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NEWS RELEASE PRICES 20 JUNE 2018

GDP in Iceland 30% above the EU28 average

GDP volume per capita (based on PPP's) in Iceland was 30% above the EU28 average in 2017 (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, 153% above the EU28 average, followed by Ireland where GDP was 84% 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 17% above the EU28 average according to preliminary estimates for 2017. Iceland ranked in 6th place of the 37 countries with Norway leading the 2017 ranking, 32% above the EU28 average.

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.

Price Level Indices (PLIs) can be derived from PPPs to compare price levels between countries. The table below compares PLIs in the 37 European countries for household final consumption expenditure and six sub categories. PLI for household final consumption expenditure in Iceland was the highest of 37 countries, 66% above EU28 average. PLIs for Iceland were highest in four of the six subcategories. The exceptions were food and non-alcoholic beverages and personal transport equipment. PLI for food and non-alcoholic beverages was highest in Switzerland followed by Norway and Iceland in third place. PLI for personal transport equipment was highest in Denmark, followed by Norway and Iceland.

Price level indices for consumer good and services, 2017 (EU28=100)        
  Household final consumption expenditure Food and non-alcoholic beverages Alcoholic beverages and tobacco Clothing Personal transport equipment Consumer electronics Restaurants and hotels
Iceland 166 156 228 171 131 148 186
Switzerland 159 168 125 153 100 95 163
Norway 143 161 226 129 139 113 165
Denmark 142 150 123 130 144 110 151
Luxembourg 127 123 91 107 101 98 112
Ireland 125 117 174 108 111 86 122
Sweden 125 126 127 134 98 107 146
Finland 122 118 139 121 111 105 129
United Kingdom 117 93 157 87 98 93 107
Netherlands 112 103 109 111 121 103 112
Belgium 111 112 104 113 105 106 119
France 109 112 105 105 105 110 118
Austria 108 125 93 105 103 105 105
Germany 105 108 96 105 100 99 110
Italy 101 112 97 106 102 105 105
Spain 92 95 86 92 89 99 86
Cyprus 88 107 88 100 88 109 93
Portugal 85 96 90 98 111 109 77
Slovenia 85 100 82 97 92 100 82
Greece 84 104 95 100 93 100 82
Malta 82 110 100 99 103 107 81
Estonia 79 94 93 115 86 98 85
Latvia 72 95 84 104 85 96 82
Czech Republic 69 86 74 99 82 92 60
Slovakia 69 91 72 105 81 101 76
Croatia 67 96 73 101 94 108 73
Lithuania 65 82 80 105 84 97 69
Hungary 62 82 70 84 89 95 61
Poland 56 65 71 88 84 89 74
Montenegro 55 79 63 102 84 97 58
Turkey 53 79 77 54 105 89 63
Romania 52 62 69 92 83 95 53
Albania 52 75 54 97 79 106 40
Bosnia and Herzegovina 52 75 53 88 84 106 55
Serbia 51 72 52 93 85 108 51
Bulgaria 48 73 56 80 86 93 45
Macedonia 47 58 41 81 90 103 43

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Further Information

For further information please contact 528 1100 , email upplysingar@hagstofa.is

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