Economic and Political Overview

Iceland: Economic and Political Overview

In this page: Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline | COVID-19 Country Response

Economic Indicators

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

After having suffered from the international crisis, Iceland's economy recovered, also thanks to a USD 2 billion loan granted from the IMF to stabilise the exchange rate of the Icelandic krona and to restore confidence, driven by unprecedented growth in tourism, strong consumption and falling unemployment. In 2021, an early opening of the economy contributed to a rebound in GDP (estimated at +3.7% by the IMF) after the recession experienced following the outbreak of the Covid-19 pandemic one year earlier). Growing wages contributed to an increase in private consumption, whereas tourism recovered only partially. The economy is projected to grow by 4.1% in 2022 and 3.7% in 2023, driven by rebounding foreign tourism and robust goods exports. Business investment is expected to ease as pent-up projects are being terminated, while household consumption should remain solid (IMF).

Iceland's economic outlook is very volatile, as the country is heavily dependent on the tourism sector (which accounts for 40% of export income and around 10% of GDP), making it vulnerable to external shocks. This is why, following the Covid-19 pandemic, the Icelandic economy came to a standstill. The effects of the crisis are clearly visible. Public debt has risen to 75.8% of GDP in 2021 (from a pre-pandemic level of 66.1%) but is expected to decrease marginally in 2022 (75.4%) and 2023 (73.9%). The public deficit stood at an estimated 3.5% of GDP in 2021 and is expected to peak at -6.2% this year, before easing in 2023 (-3.9% - IMF). Between May and November 2021 the Central Bank tightened its monetary policy, raising the interest rate in four steps, from 0.75% to 2%. Despite such measures, inflation spiked to 4.3% in 2021. While the inflationary pressure should diminish somewhat in 2022, the level of inflation will remain elevated and noticeable (at around 3.5%), before returning to the Central Bank’s inflation target of 2.5% in 2023. Iceland is a member of the European Free Trade Association (EFTA) and is also part of the European Economic Area (EEA). To benefit from European aid and the 'umbrella' constituted by the euro, Iceland had applied to join the European Union. Nevertheless, it definitively withdrew its candidacy in March 2015.

Iceland's unemployment rate increased exponentially to 7% in 2021 despite hiring subsidies, from 3.9% in 2019, due to the negative economic impact of the COVID-19 pandemic. The IMF expects the rate to decrease to 5% this year and 4% in 2023, although the rate will remain very dependent on the development of tourism (which represents almost one-fourth of total employment). Overall, Iceland has a high standard of living, one of the highest GDP per capita in Europe (estimated at USD 58,151 in 2021 by the IMF), and one of the lowest poverty rates in the world (4.9% as of 2021 – data Iceland Monitor). Nevertheless, Iceland is among the countries with most people living abroad and will have to import thousands of foreign workers to meet the needs of businesses.

Main Indicators	2020	2021	2022	2023	2024
GDP (billions USD)	21.70	25.60	27.70	29.62	32.17
GDP (Constant Prices, Annual % Change)	-6.8	4.4	5.1	2.9	2.6
GDP per Capita (USD)	59,579	69,422	73,981	77,961	83,432
General Government Balance (in % of GDP)	-4.2	-4.1	-6.8	-4.3	-3.0
General Government Gross Debt (in % of GDP)	77.2	74.6	68.2	63.1	60.0
Inflation Rate (%)	2.8	4.5	8.4	6.7	4.1
Unemployment Rate (% of the Labour Force)	6.4	6.0	4.0	4.0	4.0
Current Account (billions USD)	0.40	-0.41	-0.55	-0.08	0.16
Current Account (in % of GDP)	1.9	-1.6	-2.0	-0.3	0.5

Source: IMF – World Economic Outlook Database , Latest available data

Note: (e) Estimated Data

Main Sectors of Industry

Iceland has a labour force of more than 213,000 people out of a population of 366,000. The Icelandic labour market is characterised by a high participation rate and a high proportion of trade union membership, at around 92.2% (OECD). Since the financial crisis in 2008, one of the government’s priorities has been to diversify the economy, which in the last decade was mainly oriented towards the manufacturing and service industries. The agricultural sector contributes around 4.3% of Iceland's GDP and employs 4% of the workforce. Large areas of sheep pasture are among the most important agricultural resources in the country. The main agricultural products are potatoes, carrots, green vegetables, tomatoes, cucumbers, mutton, chicken, pork, beef and dairy products. The Icelandic economy relies partly on its renewable natural resources and related industries: deep sea fishing, hydraulic and geothermal power and pastures. Fishing is one of the pillars of Iceland’s economy and covers around 40% of exports.

The industrial sector represents almost 19.7% of GDP and employs 17.5% of the workforce. The hydroelectric potential stimulates the production of aluminium, which is the primary resource for export and concentrates around 70% of the electricity produced on the island. Geothermal provides the remaining 30% so that renewable energies cover all of the country’s energy needs. The food processing sector is also important. The manufacturing sector alone accounts for 8.7% of GDP (World Bank).

