IMD World Competitiveness Booklet 2023

Competitiveness Country Profiles

Iceland Competitiveness Trends – Overall

OVERALL PERFORMANCE (64 countries)

BASIC FACTS

Rank

2019

2020

2021

2022

2023

Capital Land area (square km '000)

Reykjavik

103 2022

135,280 2022

16

16

Exchange rate (per $)

20

21

21

0,38 2022 64 27,8 2022 62 66.191 2022 14 6,4 2022 10 8,31 2022 34 3,90 2022 18 0,22 2022 64 -1,54 2022 36 7,7 2021 63 0,36 2021 56

Population - market size (millions)

Gross Domestic Product (GDP) (US$ billions)

CHALLENGES IN 2023

GDP (PPP) per capita (US$)

Combat persistent and high inflation.

•

Real GDP growth (%)

• Increased wage pressure in the forthcoming collective wage agreements. • Reduce public debt through structural improvements in the public sector. • Prioritize actions to achieve climate change goals. • Ensure the stability of the ISK exchange rate.

Consumer price inflation (%)

Unemployment rate (%)

Labor force (millions)

Current account balance (% of GDP)

Direct investment stocks inward ($bn)

Direct investment flows inward (% of GDP)

PROVIDED BY: Icelandic Chamber of Commerce, Reykjavik

COMPETITIVENESS LANDSCAPE

Economic Performance Government Efficiency

Business Efficiency

Infrastructure

Domestic Economy

International Trade

International Investment Employment Prices

Public Finance Tax Policy

Institutional Framework Business Legislation

Societal Framework

Productivity & Efficiency Labor Market Finance

4 3 4 6 Management Practices Attitudes & Values

Basic Infrastructure

Technological Infrastructure Scientific Infrastructure

Health & Environment Education

2

2

4

13

17

21

22 20

26

27

29

33

35

39

55 51

PEER GROUPS RANKINGS EUROPE - MIDDLE EAST - AFRICA (41 countries)

POPULATIONS < 20 MILLION (37 countries)

2019

2020

2021

2022

2023

2019

2020

2021

2022

2023

12

13

14

14

11

11

15

13

14

14

79