPP adjusted$19.5B$2.1T
GNI per capita, PPP adjusted$55k$40k

Financial system and Human development

StatIcelandSouth Korea
Income Tax Rate31.8%42%
Corporate Tax Rate20%25%
Inflation, consumer prices2.7%1.5%
Inflation, GDP deflator2.4%0.3%
Unemployment2.9%3.8%
Economic Freedom Index77.174
Personal Freedom Index9.278.84
Human Freedom Index8.228.15
Property Rights Index87.682.5
Judical Effectiveness Index63.261
Business Freedom Index84.790.5
Fiscal Health Index97.596.7
Labor Freedom Index63.556.2
Investment Freedom Index8570
Financial Freedom Index7070
Trade Freedom Index86.880
Monetary Freedom Index80.382.1
Government Spending Index44.167.7
Tax Burden Index71.763.9
Government Integrity Index90.367.5
Corruption Perceptions Index7657
Life expectancy at birth, years82.282.6
Suicide mortality rate, per 100,000 people1426.9
Mortality caused by road traffic injury, per 100,000 people6.69.8
Intentional homicides, per 100,000 people0.90.6
International tourism, number of arrivals2.3M15.3M

Government debt & reserves

StatIcelandSouth Korea
Central government debt, % of GDP35.4%40.7%
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 GNI16.6%20.1%
Gross savings, % of GDP21.2%34.7%
Gross capital formation, % of GDP22.6%30.2%
Total reserves including gold$6.3B$403.1B
Foreign direct investment net inflows-$434.6M$14.5B

Exports, imports and economic structure

StatIcelandSouth Korea
Exports of goods and services, % of GDP47.2%44%
Imports of goods and services, % of GDP44.1%39%
Current account balance (balance of payments)$731.3M$76.4B
Revenue excluding grants, % of GDP31%27.8%
Grants excluding technical cooperation, BoPN/A$6.7M
Personal remittances received$168.9M$7.1B
Industry including construction value added, % of GDP19.6%35.1%
Agriculture, forestry and fishing value added, % of GDP4.6%2%
Charges for the use of intellectual property, payments BoP$143.4M$9.9B
Charges for the use of intellectual property, receipts BoP$241.7M$7.8B
Expense, % of GDP30.8%25.4%
Government Expenditure, % of GDP43.2%32.8%

Compare with countries close by GDP per capita

Iceland vs

CountryGDP
per capita
Population
Monaco
$186k
37.8k
Liechtenstein
$165k
37.9k
Luxembourg
$117k
614k
Switzerland
$83k
8.21M
Norway
$82k
5.33M
Cayman Islands
$81k
58.4k
Ireland
$79k
4.76M
Qatar
$69k
2.17M
Singapore
$65k
5.89M
United States
$63k
325M
Denmark
$61k
5.83M
Australia
$57k
23.4M
Sweden
$55k
10.3M
Netherlands
$53k
17.2M
Austria
$51k
8.81M
Finland
$50k
5.5M
San Marino
$48k
31.6k
Germany
$48k
83M
Belgium
$48k
11.2M
Canada
$46k
35.7M
United Arab Emirates
$43k
9.35M
United Kingdom
$43k
65.1M
Andorra
$42k
76.2k
New Zealand
$42k
4.89M
Israel
$42k
8.89M
France
$41k
66.6M
Japan
$39k
127M
Italy
$34k
60.6M
Kuwait
$34k
4.66M
Bahamas
$32k
377k

South Korea vs

CountryGDP
per capita
Population
San Marino
$48k
31.6k
Germany
$48k
83M
Belgium
$48k
11.2M
Canada
$46k
35.7M
United Arab Emirates
$43k
9.35M
United Kingdom
$43k
65.1M
Andorra
$42k
76.2k
New Zealand
$42k
4.89M
Israel
$42k
8.89M
France
$41k
66.6M
Japan
$39k
127M
Italy
$34k
60.6M
Kuwait
$34k
4.66M
Bahamas
$32k
377k
Brunei
$32k
418k
Spain
$30k
46.5M
Malta
$30k
423k
Cyprus
$28k
1.14M
Slovenia
$26k
2.07M
Taiwan
$25k
23.6M
Bahrain
$24k
1.33M
Portugal
$23k
10.6M
Saudi Arabia
$23k
33M
Estonia
$23k
1.32M
Czech Republic
$23k
10.6M
Vatican City
$21k
1k
Greece
$20k
10.8M
Curacao
$20k
160k
Slovakia
$19k
5.44M
Saint Kitts and Nevis
$19k
54.2k