Services account for 66.2% of GDP and employ 68.5% of the workforce. For the past several years, Iceland's economy has grown thanks to the services sector, particularly within the fields of tourism, software production and biotechnology. In fact, Iceland has become the rear-base of several companies specialising in computers and software. There are also many call centres in the country. Total assets of the banking sector amount to ISK 4,212 billion, the equivalent to around 140% of GDP in 2020 (latest data available). Due to the Covid-19 pandemic and restrictions on international travel, the tourism sector has suffered a major shock: in 2021, the number of foreign tourists stood at 700,000, compared to a pre-crisis level of around 2 million.

Breakdown of Economic Activity By Sector	Agriculture	Industry	Services
Employment By Sector (in % of Total Employment)	4.0	17.5	78.5
Value Added (in % of GDP)	4.5	20.4	64.6
Value Added (Annual % Change)	2.0	5.6	4.2

Source: World Bank - Latest available data.

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Monetary Indicators	2016	2017	2018	2019	2020
Iceland Crown (ISK) - Average Annual Exchange Rate For 1 MUR	3.40	3.10	3.19	3.45	3.44

Source: World Bank - Latest available data.

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Indicator of Economic Freedom

Definition

Definition:

The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labour freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.

Score:: 77,4/100
World Rank:: 11
Regional Rank:: 6

Economic freedom in the world (interactive map)
Source: Index of Economic Freedom, Heritage Foundation

Country Risk

See the country risk analysis provided by Coface.

Foreign Trade in Figures

Iceland has always been open to international trade, which represents 69.2% of GDP (World Bank). Most of the restrictions on foreign exchange transactions and the cross-border movement of domestic and foreign currency for both businesses and households were lifted in order to stimulate foreign trade. The main barriers to trade and market entries are the increasing adoption of EU product standards and regulations, high tariffs on most agricultural products from outside the EU, restrictions on import of some products, such as raw meat; due to phytosanitary regulations and difficulty in obtaining financing for joint ventures. Traditional sectors such as fishing stimulate the dynamism of the country's exports. More than 40% of the national exports are fishing products. Iceland also exports aluminium and ferrosilicon (around one-third of total exports), as well as dairy products. Main imports are artificial corundum, motor cars, and petroleum oils other than crude.

Iceland's main customers are the Netherlands (20.3% of total exports), Spain (17.3%), the United Kingdom (11.1%), and France (8.1%). Its main suppliers are Norway (9%), Germany (8.8%), China (8.4%), the Netherlands (7.8%), and Denmark (7.2%). The European Union absorbs more than two-thirds of Icelandic exports and it supplies around half of the total imports (the country is a member of the European Economic Area - EEA).

After becoming exceptionally positive during the global economic crisis, the trade balance of goods has been negative since 2014: in 2020, the country exported USD 4.5 billion worth of merchandise (-12.2% y-o-y), importing USD 5.7 billion (-13.2%). However, Iceland is a net service exporter (USD 2.7 billion of export vs. USD 2.21 billion of imports in 2020 – data by WTO). Following a contraction of almost 50% in services exports, the overall external balance for goods and services turned negative in 2020 (estimated at -0.7% of GDP by the World Bank).
As per the latest figures by Statistics Iceland, for the year 2021, the total value of exported goods was ISK 759.1 billion (up by 22.4% y-o-y), against a total value of imports of ISK 996.4 billion (+29.2%).

Foreign Trade Indicators	2017	2018	2019	2020	2021
Imports of Goods (million USD)	6,965	7,679	6,567	5,698	7,817
Exports of Goods (million USD)	4,878	5,556	5,223	4,586	5,987
Imports of Services (million USD)	3,724	4,262	3,611	2,227	2,952
Exports of Services (million USD)	6,255	6,537	5,635	2,765	3,708
Imports of Goods and Services (Annual % Change)	11.8	0.9	-8.5	-21.5	20.3
Exports of Goods and Services (Annual % Change)	5.1	1.7	-4.7	-29.9	12.7
Imports of Goods and Services (in % of GDP)	41.2	43.3	39.8	35.0	40.0
Exports of Goods and Services (in % of GDP)	45.7	46.6	44.4	34.5	38.2
Trade Balance (million USD)	-1,525	-1,507	-1,001	-634	-1,262
Trade Balance (Including Service) (million USD)	1,119	875	1,114	-115	-459
Foreign Trade (in % of GDP)	87.0	90.0	84.2	69.5	78.2

