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Iceland Mag

Economy

Iceland has fifth highest per capita GDP in Europe, 29% above EU average

By Staff

  • Against all odds Icelanders have managed to build one of the worlds wealthiest countries on an island dominated by glaciers and volcanic wastelands. Photo/Vilhelm Gunnarsson.

The per-capita GDP of Iceland is one of the highest in Europe, new statistics from Statistics Iceland reveal. GDP volume per capita, adjusted for purchasing parity, in Iceland was 29% above the EU average in 2016. Iceland had the 5th highest GDP per capita of the 37 participating European countries. 

Read more:  Iceland has the second highest quality of life among OECD countries

The statistics reveal that only Luxembourg, Ireland, Switzerland and Norway had higher PPP adjusted GDP than Iceland. 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.

The data also reveals that Iceland has one of the highest costs of living in Europe. The price of household consumption in Iceland was 47% above the EU average in 2016. The only European country with a higher cost of living was Switzerland, where it was 61% above the EU average.  

Statistics Iceland

Doing well PPP adjusted GDP per capita in the EU and nine non-EU European countries. Photo/Statistics Iceland

 

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