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
| Stat |  Iceland |  South Korea |
|---|---|---|
| GDP | $25.9B | $1.6T |
| GDP growth, 1 year | 4.6% | 2.7% |
| GDP growth, 5-years average | 4.5% | 3% |
| Population | 357k | 51.5M |
| GDP per capita | $73k | $31k |
| GDP per capita growth | 1.6% | 2.33% |
| Purchasing Power Parity conversion factor | 138.33 | 860.51 |
| Price level ratio of PPP conversion factor GDP to market exchange rate | 1.28 | 0.78 |
| 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
| Stat | Iceland | South Korea |
|---|---|---|
| Income Tax Rate | 31.8% | 42% |
| Corporate Tax Rate | 20% | 25% |
| Inflation, consumer prices | 2.7% | 1.5% |
| Inflation, GDP deflator | 2.4% | 0.3% |
| Unemployment | 2.9% | 3.8% |
| Economic Freedom Index | 77.1 | 74 |
| Personal Freedom Index | 9.27 | 8.84 |
| Human Freedom Index | 8.22 | 8.15 |
| Property Rights Index | 87.6 | 82.5 |
| Judical Effectiveness Index | 63.2 | 61 |
| Business Freedom Index | 84.7 | 90.5 |
| Fiscal Health Index | 97.5 | 96.7 |
| Labor Freedom Index | 63.5 | 56.2 |
| Investment Freedom Index | 85 | 70 |
| Financial Freedom Index | 70 | 70 |
| Trade Freedom Index | 86.8 | 80 |
| Monetary Freedom Index | 80.3 | 82.1 |
| Government Spending Index | 44.1 | 67.7 |
| Tax Burden Index | 71.7 | 63.9 |
| Government Integrity Index | 90.3 | 67.5 |
| Corruption Perceptions Index | 76 | 57 |
| Life expectancy at birth, years | 82.2 | 82.6 |
| Suicide mortality rate, per 100,000 people | 14 | 26.9 |
| Mortality caused by road traffic injury, per 100,000 people | 6.6 | 9.8 |
| Intentional homicides, per 100,000 people | 0.9 | 0.6 |
| International tourism, number of arrivals | 2.3M | 15.3M |
Government debt & reserves
| Stat | Iceland | South Korea |
|---|---|---|
| Central government debt, % of GDP | 35.4% | 40.7% |
| 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% | 20.1% |
| Gross savings, % of GDP | 21.2% | 34.7% |
| Gross capital formation, % of GDP | 22.6% | 30.2% |
| Total reserves including gold | $6.3B | $403.1B |
| Foreign direct investment net inflows | -$434.6M | $14.5B |
Exports, imports and economic structure
| Stat | Iceland | South Korea |
|---|---|---|
| Exports of goods and services, % of GDP | 47.2% | 44% |
| Imports of goods and services, % of GDP | 44.1% | 39% |
| Current account balance (balance of payments) | $731.3M | $76.4B |
| Revenue excluding grants, % of GDP | 31% | 27.8% |
| Grants excluding technical cooperation, BoP | N/A | $6.7M |
| Personal remittances received | $168.9M | $7.1B |
| Industry including construction value added, % of GDP | 19.6% | 35.1% |
| Agriculture, forestry and fishing value added, % of GDP | 4.6% | 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 GDP | 30.8% | 25.4% |
| Government Expenditure, % of GDP | 43.2% | 32.8% |