Source: WTO – World Trade Organisation ; World Bank , Latest Available Data

Main Partner Countries

Main Customers (% of Exports)	2021
Netherlands	27.2%
Spain	11.8%
United Kingdom	9.6%
France	8.0%
United States	7.8%
Germany	6.0%
Norway	3.2%
Denmark	2.4%
China	2.2%
Poland	2.1%
Portugal	1.9%
Canada	1.9%
Japan	1.7%
Belgium	1.5%
Nigeria	1.1%
Ukraine	0.9%
Lithuania	0.9%
Ireland	0.8%
Faeroe Isds	0.8%
Hungary	0.7%
See More Countries	35.6%

Main Suppliers (% of Imports)	2021
Norway	9.7%
China	8.9%
Germany	8.5%
United States	8.2%
Denmark	7.6%
Netherlands	6.7%
United Kingdom	5.7%
Brazil	4.9%
Sweden	4.3%
Italy	2.9%
Poland	2.4%
France	2.3%
Spain	1.9%
Belgium	1.9%
Japan	1.6%
Czech Republic	1.5%
Australia	1.3%
Lithuania	1.2%
Ireland	1.1%
South Korea	1.1%
See More Countries	57.0%

Source: Comtrade, Latest Available Data

Main Products

6.0 bn USD of products exported in 2021
Unwrought aluminiumUnwrought aluminium	32.9%
Fish fillets and other fish meat, whether or not...Fish fillets and other fish meat, whether or not minced, fresh, chilled or frozen	18.1%
Fish, fresh or chilled (excl. fish fillets and...Fish, fresh or chilled (excl. fish fillets and other fish meat of heading 0304)	7.3%
Frozen fish (excl. fish fillets and other fish...Frozen fish (excl. fish fillets and other fish meat of heading 0304)	7.2%
Fish, fit for human consumption, dried, salted or...Fish, fit for human consumption, dried, salted or in brine; smoked fish, fit for human consumption, whether or not cooked before or during the smoking process; flours, meals and pellets of fish, fit for human consumption	5.0%
Aluminium wire (excl. stranded wire, cables,...Aluminium wire (excl. stranded wire, cables, plaited bands and the like and other articles of heading 7614, electrically insulated wires, and strings for musical instruments)	3.5%
Ferro-alloysFerro-alloys	3.2%
Flours, meals and pellets, of meat or meat offal,...Flours, meals and pellets, of meat or meat offal, of fish or of crustaceans, molluscs or other aquatic invertebrates, unfit for human consumption; greaves	2.2%
Fats and oils and their fractions of fish or...Fats and oils and their fractions of fish or marine mammals, whether or not refined (excl. chemically modified)	1.7%
Aluminium foil, "whether or not printed or backed...Aluminium foil, "whether or not printed or backed with paper, paperboard, plastics or similar backing materials", of a thickness "excl. any backing" of <= 0,2 mm (excl. stamping foils of heading 3212, christmas tree decorating material)	1.4%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals	1.1%
Orthopaedic appliances, incl. crutches, surgical...Orthopaedic appliances, incl. crutches, surgical belts and trusses; splints and other fracture appliances; artificial parts of the body; hearing aids and other appliances which are worn or carried, or implanted in the body, to compensate for a defect or disability	1.1%
Bars, rods and profiles, of aluminium, n.e.s.Bars, rods and profiles, of aluminium, n.e.s.	1.1%
Hydrogen, rare gases and other non-metalsHydrogen, rare gases and other non-metals	1.1%
Crustaceans, molluscs and other aquatic...Crustaceans, molluscs and other aquatic invertebrates, prepared or preserved (excl. smoked)	1.0%
Prepared or preserved fish; caviar and caviar...Prepared or preserved fish; caviar and caviar substitutes prepared from fish eggs	0.8%
Powered aircraft "e.g. helicopters and aeroplanes...Powered aircraft "e.g. helicopters and aeroplanes"; spacecraft, incl. satellites, and suborbital and spacecraft launch vehicles	0.6%
Machinery, not specified or included elsewhere in...Machinery, not specified or included elsewhere in this chapter, for the industrial preparation or manufacture of food or drink (other than machinery for the extraction or preparation of animal or fixed vegetable fats or oils); parts thereof	0.5%
Carbon electrodes, carbon brushes, lamp carbons,...Carbon electrodes, carbon brushes, lamp carbons, battery carbons and other articles of graphite or other carbon, with or without metal, of a kind used for electrical purposes	0.5%
Waters, incl. natural or artificial mineral waters...Waters, incl. natural or artificial mineral waters and aerated waters, not containing added sugar, other sweetening matter or flavoured; ice and snow	0.4%
Fishing vessels; factory ships and other vessels...Fishing vessels; factory ships and other vessels for processing or preserving fishery products (excl. fishing boats for sport)	0.4%
Lifting, handling, loading or unloading machinery,...Lifting, handling, loading or unloading machinery, e.g. lifts, escalators, conveyors, teleferics (excl. pulley tackle and hoists, winches and capstans, jacks, cranes of all kinds, mobile lifting frames and straddle carriers, works trucks fitted with a crane, fork-lift trucks and other works trucks fitted with lifting or handling equipment)	0.4%
