Iceland — Country Profile
Population, GDP, natural resources, leaders and history of Iceland: the Magna Factbook country file, with its Magna Power score (--/100, ranked #-- of 195).
Last updated: October 2026
Iceland — in Northern Europe, island between the Greenland Sea and the North Atlantic Ocean, northwest of the United Kingdom. Political status: unitary parliamentary republic. It covers 103,000 sq km. 17 June 1944 (from Denmark; birthday of Jon SIGURDSSON, leader of Iceland's 19th-century independence movement). Terrain: mostly plateau interspersed with mountain peaks, icefields; coast deeply indented by bays and fiords. Climate: temperate; moderated by North Atlantic Current; mild, windy winters; damp, cool summers.
| Capital | Reykjavik |
|---|---|
| Population | 364,036 (2024 est.) |
| GDP (PPP) | $26.561 billion (2024 est.) |
| GDP per capita (PPP) | $65,600 (2024 est.) |
| Real GDP growth | 0.5% (2024 est.) |
| Inflation | 5.9% (2024 est.) |
| Unemployment | 3.2% (2024 est.) |
| Public debt | 80.7% of GDP (2023 est.) |
| Exports | $13.916 billion (2024 est.) |
| Imports | $14.298 billion (2024 est.) |
| Life expectancy | 84 years (2024 est.) |
| Median age | 38.2 years (2025 est.) |
| Urbanization | 94% of total population (2023) |
| Government | unitary parliamentary republic |
| Independence | 1 December 1918 (became a sovereign state under the Danish Crown); 17 June 1944 (from Denmark; birthday of Jon SIGURDSSON, leader of Iceland's 19th-century independence movement) |
| Languages | Icelandic, English, Polish, Nordic languages, German |
Iceland’s GDP is $26.561 billion (2024 est.) in purchasing-power-parity terms. At official exchange rates it stands at $33.463 billion (2024 est.). Real GDP grew 0.5% (2024 est.). See where Iceland ranks among all 195 countries by GDP.
POWER --/100 — The Magna Power score is our 0–100 composite of structural national power — nine components, 135 indicators. It is the Bureau's own assessment, not a mirror of World Bank or CIA figures.
Momentum 0 — Quarterly momentum: the Bureau's read on the country's trajectory over the last quarter, from −10 (deteriorating fast) to +10 (accelerating).
Nothing in Jul–Sep 2026 moved the needle. The institutions functioned, the economy ran its course, and the world looked elsewhere.
That is the honest note: a quarter of normalcy, scored as such.
- What our model rewards: unemployment near 3.2% — work for whoever wants it; 100% of its electricity from low-carbon sources
- What drags it down: public debt above 81% of GDP — the budget's ball and chain
Hydropower.
Energy is the physical base of economic power — what a country can generate, move and burn decides what it can build, sell and defend.
| Electricity access | 100% (2022 est.) |
|---|---|
| Installed capacity mix (CIA) | hydroelectricity: 70.1% of total installed capacity (2023 est.); geothermal: 29.9% of total installed capacity (2023 est.) |
| Primary energy consumption (OWID) | 62.8 TWh (2024) |
| Electricity generation (OWID) | 19.6 TWh (2024) |
| Energy per capita (OWID) | 159,696 kWh per person (2024) |
| Electricity generation mix (OWID) | Hydro 69.4%, Wind 0.1% (2024) |
| Low-carbon share of electricity (OWID) | 100.0% (2024) |
Sources: CIA World Factbook, Energy section; Our World in Data (IEA/Ember), 2024.
Trade shows what the world buys from a country and what the country must buy from the world — the balance between the two is a direct measure of economic leverage.
| Exports | $13.916 billion (2024 est.) |
|---|---|
| Imports | $14.298 billion (2024 est.) |
| Trade balance (calculated) | Deficit of $382.0 million (2024), calculated from the CIA export and import figures above. |
| Key industries | tourism, fish processing; aluminum smelting; geothermal power, hydropower; medical/pharmaceutical products |
Source: CIA World Factbook, Economy section.
Kristrún Frostadóttir — Prime Minister. President Halla TOMASDOTTIR (since 1 August 2024)
Iceland maintains 17 embassies and 4 consulates abroad, hosts 15 foreign diplomatic missions, holds permanent missions to UN New York, UN Geneva, NATO Brussels, OECD Paris, UNESCO Paris, OSCE Vienna, CoE Strasbourg. The breadth of a diplomatic network is a direct measure of diplomatic power — it shows how far a country’s influence, alliances and interests reach.
| Embassies abroad | 17 |
|---|---|
| Consulates abroad | 4 |
| Foreign missions hosted | 15 |
| Multilateral missions | UN New York, UN Geneva, NATO Brussels, OECD Paris, UNESCO Paris, OSCE Vienna, CoE Strasbourg |
Source: Abroad: Lowy GDI 2024 via Wikipedia https://en.wikipedia.org/wiki/List_of_countries_by_number_of_diplomatic_missions . Hosted: Wikipedia 'List of diplomatic missions in Iceland' (Reykjavik hosts 15 embassies) https://en.wikipedia.org/wiki/List_of_diplomatic_missions_in_Iceland . Multilateral rosters as for AUT.
Transport networks are economic power made physical — ports, runways, railways and pipelines decide what a country can move, sell and defend.
| Sea access | Coastal — 4970 km of coastline. |
|---|---|
| Airports (total) | 82 + 1 heliports (registration prefix TF) |
| Major seaports | Grundartangi, Reykjavik, Seydhisfjordhur, Vestmannaeyjar |
Major airports
Akureyri International Airport (AEY) — Akureyri; Keflavik International Airport (KEF) — Reykjavík; Egilsstaðir Airport (EGS) — Egilsstaðir; Grímsey Airport (GRY) — Grímsey/Sandvík; Hornafjörður Airport (HFN) — Höfn; Reykjavík Domestic Airport (RKV) — Reykjavík; Vopnafjörður Airport (VPN) — Vopnafjörður; Ísafjörður Airport (IFJ) — Ísafjörður.
Sources: OurAirports public-domain extract (2026-10-02); per-entry Wikipedia links included; CIA World Factbook via cia_factbook snapshot (2026-09-28)
| Political system | parliamentary republic |
|---|---|
| Last election | 2024 — parliamentary (snap); 2024-11-30; winner: Kristrún Frostadóttir (Social Democratic Alliance); Snap election after governing coalition collapsed in Oct 2024 over immigration/energy disputes; Greens lost all seats Reuters / The Straits Times |
| Next election | 2028 — parliamentary (scheduled) |
Source: constitutional schedule / public election calendar
POWER --/100 Ranked #-- of 195 countries in the Magna Country Rankings. Full ranking breakdown for Iceland.
Historical timeline of Iceland
This profile covers the population, economy, natural resources, leaders, and history of Iceland — with the Bureau’s live national-power score of --/100, ranking #-- of 195 countries.
What is Iceland's power score?
Iceland has a Magna Power score of --/100. The score measures structural power — the proven capacity to shape events — across nine components.