Iceland has a GDP of $33.3B compared to $1.88T for South Korea, ranking 108/197 and 12/197 by economy size, respectively.
Iceland has $19.6B in government debt (49.8% of GDP), compared to $984B (55.7% of GDP) in South Korea.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Iceland
|
South Korea
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $260,984,499 | $2,496,863,280 | $3,973,069,307 | $25,956,065,666 |
| 1961 | $266,711,460 | $2,495,011,008 | $2,427,244,761 | $27,752,325,951 |
| 1962 | $299,309,938 | $2,702,465,523 | $2,826,923,077 | $28,840,704,942 |
| 1963 | $357,240,896 | $2,980,306,393 | $4,007,692,308 | $31,439,197,235 |
| 1964 | $456,206,299 | $3,274,817,714 | $3,476,789,682 | $34,402,880,327 |
| 1965 | $550,150,988 | $3,513,760,862 | $3,141,131,708 | $36,918,983,033 |
| 1966 | $660,663,763 | $3,821,238,091 | $3,957,064,541 | $41,352,211,966 |
| 1967 | $652,609,076 | $3,773,079,007 | $4,895,076,718 | $45,136,528,802 |
| 1968 | $498,365,200 | $3,565,624,491 | $6,167,109,472 | $51,104,880,669 |
| 1969 | $435,659,610 | $3,650,829,024 | $7,743,940,189 | $58,561,431,045 |
| 1970 | $545,115,909 | $3,923,113,076 | $9,085,001,794 | $64,515,396,101 |
| 1971 | $693,679,545 | $4,435,504,504 | $10,005,257,131 | $71,387,189,520 |
| 1972 | $869,002,946 | $4,709,500,456 | $10,990,490,570 | $76,624,741,568 |
| 1973 | $1,194,794,186 | $5,030,029,513 | $14,067,523,813 | $88,099,059,884 |
| 1974 | $1,568,154,077 | $5,317,057,690 | $19,860,929,977 | $96,599,657,797 |
| 1975 | $1,456,052,700 | $5,351,414,127 | $22,126,033,058 | $104,261,471,164 |
| 1976 | $1,727,845,419 | $5,670,324,565 | $30,371,074,380 | $118,089,873,273 |
| 1977 | $2,285,707,749 | $6,170,576,320 | $39,064,462,810 | $132,706,204,223 |
| 1978 | $2,599,627,089 | $6,541,842,282 | $52,824,793,388 | $147,396,058,470 |
| 1979 | $2,953,176,971 | $6,859,813,918 | $68,083,884,298 | $160,273,927,313 |
| 1980 | $3,499,616,683 | $7,254,110,584 | $66,547,970,351 | $157,830,929,681 |
| 1981 | $3,615,094,820 | $7,563,498,912 | $74,287,368,087 | $169,516,449,730 |
| 1982 | $3,318,714,326 | $7,726,459,506 | $79,921,300,447 | $183,871,559,685 |
| 1983 | $2,862,634,164 | $7,560,250,867 | $89,621,208,322 | $208,633,185,451 |
| 1984 | $2,964,568,006 | $7,872,422,565 | $99,749,645,089 | $230,824,674,325 |
| 1985 | $3,088,359,967 | $8,131,648,957 | $103,764,281,281 | $249,149,373,131 |
| 1986 | $4,129,080,094 | $8,641,547,413 | $119,965,960,795 | $277,808,988,270 |
| 1987 | $5,713,281,235 | $9,380,048,847 | $152,240,393,646 | $313,624,703,636 |
| 1988 | $6,320,093,411 | $9,371,632,507 | $205,477,530,605 | $351,677,400,844 |
| 1989 | $5,870,854,233 | $9,395,852,536 | $254,236,243,100 | $376,875,147,733 |