Live fishLive fish	0.4%
Ferrous waste and scrap; remelting scrap ingots of...Ferrous waste and scrap; remelting scrap ingots of iron or steel (excl. slag, scale and other waste from the production of iron or steel; radioactive waste and scrap; fragments of pigs, blocks or other primary forms of pig iron or spiegeleisen)	0.4%
Instruments and appliances used in medical,...Instruments and appliances used in medical, surgical, dental or veterinary sciences, incl. scintigraphic apparatus, other electro-medical apparatus and sight-testing instruments, n.e.s.	0.3%
Meat of sheep or goats, fresh, chilled or frozenMeat of sheep or goats, fresh, chilled or frozen	0.3%
Weighing machinery, incl. weight-operated counting...Weighing machinery, incl. weight-operated counting or checking machines (excl. balances of a sensitivity of 5 cg or better); weighing machine weights of all kinds; parts thereof	0.3%
Live horses, asses, mules and hinniesLive horses, asses, mules and hinnies	0.3%
Pebbles, gravel, broken or crushed stone, for...Pebbles, gravel, broken or crushed stone, for concrete aggregates, for road metalling or for railway ballast, shingle and flint, whether or not heat-treated; macadam of slag, dross or similar industrial waste, whether or not incorporating the materials cited in the first part of the heading; tarred macadam; granules, chippings and powder, of stones of heading 2515 and 2516, whether or not heat-treated	0.2%
Automatic data-processing machines and units...Automatic data-processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s.	0.2%
Animal products n.e.s.; dead animals of all types,...Animal products n.e.s.; dead animals of all types, unfit for human consumption	0.2%
Beauty or make-up preparations and preparations...Beauty or make-up preparations and preparations for the care of the skin, incl. sunscreen or suntan preparations (excl. medicaments); manicure or pedicure preparations	0.2%
Food preparations, n.e.s.Food preparations, n.e.s.	0.2%
Articles for the conveyance or packaging of goods,...Articles for the conveyance or packaging of goods, of plastics; stoppers, lids, caps and other closures, of plastics	0.2%
Oscilloscopes, spectrum analysers and other...Oscilloscopes, spectrum analysers and other instruments and apparatus for measuring or checking electrical quantities (excl. meters of heading 9028); instruments and apparatus for measuring or detecting alpha, beta, gamma, x-ray, cosmic or other ionising radiations	0.1%
Locust beans, seaweeds and other algae, sugar beet...Locust beans, seaweeds and other algae, sugar beet and sugar cane, fresh, chilled, frozen or dried, whether or not ground; fruit stones and kernels and other vegetable products, incl. unroasted chicory roots of the variety cichorium intybus sativum, of a kind used primarily for human consumption, n.e.s.	0.1%
Preparations of a kind used in animal feedingPreparations of a kind used in animal feeding	0.1%
Margarine, other edible mixtures or preparations...Margarine, other edible mixtures or preparations of animal or vegetable fats or oils and edible fractions of different fats or oils (excl. fats, oils and their fractions, partly or wholly hydrogenated, inter-esterified, re-esterified or elaidinised, whether or not refined, but not further prepared, and mixtures of olive oils and their fractions)	0.1%
Apparatus based on the use of x-rays or of alpha,...Apparatus based on the use of x-rays or of alpha, beta or gamma radiations, whether or not for medical, surgical, dental or veterinary uses, incl. radiography or radiotherapy apparatus, x-ray tubes and other x-ray generators, high tension generators, control panels and desks, screens, examination or treatment tables, chairs and the like	0.1%
Refrigerators, freezers and other refrigerating or...Refrigerators, freezers and other refrigerating or freezing equipment, electric or other; heat pumps; parts thereof (excl. air conditioning machines of heading 8415)	0.1%
Waste and scrap, of aluminium (excl. slags, scale...Waste and scrap, of aluminium (excl. slags, scale and the like from iron and steel production, containing recoverable aluminium in the form of silicates, ingots or other similar unwrought shapes, of remelted waste and scrap, of aluminium, ashes and residues from aluminium production)	0.1%
Crustaceans, whether in shell or not, live, fresh,...Crustaceans, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine, even smoked, incl. crustaceans in shell cooked by steaming or by boiling in water; flours, meals and pellets of crustaceans, fit for human consumption	0.1%
See More Products	29.5%

