Strong economic conditions
Iceland’s GDP per capita is among the highest in Europe and it has shown continuous growth. The population has great spending power meaning Iceland is a serious option for UK exporters.
Agreement on trade in goods between Iceland, Norway and the UK
The UK has signed a trade agreement with Iceland and Norway. Read our latest updates for more information on the status of this agreement and how it may benefit your business.
Top five UK goods exported to Iceland , in the four quarters to the end of Q3 2023
| Goods | Value (£ million ) |
|---|---|
| Crude oil | |
| Aircraft | |
| Mechanical power generators (intermediate) | |
| Coal, coke & briquettes | |
| Cars |
Source:
ONS Trade in goods: country-by-commodity exports
Last updated: November 2023
Download the latest trade and investment factsheet for Iceland.
Top five UK services exported to Iceland , in the four quarters to the end of Q1 2023
| Service | Value (£ million ) |
|---|---|
| Travel | |
| Transportation | |
| Telecommunications, computer and information services | |
| Other Business Services | |
| Intellectual property [Note 5] |
Source:
ONS UK trade in services: service type by partner country, non-seasonally adjusted
Last updated: July 2023
Download the latest trade and investment factsheet for Iceland.
Total import value (into the UK from Iceland) and export value (from the UK into Iceland) over time
| Year | Imports (£ billion ) | Exports (£ billion ) | Total trade (£ billion ) |
|---|---|---|---|
| 2016 | 0.9 | 0.9 | 1.8 |
| 2017 | 1.2 | 0.9 | 2.1 |
| 2018 | 0.8 | 0.8 | 1.6 |
| 2019 | 0.9 | 0.7 | 1.6 |
| 2020 | 0.6 | 0.5 | 1.1 |
| 2021 | 0.6 | 0.5 | 1.2 |
| 2022 | 0.9 | 0.6 | 1.6 |
Source:
ONS UK total trade: all countries, seasonally adjusted
Last updated: October 2023
Total trade is the sum of all exports and imports over the same time period.
Download the latest trade and investment factsheet for Iceland.
Iceland: at a glance
Economic growth
4.3%
Actual figure (IMF, 2021)
The UK is 7.6% (IMF, 2021, actual figure)
GDP per capita
$69,287
Actual figure (IMF, 2021)
The UK is $46,422 (IMF, 2021, projected figure)
Currency
Icelandic króna
Business language
English, Icelandic
Time zone
GMT +0
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