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Iceland Business Report

General information
Source: The World Factbook - Central Intelligence Agency
343,518 (July 2018 est.)
$18.2 billion (2017 est.)

Strongly hit by the 2008 crisis. In recent years achieved high growth, low unemployment, and a equal distribution of income

GDP growth rate
4.0% (2017 est.)

High level considering it is a high developed country

GDP (PPP) per capita
$52,200 (2017 est.)

Among the highest in the world. Equal distribution among the population.

Local currency
Icelandic Króna (ISK)

One of smallest country to have its own currency and monetary policy

Financial stability (Public debt)
40.0% (2017 est.)

Low level. It was strongly hitted by the financial crisis of 2008 due to the high exposure of local banks. New regulations has been made, but the country is not risk free.

1.8% (2017 est.)

Quite stable in the last 5 years


English is widely spoken

Corruption perception index (Source: Transparency International)

Very low level of corruption

Duties and tax
Source: PwC World Tax Summaries 2017-2018
24% standard VAT rate
Corporate Tax
20% standard corporate income tax

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Companies in Iceland and Icelandic SMEs use Globartis for their operations. Join our network today and find the right partner for your Iceland business.

Connect with an Icelandic manufacturer or Iceland importer, or source among Iceland export to find the right product. Join now and grow your business in Reykjavík.