7.8 bn USD of products imported in 2021
Artificial corundum, whether or not chemically...Artificial corundum, whether or not chemically defined; aluminium oxide; aluminium hydroxide	7.6%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702)	7.0%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals	6.8%
Carbon electrodes, carbon brushes, lamp carbons,...Carbon electrodes, carbon brushes, lamp carbons, battery carbons and other articles of graphite or other carbon, with or without metal, of a kind used for electrical purposes	4.2%
Automatic data-processing machines and units...Automatic data-processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s.	3.9%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006)	2.6%
Fishing vessels; factory ships and other vessels...Fishing vessels; factory ships and other vessels for processing or preserving fishery products (excl. fishing boats for sport)	2.4%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528)	1.8%
Powered aircraft "e.g. helicopters and aeroplanes...Powered aircraft "e.g. helicopters and aeroplanes"; spacecraft, incl. satellites, and suborbital and spacecraft launch vehicles	1.8%
Preparations of a kind used in animal feedingPreparations of a kind used in animal feeding	1.6%
Diagnostic or laboratory reagents on a backing,...Diagnostic or laboratory reagents on a backing, prepared diagnostic or laboratory reagents whether or not on a backing, and certified reference materials (excl. compound diagnostic reagents designed to be administered to the patient, blood-grouping reagents, animal blood prepared for therapeutic, prophylactic or diagnostic uses and vaccines, toxins, cultures of micro-organisms and similar products)	1.2%
Furniture and parts thereof, n.e.s. (excl. seats...Furniture and parts thereof, n.e.s. (excl. seats and medical, surgical, dental or veterinary furniture)	1.2%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab	0.9%
Structures and parts of structures "e.g., bridges...Structures and parts of structures "e.g., bridges and bridge-sections, lock-gates, towers, lattice masts, roofs, roofing frameworks, doors and windows and their frames and thresholds for doors, shutters, balustrades, pillars and columns", of iron or steel; plates, rods, angles, shapes, sections, tubes and the like, prepared for use in structures, of iron or steel (excl. prefabricated buildings of heading 9406)	0.8%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s.	0.7%
Builders' joinery and carpentry, of wood, incl....Builders' joinery and carpentry, of wood, incl. cellular wood panels, assembled flooring panels, shingles and shakes, of wood (excl. plywood panelling, blocks, strips and friezes for parquet flooring, not assembled, and pre-fabricated buildings)	0.7%
Seats, whether or not convertible into beds, and...Seats, whether or not convertible into beds, and parts thereof, n.e.s. (excl. medical, surgical, dental or veterinary of heading 9402)	0.7%
Articles for the conveyance or packaging of goods,...Articles for the conveyance or packaging of goods, of plastics; stoppers, lids, caps and other closures, of plastics	0.6%
Wood sawn or chipped lengthwise, sliced or peeled,...Wood sawn or chipped lengthwise, sliced or peeled, whether or not planed, sanded or end-jointed, of a thickness of > 6 mm	0.6%
Spark-ignition reciprocating or rotary internal...Spark-ignition reciprocating or rotary internal combustion piston engine	0.6%
Crustaceans, whether in shell or not, live, fresh,...Crustaceans, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine, even smoked, incl. crustaceans in shell cooked by steaming or by boiling in water; flours, meals and pellets of crustaceans, fit for human consumption	0.6%
Insulated "incl. enamelled or anodised" wire,...Insulated "incl. enamelled or anodised" wire, cable "incl. coaxial cable" and other insulated electric conductors, whether or not fitted with connectors; optical fibre cables, made up of individually sheathed fibres, whether or not assembled with electric conductors or fitted with connectors	0.6%
Bread, pastry, cakes, biscuits and other bakers'...Bread, pastry, cakes, biscuits and other bakers' wares, whether or not containing cocoa; communion wafers, empty cachets of a kind suitable for pharmaceutical use, sealing wafers, rice paper and similar products	0.6%
Lamps and lighting fittings, incl. searchlights...Lamps and lighting fittings, incl. searchlights and spotlights, and parts thereof, n.e.s; illuminated signs, illuminated nameplates and the like having a permanently fixed light source, and parts thereof, n.e.s.	0.6%
Food preparations, n.e.s.Food preparations, n.e.s.	0.6%
Transmission apparatus for radio-broadcasting or...Transmission apparatus for radio-broadcasting or television, whether or not incorporating reception apparatus or sound recording or reproducing apparatus; television cameras, digital cameras and video camera recorders	0.6%
Prefabricated buildings, whether or not complete...Prefabricated buildings, whether or not complete or already assembled	0.6%
Waters, incl. mineral waters and aerated waters,...Waters, incl. mineral waters and aerated waters, containing added sugar or other sweetening matter or flavoured, and other non-alcoholic beverages (excl. fruit or vegetable juices and milk)	0.5%