| 1990 | $6,694,851,159 | $9,505,724,850 | $292,064,221,389 | $414,656,502,991 |
| 1991 | $7,151,260,062 | $9,484,477,131 | $340,851,946,804 | $459,750,289,581 |
| 1992 | $7,328,497,599 | $9,164,480,910 | $366,921,291,825 | $488,951,752,176 |
| 1993 | $6,435,952,174 | $9,284,851,739 | $405,705,302,846 | $523,152,547,993 |
| 1994 | $6,612,804,056 | $9,619,928,847 | $479,181,794,217 | $572,181,545,648 |
| 1995 | $7,372,640,169 | $9,631,144,112 | $586,286,469,401 | $627,888,532,992 |
| 1996 | $7,686,566,105 | $10,064,319,596 | $631,196,863,758 | $678,059,525,602 |
| 1997 | $7,716,781,803 | $10,481,070,032 | $589,202,526,424 | $720,656,531,307 |
| 1998 | $8,637,732,542 | $11,215,843,689 | $397,297,216,492 | $685,063,811,514 |
| 1999 | $9,107,644,691 | $11,653,035,888 | $515,697,079,289 | $764,649,475,914 |
| 2000 | $9,140,168,922 | $12,224,638,522 | $597,487,173,479 | $835,011,437,852 |
| 2001 | $8,323,401,820 | $12,694,179,474 | $567,564,806,235 | $874,473,540,684 |
| 2002 | $9,416,199,700 | $12,763,018,324 | $650,014,391,470 | $942,192,762,521 |
| 2003 | $11,564,687,742 | $13,054,189,959 | $728,516,494,684 | $971,162,614,186 |
| 2004 | $13,963,943,244 | $14,049,259,322 | $823,251,107,639 | $1,021,504,157,423 |
| 2005 | $17,146,410,561 | $15,036,829,613 | $971,740,329,984 | $1,066,023,726,231 |
| 2006 | $17,671,649,843 | $15,889,660,319 | $1,095,175,538,508 | $1,121,936,729,365 |
| 2007 | $21,960,110,030 | $17,278,627,870 | $1,220,911,904,593 | $1,187,479,862,375 |
| 2008 | $18,247,921,360 | $17,572,297,289 | $1,091,580,692,542 | $1,223,156,560,996 |
| 2009 | $13,212,543,838 | $16,110,024,871 | $983,065,242,417 | $1,233,184,753,861 |
| 2010 | $13,922,711,577 | $15,752,089,361 | $1,192,830,015,738 | $1,319,281,537,670 |
| 2011 | $15,394,005,872 | $15,969,467,673 | $1,307,103,477,219 | $1,367,937,063,745 |
| 2012 | $14,943,757,823 | $16,156,200,535 | $1,335,343,586,438 | $1,402,787,524,458 |
| 2013 | $16,244,319,959 | $16,737,332,123 | $1,434,669,686,502 | $1,448,958,816,286 |
| 2014 | $18,052,183,515 | $17,057,653,878 | $1,556,252,422,020 | $1,495,538,208,413 |
| 2015 | $17,700,486,957 | $17,700,486,957 | $1,539,212,301,136 | $1,539,212,301,136 |
| 2016 | $21,083,713,310 | $18,801,118,749 | $1,579,150,518,945 | $1,588,028,842,393 |
| 2017 | $25,060,086,488 | $19,456,350,342 | $1,710,196,756,713 | $1,642,548,917,820 |
| 2018 | $26,677,652,544 | $20,363,166,145 | $1,824,251,454,307 | $1,694,718,171,579 |
| 2019 | $24,985,687,022 | $20,594,942,208 | $1,751,045,752,055 | $1,733,930,596,323 |
| 2020 | $22,034,665,041 | $19,226,227,441 | $1,744,070,276,373 | $1,721,788,880,531 |
