GDP volume per capita (based on PPP's) in Iceland was 29% above the EU28 average in 2016 (preliminary estimates). Iceland had the 5th highest GDP per capita of the 37 participating European countries (EU28, Iceland, Norway, Switzerland, Turkey, Montenegro, Serbia, Bosnia-Herzegovina, Albania and Former Yugoslavian Republic of Macedonia).
GDP volume per capita was highest in Luxembourg, 167% above the EU28 average, followed by Ireland where GDP was 77% above the EU28 average. It should be kept in mind that a large number of foreign residents are employed in Luxembourg and thus contribute to its GDP, while at the same time they are not included in the resident population.
Actual Individual Consumption per capita in Iceland was 14% above the EU28 average according to preliminary estimates for 2016. Iceland was ranked in 8th place of the 37 countries with Norway leading the rank.
Statistics Iceland participates in cooperation with Eurostat and OECD in the production of Purchasing Power Parities (PPP) in order to evaluate GDP volume indices on a regular basis in the participating countries.
From the PPPs can be derived Price Level Indices (PLIs) to be used to compare price levels between countries. The graphs below show Price Level Indices for the 37 countries mentioned above for various categories. There can be seen that Price Level of household final consumption expenditure was 47% above the EU28 average in 2016 and the second highest of the 37 participating European countries.