Articles of plastics and articles of other...Articles of plastics and articles of other materials of heading 3901 to 3914, n.e.s.	0.5%
Hydrometers, areometers and similar floating...Hydrometers, areometers and similar floating instruments, thermometers, pyrometers, barometers, hygrometers and psychrometers, recording or not, and any combination of these instruments	0.5%
Self-propelled bulldozers, angledozers, graders,...Self-propelled bulldozers, angledozers, graders, levellers, scrapers, mechanical shovels, excavators, shovel loaders, tamping machines and roadrollers	0.5%
Aluminium foil, "whether or not printed or backed...Aluminium foil, "whether or not printed or backed with paper, paperboard, plastics or similar backing materials", of a thickness "excl. any backing" of <= 0,2 mm (excl. stamping foils of heading 3212, christmas tree decorating material)	0.5%
New pneumatic tyres, of rubberNew pneumatic tyres, of rubber	0.5%
Cartons, boxes, cases, bags and other packing...Cartons, boxes, cases, bags and other packing containers, of paper, paperboard, cellulose wadding or webs of cellulose fibres, n.e.s.; box files, letter trays, and similar articles, of paperboard of a kind used in offices, shops or the like	0.5%
Coal; briquettes, ovoids and similar solid fuels...Coal; briquettes, ovoids and similar solid fuels manufactured from coal	0.5%
Instruments and appliances used in medical,...Instruments and appliances used in medical, surgical, dental or veterinary sciences, incl. scintigraphic apparatus, other electro-medical apparatus and sight-testing instruments, n.e.s.	0.5%
Wine of fresh grapes, incl. fortified wines; grape...Wine of fresh grapes, incl. fortified wines; grape must, partly fermented and of an actual alcoholic strength of > 0,5% vol or grape must with added alcohol of an actual alcoholic strength of > 0,5% vol	0.5%
Monitors and projectors, not incorporating...Monitors and projectors, not incorporating television reception apparatus; reception apparatus for television, whether or not incorporating radio-broadcast receivers or sound or video recording or reproducing apparatus	0.5%
Unwrought aluminiumUnwrought aluminium	0.5%
Trailers and semi-trailers; other vehicles, not...Trailers and semi-trailers; other vehicles, not mechanically propelled (excl. railway and tramway vehicles); parts thereof, n.e.s.	0.5%
Centrifuges, incl. centrifugal dryers (excl. those...Centrifuges, incl. centrifugal dryers (excl. those for isotope separation); filtering or purifying machinery and apparatus, for liquids or gases; parts thereof (excl. artificial kidneys)	0.4%
Taps, cocks, valves and similar appliances for...Taps, cocks, valves and similar appliances for pipes, boiler shells, tanks, vats or the like, incl. pressure-reducing valves and thermostatically controlled valves; parts thereof	0.4%
Fats and oils and their fractions of fish or...Fats and oils and their fractions of fish or marine mammals, whether or not refined (excl. chemically modified)	0.4%
Beauty or make-up preparations and preparations...Beauty or make-up preparations and preparations for the care of the skin, incl. sunscreen or suntan preparations (excl. medicaments); manicure or pedicure preparations	0.4%
Electric instantaneous or storage water heaters...Electric instantaneous or storage water heaters and immersion heaters; electric space-heating apparatus and soil-heating apparatus; electro-thermic hairdressing apparatus, e.g. hairdryers, hair curlers and curling tong heaters, and hand dryers; electric smoothing irons; other electro-thermic appliances of a kind used for domestic purposes; electric heating resistors (other than those of heading 8545); parts thereof	0.4%
Electrical transformers, static converters, e.g....Electrical transformers, static converters, e.g. rectifiers, and inductors; parts thereof	0.4%
Tubes, pipes and hoses, and fittings therefor, e.g...Tubes, pipes and hoses, and fittings therefor, e.g. joints, elbows, flanges, of plastics	0.4%
Articles and equipment for general physical...Articles and equipment for general physical exercise, gymnastics, athletics, other sports, incl. table-tennis, or outdoor games, not specified or included in this chapter or elsewhere; swimming pools and paddling pools.	0.4%
Tractors (other than tractors of heading 8709)Tractors (other than tractors of heading 8709)	0.4%
Jerseys, pullovers, cardigans, waistcoats and...Jerseys, pullovers, cardigans, waistcoats and similar articles, knitted or crocheted (excl. wadded waistcoats)	0.3%
Hydrogen, rare gases and other non-metalsHydrogen, rare gases and other non-metals	0.3%
Fish, fresh or chilled (excl. fish fillets and...Fish, fresh or chilled (excl. fish fillets and other fish meat of heading 0304)	0.3%
Dishwashing machines; machinery for cleaning or...Dishwashing machines; machinery for cleaning or drying bottles or other containers; machinery for filling, closing, sealing or labelling bottles, cans, boxes, bags or other containers; machinery for capsuling bottles, jars, tubes and similar containers; other packing or wrapping machinery, incl. heat-shrink wrapping machinery; machinery for aerating beverages; parts thereof	0.3%