| 2021 | $26,234,872,402 | $20,222,255,991 | $1,942,313,560,966 | $1,801,214,449,835 |
| 2022 | $29,166,102,877 | $22,005,999,303 | $1,799,363,116,867 | $1,850,343,736,946 |
| 2023 | $31,677,891,897 | $23,147,265,109 | $1,844,800,934,392 | $1,879,634,949,822 |
| 2024 | $33,255,181,469 | $22,922,580,053 | $1,875,388,209,407 | $1,917,295,522,782 |
Economic indicators
|
Iceland
|
South Korea
|
|
|---|---|---|
| Gross domestic product |
$33.3B
2024 |
$1.88T
2024 |
| GDP rank |
108/197
2024 |
12/197
2024 |
| GDP growth |
4.98%
2023-2024 |
1.66%
2023-2024 |
| GDP per capita |
$86,041
2024 |
$36,239
2024 |
| GDP per capita rank |
9/197
2024 |
31/197
2024 |
| GDP per capita, PPP |
$81,924
2024 |
$58,895
2024 |
| Government debt |
$19.6B
2024 |
$984B
2024 |
| Debt-to-GDP ratio |
49.8%
2026 |
55.7%
2026 |
| Government debt per person |
$50,830
2024 |
$19,021
2024 |
| Government debt per person rank |
9/185
2024 |
32/185
2024 |
| Average annual personal income after taxes |
$54,155
2026 |
$23,981
2026 |
| Market capitalization of domestic companies | n/a |
$1.56T
2024 |
| Number of millionaires | n/a |
1,295,674
2024 |
| Number of billionaires |
1
2025 |
30
2025 |
| Income share by richest 10% |
22.4%
2019 |
24.6%
2021 |
| Income share by poorest 10% |
3.7%
2019 |
2.9%
2021 |
| Government expenditure, % of GDP |
43.5%
2026 |
23.4%
2026 |
| Consumer prices inflation |
5.86%
2023-2024 |
2.32%
2023-2024 |
| Central bank interest rate |
7.5%
2025 |
2.5%
2025 |
| Unemployment rate |
3.56%
2024 |
2.78%
2024 |
| Population |
395314
|
51633793
|
GDP per capita in Iceland vs South Korea
Iceland's GDP per capita is $86,041, ranking 9/197, compared to $36,239 in South Korea, ranking 31/197. Adjusted for purchasing power (GDP per capita PPP), Iceland ranks 13th at $81,924, while South Korea ranks 33rd at $58,895.
| Year | Current $ | |||
|---|---|---|---|---|
|
Iceland
|
South Korea
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $1,486 | - | $158.8 | - |
| 1961 | $1,490 | - | $94.2 | - |
| 1962 | $1,641 | - | $106.6 | - |
| 1963 | $1,924 | - | $147 | - |
| 1964 | $2,414 | - | $124.2 | - |
| 1965 | $2,861 | - | $109.4 | - |
| 1966 | $3,378 | - | $134.4 | - |
| 1967 | $3,284 | - | $162.5 | - |
| 1968 | $2,473 | - | $200 | - |
| 1969 | $2,142 | - | $245.5 | - |
| 1970 | $2,666 | - | $281.8 | - |
| 1971 | $3,366 | - | $304 | - |
| 1972 | $4,155 | - | $328 | - |
| 1973 | $5,627 | - | $412 | - |
| 1974 | $7,287 | - | $572 | - |
| 1975 | $6,680 | - | $627 | - |
| 1976 | $7,848 | - | $847 | - |
| 1977 | $10,305 | - | $1,073 | - |
| 1978 | $11,630 | - | $1,429 | - |
| 1979 | $13,082 | - | $1,814 | - |
| 1980 | $15,340 | - | $1,746 | - |
