The population of Iceland is projected to grow from 388 (registered population 1 January 2023) to an estimated value between 518 and 760 thousand in the next 50 years, with 90% probability, according to Statistics Iceland’s population projection. The most likely population value in 2074 is 611 thousand and Iceland could reach 500 thousand people in about 20 years time.
In the third quarter of 2023, the financial balance of the general government (i.e. the central government, the social security funds and the local governments) is estimated at 32.3 billion ISK in deficit or amounting to 3% of quarterly GDP. Overall, general government revenues are estimated to have increased by 9.8% compared with last year’s corresponding quarter.
The value of exported goods from Iceland amounted to 82 billion ISK fob in November 2023 and the value of imported goods 110.8 billion ISK cif (104.8 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 28.8 billion ISK as compared with a trade deficit of 38.2 billion ISK in November 2022 at current rates of exchange.
Total revenue in the business economy excluding financial and insurance activities was approximately 6,298 billion ISK in 2022 compared with 5,215 billion ISK in 2021. This 21% increase as measured by each year’s price level was the most since 2006 when revenue grew by 24% year-over-year and well beyond inflation which was 8.3% in 2022.