Orthopaedic appliances, incl. crutches, surgical...Orthopaedic appliances, incl. crutches, surgical belts and trusses; splints and other fracture appliances; artificial parts of the body; hearing aids and other appliances which are worn or carried, or implanted in the body, to compensate for a defect or disability	0.3%
Chocolate and other food preparations containing...Chocolate and other food preparations containing cocoa	0.3%
Footwear with outer soles of rubber, plastics,...Footwear with outer soles of rubber, plastics, leather or composition leather and uppers of leather (excl. orthopaedic footwear, skating boots with ice or roller skates attached, and toy footwear)	0.3%
Coffee, whether or not roasted or decaffeinated;...Coffee, whether or not roasted or decaffeinated; coffee husks and skins; coffee substitutes containing coffee in any proportion	0.3%
Machines and mechanical appliances having...Machines and mechanical appliances having individual functions, not specified or included elsewhere in this chapter; parts thereof	0.3%
Articles of iron or steel, n.e.s. (excl. cast...Articles of iron or steel, n.e.s. (excl. cast articles)	0.3%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with the machinery of heading 8425 to 8430, n.e.s.	0.3%
Human blood; animal blood prepared for therapeutic...Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and immunological products, whether or not modified or obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products	0.3%
Refrigerators, freezers and other refrigerating or...Refrigerators, freezers and other refrigerating or freezing equipment, electric or other; heat pumps; parts thereof (excl. air conditioning machines of heading 8415)	0.3%
Plates, sheets, film, foil and strip, of...Plates, sheets, film, foil and strip, of non-cellular plastics, not reinforced, laminated, supported or similarly combined with other materials, without backing, unworked or merely surface-worked or merely cut into squares or rectangles (excl. self-adhesive products, and floor, wall and ceiling coverings of heading 3918)	0.3%
Women's or girls' suits, ensembles, jackets,...Women's or girls' suits, ensembles, jackets, blazers, dresses, skirts, divided skirts, trousers, bib and brace overalls, breeches and shorts (excl. knitted or crocheted, wind-jackets and similar articles, slips, petticoats and panties, tracksuits, ski suits and swimwear)	0.3%
Men's or boys' suits, ensembles, jackets, blazers,...Men's or boys' suits, ensembles, jackets, blazers, trousers, bib and brace overalls, breeches and shorts (excl. knitted or crocheted, wind-jackets and similar articles, separate waistcoats, tracksuits, ski suits and swimwear)	0.3%
Mattress supports (excl. spring interiors for...Mattress supports (excl. spring interiors for seats); articles of bedding and similar furnishing, e.g. mattresses, quilts, eiderdowns, cushions, pouffes and pillows, fitted with springs or stuffed or internally filled with any material or of cellular rubber or plastics, whether or not covered (excl. pneumatic or water mattresses and pillows, blankets and covers)	0.3%
Sauce and preparations therefor; mixed condiments...Sauce and preparations therefor; mixed condiments and mixed seasonings; mustard flour and meal, whether or not prepared, and mustard	0.3%
Microphones and stands therefor (excl. cordless...Microphones and stands therefor (excl. cordless microphones with built-in transmitter); loudspeakers, whether or not mounted in their enclosures; headphones and earphones, whether or not combined with a microphone, and sets consisting of a microphone and one or more loudspeakers (excl. telephone sets, hearing aids and helmets with built-in headphones, whether or not incorporating a microphone); audio-frequency electric amplifiers; electric sound amplifier sets; parts thereof	0.3%
Quartz (excl. natural sands); quartzite, whether...Quartz (excl. natural sands); quartzite, whether or not roughly trimmed or merely cut, by sawing or otherwise, into blocks or slabs of a square or rectangular shape	0.2%
Pumps for liquids, whether or not fitted with a...Pumps for liquids, whether or not fitted with a measuring device (excl. ceramic pumps and secretion aspirating pumps for medical use and medical pumps carried on or implanted in the body); liquid elevators (excl. pumps); parts thereof	0.2%
Parts and accessories (other than covers, carrying...Parts and accessories (other than covers, carrying cases and the like) suitable for use solely or principally with machines of heading 8469 to 8472, n.e.s.	0.2%
T-shirts, singlets and other vests, knitted or...T-shirts, singlets and other vests, knitted or crocheted	0.2%
Mineral or chemical fertilisers containing two or...Mineral or chemical fertilisers containing two or three of the fertilising elements nitrogen, phosphorus and potassium; other fertilisers (excl. pure animal or vegetable fertilisers or mineral or chemical nitrogenous, phosphatic or potassic fertilisers); animal, vegetable, mineral or chemical fertilisers in tablets or similar forms or in packages of a gross weight of <= 10 kg	0.2%