| 1981 | $15,666 | - | $1,918 | - |
| 1982 | $14,191 | - | $2,032 | - |
| 1983 | $12,080 | - | $2,246 | - |
| 1984 | $12,378 | - | $2,469 | - |
| 1985 | $12,793 | - | $2,543 | - |
| 1986 | $16,980 | - | $2,911 | - |
| 1987 | $23,238 | - | $3,658 | - |
| 1988 | $25,307 | - | $4,889 | - |
| 1989 | $23,219 | - | $5,989 | - |
| 1990 | $26,272 | $21,970 | $6,813 | $8,612 |
| 1991 | $27,740 | $22,401 | $7,873 | $9,767 |
| 1992 | $28,072 | $21,863 | $8,387 | $10,511 |
| 1993 | $24,404 | $22,445 | $9,180 | $11,397 |
| 1994 | $24,858 | $23,547 | $10,734 | $12,596 |
| 1995 | $27,565 | $23,938 | $13,002 | $13,972 |
| 1996 | $28,584 | $24,767 | $13,865 | $15,201 |
| 1997 | $28,462 | $26,868 | $12,822 | $16,258 |
| 1998 | $31,519 | $28,721 | $8,583 | $15,520 |
| 1999 | $32,834 | $29,558 | $11,063 | $17,421 |
| 2000 | $32,504 | $29,783 | $12,710 | $19,224 |
| 2001 | $29,208 | $31,885 | $11,981 | $20,441 |
| 2002 | $32,749 | $32,607 | $13,643 | $22,173 |
| 2003 | $39,944 | $32,701 | $15,212 | $22,907 |
| 2004 | $47,810 | $35,617 | $17,122 | $24,675 |
| 2005 | $57,784 | $37,323 | $20,167 | $26,179 |
| 2006 | $58,172 | $39,700 | $22,610 | $27,955 |
| 2007 | $70,483 | $41,473 | $25,078 | $30,262 |
| 2008 | $57,489 | $43,728 | $22,252 | $31,211 |
| 2009 | $41,484 | $41,863 | $19,937 | $30,731 |
| 2010 | $43,776 | $39,768 | $24,071 | $33,101 |
| 2011 | $48,255 | $40,937 | $26,175 | $33,944 |
| 2012 | $46,595 | $42,004 | $26,601 | $35,062 |
| 2013 | $50,173 | $44,410 | $28,449 | $35,844 |
| 2014 | $55,140 | $45,997 | $30,667 | $37,032 |
| 2015 | $53,506 | $49,214 | $30,172 | $39,800 |
| 2016 | $62,854 | $53,480 | $30,832 | $41,673 |
| 2017 | $72,976 | $55,638 | $33,297 | $43,156 |
| 2018 | $75,634 | $57,198 | $35,364 | $45,511 |
| 2019 | $69,296 | $60,524 | $33,827 | $46,511 |
| 2020 | $60,128 | $55,797 | $33,646 | $47,881 |
| 2021 | $70,425 | $61,610 | $37,518 | $51,718 |
| 2022 | $76,350 | $73,426 | $34,822 | $55,071 |
| 2023 | $82,139 | $78,195 | $35,674 | $56,227 |
| 2024 | $86,041 | $81,924 | $36,239 | $58,895 |
Spending and national debt comparison
In 2024, Iceland's government spending was $15.4B, accounting for 43.5% of its GDP, while South Korea's spent $428B, or 23.4% of GDP.
Debt-to-GDP ratio is 49.8% in Iceland and 55.7% in South Korea, ranking 112/185 and 93/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Iceland
|
South Korea
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1960 | 33.2% | 13.6% | 17.9% | 13.7% |
| 1961 | 25.3% | 8.49% | 21.2% | 13.4% |
| 1962 | 24.9% | 7.47% | 22.3% | 13% |
| 1963 | 26.2% | 7.89% | 15.4% | 9.21% |
| 1964 | 28.2% | 7.97% | 12.1% | 6.57% |
| 1965 | 28.3% | 7.78% | 13.1% | 6.14% |
| 1966 | 28.3% | 5.56% | 16% | 4.44% |
| 1967 | 31.6% | 8.8% | 16.7% | 3.74% |
| 1968 | 33.3% | 14.2% | 18.5% | 2.76% |
| 1969 | 30.3% | 14.6% | 19.8% | 2.63% |
| 1970 | 29.9% | 11.4% | 17.5% | 6.95% |
| 1971 | 32.5% | 11.7% | 18.5% | 14.2% |
| 1972 | 33.3% | 14.5% | 18.5% | 17.9% |
| 1973 | 33.7% | 11.5% | 14.2% | 17.5% |
| 1974 | 36.6% | 12.5% | 16.1% | 18.3% |
| 1975 | 36.9% | 16.4% | 18.8% | 21.1% |
| 1976 | 32.1% | 17.2% | 17% | 20% |
| 1977 | 31.7% | 18.4% | 17.7% | 19.7% |
| 1978 | 31.9% | 19.8% | 15.7% | 18% |
| 1979 | 32.4% | 21.1% | 16.3% | 15.5% |
| 1980 | 33.9% | 24.8% | 16.8% | 18.2% |
| 1981 | 35.3% | 22.4% | 16.3% | 18.5% |
| 1982 | 36% | 28.9% | 17.8% | 20.2% |
| 1983 | 37.8% | 30.8% | 16% | 19% |
| 1984 | 34.7% | 32.4% | 15.6% | 16.7% |
| 1985 | 37% | 32% | 15.5% | 16.1% |
| 1986 | 39.5% | 29.9% | 14.9% | 14.4% |
| 1987 | 36.5% | 27.3% | 14.3% | 15.2% |
| 1988 | 41.4% | 30.6% | 13.9% | 12.6% |
| 1989 | 42.9% | 35.3% | 15% | 12.3% |
| 1990 | 42.6% | 35.5% | 15.2% | 12.8% |
| 1991 | 42.8% | 37.6% | 15.4% | 11.9% |
| 1992 | 44.7% | 45.4% | 15.5% | 11.6% |
| 1993 | 45.1% | 52.3% | 15.1% | 10.9% |
| 1994 | 45% | 54.8% | 15.4% | 9.63% |
| 1995 | 44.4% | 58.1% | 13.5% | 8.48% |
| 1996 | 43.9% | 55.6% | 14% | 7.81% |
| 1997 | 42.1% | 52% | 13.9% | 9.69% |
| 1998 | 40.9% | 44% | 16% | 13.8% |
| 1999 | 45.4% | 76.6% | 16.1% | 15.8% |
| 2000 | 44.8% | 75.8% | 16% | 16.1% |
| 2001 | 47.4% | 83.4% | 16.9% | 16.6% |
| 2002 | 45.5% | 82.2% | 15.9% | 16.4% |
| 2003 | 47.8% | 85.1% | 17.9% | 19.1% |
| 2004 | 46.7% | 80.9% | 18.5% | 21.6% |
| 2005 | 45% | 68.9% | 18.2% | 24.9% |
| 2006 | 44.8% | 70.7% | 18.7% | 27% |
| 2007 | 44.7% | 68.4% | 18.8% | 26.3% |
| 2008 | 63.4% | 110.4% | 19.1% | 25.9% |
| 2009 | 53.6% | 128.8% | 19.5% | 28.8% |
| 2010 | 48.8% | 133.1% | 17.9% | 28.3% |
| 2011 | 50.5% | 138.2% | 18.3% | 31.7% |
| 2012 | 47.7% | 133.9% | 18.8% | 33.5% |
| 2013 | 46% | 122% | 19% | 36% |
| 2014 | 45.8% | 115.3% | 18.8% | 37.9% |
| 2015 | 43.5% | 97.3% | 18.8% | 38.8% |
| 2016 | 46.4% | 82.5% | 18.5% | 39.1% |
| 2017 | 44.4% | 71.7% | 18.6% | 38% |
| 2018 | 43.8% | 63.2% | 19.3% | 37.9% |
| 2019 | 43.6% | 66.5% | 21.3% | 39.7% |
| 2020 | 51.1% | 77.5% | 23.7% | 45.9% |
| 2021 | 49.6% | 74.9% | 24.1% | 48% |
| 2022 | 46.7% | 67.5% | 26.7% | 49.8% |
| 2023 | 45.3% | 62% | 23.2% | 50.7% |
| 2024 | 46.3% | 59.1% | 22.8% | 52.5% |
| 2025 | 44.5% | 52.9% | 23.3% | 54.5% |
| 2026 | 43.5% | 49.8% | 23.4% | 55.7% |
Government deficit by year
In 2024, Iceland's government deficit, the difference between spending and revenue, was -$1.16B, equivalent to -3.48% of GDP. This compares to South Korea's deficit of -$11.9B, or -0.63% of GDP.
Over the past 65 years, Iceland recorded a fiscal deficit in 40 of those years, while South Korea ran a deficit in 25 years. On average, Iceland posted an annual deficit equal to -1.02% of GDP, compared to deficit of -0.08% of GDP for South Korea.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Iceland
|
South Korea
|
|
| 1909 | -2.15% | - |
| 1910 | -1.27% | - |
| 1911 | -3.06% | - |
| 1912 | -2.93% | - |
| 1913 | -2.3% | - |
| 1914 | -3.21% | - |
| 1915 | -2.06% | - |
| 1916 | -2.53% | - |
| 1917 | -11.3% | - |
| 1918 | -7.43% | - |
| 1919 | -2.5% | - |
| 1920 | -7.45% | - |
| 1921 | -6.12% | - |
| 1922 | -4.67% | - |
| 1923 | -4.99% | - |
| 1924 | -1.78% | - |
| 1925 | 0.43% | - |
| 1926 | -2.43% | - |
| 1927 | -3.45% | - |
| 1928 | -1.94% | - |
| 1929 | -1.94% | - |
| 1930 | -4.94% | - |
| 1931 | -4.27% | - |
| 1932 | -4.65% | - |
| 1933 | -3.42% | - |
| 1934 | -4.79% | - |
| 1935 | -3.46% | - |
| 1936 | -3.34% | - |
| 1937 | -2.6% | - |
| 1938 | -2.01% | - |
| 1939 | -2.6% | - |
| 1940 | -1.35% | - |
| 1941 | -1.33% | - |
| 1942 | -0.75% | - |
| 1943 | -0.89% | - |
| 1944 | -3.23% | - |
| 1945 | -2.33% | - |
| 1946 | -0.37% | - |
| 1947 | -1.95% | - |
| 1948 | 0.67% | - |
| 1949 | -0.3% | - |
| 1950 | 1.23% | - |
| 1951 | 2.73% | - |
| 1952 | 3.33% | - |
| 1953 | 0.34% | -4.14% |
| 1954 | 1.25% | -10.3% |
| 1955 | 1.57% | -10.6% |
| 1956 | -0.09% | -10.8% |
| 1957 | 1.2% | -10.1% |
| 1958 | 2.16% | -10% |
| 1959 | 2.44% | -6.52% |
| 1960 | 2.38% | -5.18% |
| 1961 | 1.64% | -9.48% |
| 1962 | 2.25% | -7.82% |
| 1963 | 1.8% | -4.32% |
| 1964 | -0.41% | -4.1% |
| 1965 | 0.15% | -3.43% |
| 1966 | 1.69% | -4.27% |
| 1967 | 0.78% | -2.87% |
| 1968 | -0.89% | -2.36% |
| 1969 | -0.88% | -2.85% |
| 1970 | 0.27% | -0.52% |
| 1971 | -0.69% | -1.3% |
| 1972 | 0.05% | -4.33% |
| 1973 | -0.74% | -1.72% |
| 1974 | -3.64% | -2.78% |
| 1975 | -3.87% | -3.68% |
| 1976 | 0.02% | -0.87% |
| 1977 | -1.2% | -1.81% |
| 1978 | -0.9% | -0.27% |
| 1979 | -0.07% | 0.47% |
| 1980 | 1.37% | 0.46% |
| 1981 | 1.32% | 0.99% |
| 1982 | 1.72% | -0.41% |
| 1983 | -1.96% | 1.05% |
| 1984 | 2.25% | 0.78% |
| 1985 | -1.56% | 0.47% |
| 1986 | -3.93% | 0.8% |
| 1987 | -0.79% | 1.7% |
| 1988 | -1.93% | 2.85% |
| 1989 | -4.29% | 2.27% |
| 1990 | -3.16% | 2.98% |
| 1991 | -0.66% | 1.94% |
| 1992 | -1.86% | 2.42% |
| 1993 | -4.36% | 3.21% |
| 1994 | -4.59% | 2.06% |
| 1995 | -2.87% | 2.16% |
| 1996 | -1.52% | 2.3% |
| 1997 | 0.04% | 2.31% |
| 1998 | -0.57% | 1.09% |
| 1999 | 1.32% | 1.15% |
| 2000 | 1.45% | 3.91% |
| 2001 | -0.28% | 2.42% |
| 2002 | -2.27% | 3.23% |
| 2003 | -2.32% | 1.51% |
| 2004 | 0.29% | 0.09% |
| 2005 | 5.01% | 0.95% |
| 2006 | 6.45% | 1.18% |
| 2007 | 5.6% | 2.49% |
| 2008 | -12.1% | 1.58% |
| 2009 | -8.58% | 0.24% |
| 2010 | -6.66% | 1.61% |
| 2011 | -6.53% | 1.72% |
| 2012 | -2.62% | 1.63% |
| 2013 | -1.25% | 0.79% |
| 2014 | 0.3% | 0.57% |
| 2015 | -0.4% | 0.5% |
| 2016 | 12.5% | 1.56% |
| 2017 | 0.98% | 2.08% |
| 2018 | 0.96% | 2.42% |
| 2019 | -1.59% | 0.35% |
| 2020 | -8.9% | -2.11% |
| 2021 | -8.48% | -0.02% |
| 2022 | -3.99% | -1.49% |
| 2023 | -2.29% | -0.67% |
| 2024 | -3.48% | -0.63% |
| 2025 | -1.64% | -0.4% |
| 2026 | -1.39% | -0.45% |
Inflation comparison by year
Over the past 28 years, Iceland has recorded an average annual inflation rate of 4.66%, compared with 2.68% in South Korea. In 2024, inflation was 5.86% in Iceland and 2.32% in South Korea.
| Year | Inflation | |
|---|---|---|
|
Iceland
|
South Korea
|
|
| 1997 | 1.82% | 4.44% |
| 1998 | 1.66% | 7.51% |
| 1999 | 3.23% | 0.81% |
| 2000 | 5.14% | 2.26% |
| 2001 | 6.41% | 4.07% |
| 2002 | 5.2% | 2.76% |
| 2003 | 2.06% | 3.51% |
| 2004 | 3.16% | 3.59% |
| 2005 | 3.99% | 2.75% |
| 2006 | 6.69% | 2.24% |
| 2007 | 5.05% | 2.53% |
| 2008 | 12.7% | 4.67% |
| 2009 | 12% | 2.76% |
| 2010 | 5.4% | 2.94% |
| 2011 | 4% | 4.03% |
| 2012 | 5.19% | 2.19% |
| 2013 | 3.87% | 1.3% |
| 2014 | 2.04% | 1.27% |
| 2015 | 1.63% | 0.71% |
| 2016 | 1.7% | 0.97% |
| 2017 | 1.76% | 1.94% |
| 2018 | 2.68% | 1.48% |
| 2019 | 3.01% | 0.38% |
| 2020 | 2.85% | 0.54% |
| 2021 | 4.44% | 2.5% |
| 2022 | 8.31% | 5.09% |
| 2023 | 8.74% | 3.6% |
| 2024 | 5.86% | 2.32% |
Top exports between countries
|
Iceland
|
|
|---|---|
| Export category | Export value |
| Animal & marine products | $7.74M |
| Machinery & equipment | $5.46M |
| Metals | $4.46M |
| Transport & tourism services | $2.13M |
| Processed food, beverages & tobacco | $1.35M |
| Chemicals & pharma | $798K |
| Business & finance services | $591K |
| IT & IP services | $473K |
| Raw materials & minerals | $203K |
| Precious metals & jewellery | $97K |
|
South Korea
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $22.5M |
| Raw materials & minerals | $2.51M |
| Animal & marine products | $1.74M |
| Textiles & consumer goods | $1.14M |
| Chemicals & pharma | $793K |
| Metals | $124K |
| Processed food, beverages & tobacco | $116K |
| Raw agricultural goods | $38K |
| Wood & paper products | $35K |
| Precious metals & jewellery | $30K |
Balance of trade
|
Iceland
|
South Korea
|
|
|---|---|---|
Current account balance
|
-$867M
2024 |
$99B
2024 |
| Current account balance ranking |
121/190
2024 |
7/190
2024 |
| Current account balance, % of GDP |
-2.61%
2024 |
+5.28%
2024 |
| Goods imports |
$9.3B
2024 |
$596B
2024 |
| Goods exports |
$6.99B
2024 |
$696B
2024 |
| Service imports |
$5.16B
2024 |
$163B
2024 |
| Service exports |
$7.12B
2024 |
$139B
2024 |
| Imports of goods and services, % of GDP |
43.5%
2024 |
40.3%
2024 |
| Exports of goods and services, % of GDP |
42.5%
2024 |
44.4%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Iceland
|
South Korea
|
|
|---|---|---|
| Economic freedom | 72.8 | 74 |
| Economic freedom ranking | 26/197 | 22/197 |
| Property rights | 97 | 89.4 |
| Government integrity | 81.5 | 68.8 |
| Judicial effectiveness | 95.6 | 77.3 |
| Tax burden | 72.6 | 59.6 |
| Government spending | 33.2 | 81.8 |
| Fiscal health | 55.2 | 93.8 |
| Business freedom | 86.3 | 90 |
| Labor freedom | 60.1 | 56.4 |
| Monetary freedom | 71.8 | 77.6 |
| Trade freedom | 80.4 | 73.2 |
| Investment freedom | 70 | 60 |
| Financial freedom | 70 | 60 |
Economic freedom by year comparison
The Economic Freedom Index for Iceland is 72.8, ranking 26/197, compared to 74 for South Korea, ranking 22/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Iceland
|
South Korea
|
|
| 1995 | - | 72 |
| 1996 | - | 73 |
| 1997 | 70.5 | 69.8 |
| 1998 | 71.2 | 73.3 |
| 1999 | 71.4 | 69.7 |
| 2000 | 74 | 69.7 |
| 2001 | 73.4 | 69.1 |
| 2002 | 73.1 | 69.5 |
| 2003 | 73.5 | 68.3 |
| 2004 | 72.1 | 67.8 |
| 2005 | 76.6 | 66.4 |
| 2006 | 75.8 | 67.5 |
| 2007 | 76 | 67.8 |
| 2008 | 75.8 | 68.6 |
| 2009 | 75.9 | 68.1 |
| 2010 | 73.7 | 69.9 |
| 2011 | 68.2 | 69.8 |
| 2012 | 70.9 | 69.9 |
| 2013 | 72.1 | 70.3 |
| 2014 | 72.4 | 71.2 |
| 2015 | 72 | 71.5 |
| 2016 | 73.3 | 71.7 |
| 2017 | 74.4 | 74.3 |
| 2018 | 77 | 73.8 |
| 2019 | 77.1 | 72.3 |
| 2020 | 77.1 | 74 |
| 2021 | 77.4 | 74 |
| 2022 | 77 | 74.6 |
| 2023 | 72.2 | 73.7 |
| 2024 | 70.5 | 73.1 |
| 2025 | 72.8 | 74 |
More economic indicators
|
Iceland
|
South Korea
|
|
|---|---|---|
| Services, % of GDP |
64.9%
2024 |
57.5%
2024 |
| Industry, % of GDP |
20.1%
2024 |
33.9%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
3.98%
2024 |
1.46%
2024 |
|
GNI, Atlas method
|
$31.8B
2024 |
$1.9T
2024 |
| GNI per capita, PPP |
$81,740
2024 |
$59,750
2024 |
| Total reserves including gold |
$6.4B
2024 |
$418B
2024 |
| Total reserves ranking |
90/177
2024 |
8/177
2024 |
|
Net foreign direct investment
|
-$2.24B
2024 |
$33.4B
2024 |
|
Net inflows of foreign direct investment
|
$2.7B
2024 |
$15.2B
2024 |
|
Net outflows of foreign direct investment
|
$461M
2024 |
$48.6B
2024 |
| Poverty at national poverty lines |
8.8%
2017 |
14.4%
2020 |
|
Gross capital formation, % of GDP
|
26.1%
2024 |
30%
2024 |
GDP per capita map
GDP per capita
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Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.