Structures and parts of structures "e.g., bridges...Structures and parts of structures "e.g., bridges and bridge-sections, towers, lattice masts, pillars and columns, roofs, roofing frameworks, doors and windows and their frames and thresholds for doors, shutters, balustrades", of aluminium (excl. prefabricated buildings of heading 9406); plates, rods, profiles, tubes and the like, prepared for use in structures, of aluminium	0.2%
Fork-lift trucks; other works trucks fitted with...Fork-lift trucks; other works trucks fitted with lifting or handling equipment (excl. straddle carriers and works trucks fitted with a crane)	0.2%
Organic surface-active agents (excl. soap);...Organic surface-active agents (excl. soap); surface-active preparations, washing preparations, incl. auxiliary washing preparations, and cleaning preparations, whether or not containing soap (excl. those of heading 3401)	0.2%
Prepared binders for foundry moulds or cores;...Prepared binders for foundry moulds or cores; chemical products and preparations for the chemical or allied industries, incl. mixtures of natural products, n.e.s.	0.2%
Tricycles, scooters, pedal cars and similar...Tricycles, scooters, pedal cars and similar wheeled toys; dolls' carriages; dolls; other toys; reduced-size "scale" recreational models, working or not; puzzles of all kinds	0.2%
Electrical machines and apparatus, having...Electrical machines and apparatus, having individual functions, n.e.s. in chapter 85 and parts thereof	0.2%
Articles of apparel and clothing accessories, incl...Articles of apparel and clothing accessories, incl. gloves, mittens and mitts, for all purposes, of vulcanised rubber (excl. hard rubber and footwear and headgear and parts thereof)	0.2%
Motorcycles, incl. mopeds, and cycles fitted with...Motorcycles, incl. mopeds, and cycles fitted with an auxiliary motor, with or without side-cars; side-cars	0.2%
Cement, incl. cement clinkers, whether or not...Cement, incl. cement clinkers, whether or not coloured	0.2%
Fluorides; fluorosilicates, fluoroaluminates and...Fluorides; fluorosilicates, fluoroaluminates and other complex fluorine salts (excl. inorganic or organic compounds of mercury)	0.2%
Bars, rods and profiles, of aluminium, n.e.s.Bars, rods and profiles, of aluminium, n.e.s.	0.2%
Toilet paper and similar paper, cellulose wadding...Toilet paper and similar paper, cellulose wadding or webs of cellulose fibres, of a kind used for household or sanitary purposes, in rolls of a width <= 36 cm, or cut to size or shape; handkerchiefs, cleansing tissues, towels, tablecloths, serviettes, bedsheets and similar household, sanitary or hospital articles, articles of apparel and clothing accessories, of paper pulp, paper, cellulose wadding or webs of cellulose fibres	0.2%
Prepared foods obtained by the swelling or...Prepared foods obtained by the swelling or roasting of cereals or cereal products, e.g. corn flakes; cereals (other than maize "corn") in grain form or in the form of flakes or other worked grains (except flour, groats and meal), pre-cooked or otherwise prepared, n.e.s.	0.2%
Plates, sheets and strip, of aluminium, of a...Plates, sheets and strip, of aluminium, of a thickness of > 0,2 mm (excl. expanded plates, sheets and strip)	0.2%
Parts of aircraft and spacecraft of heading 8801...Parts of aircraft and spacecraft of heading 8801 or 8802, n.e.s.	0.2%
Machinery, plant or laboratory equipment whether...Machinery, plant or laboratory equipment whether or not electrically heated (excl. furnaces, ovens and other equipment of heading 8514), for the treatment of materials by a process involving a change of temperature such as heating, cooking, roasting, distilling, rectifying, sterilising, pasteurising, steaming, drying, evaporating, vaporising, condensing or cooling (excl. those used for domestic purposes); instantaneous or storage water heaters, non-electric; parts thereof	0.2%
Base metal mountings, fittings and similar...Base metal mountings, fittings and similar articles suitable for furniture, doors, staircases, windows, blinds, coachwork, saddlery, trunks, chests, caskets or the like; base metal hat-racks, hat-pegs, brackets and similar fixtures; castors with mountings of base metal; automatic door closers of base metal	0.2%
Light-vessels, fire-floats, dredgers, floating...Light-vessels, fire-floats, dredgers, floating cranes, and other vessels the navigability of which is subsidiary to their main function; floating docks, floating or submersible drilling or production platforms (excl. fishing vessels and warships)	0.2%
Tools for working in the hand, pneumatic,...Tools for working in the hand, pneumatic, hydraulic or with self-contained electric or non-electric motor; parts thereof	0.2%
Air or vacuum pumps (excl. gas compound elevators...Air or vacuum pumps (excl. gas compound elevators and pneumatic elevators and conveyors); air or other gas compressors and fans; ventilating or recycling hoods incorporating a fan, whether or not fitted with filters; parts thereof	0.2%
Screws, bolts, nuts, coach screws, screw hooks,...Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter pins, washers, incl. spring washers, and similar articles, of iron or steel (excl. lag screws, stoppers, plugs and the like, threaded)	0.2%
Fresh strawberries, raspberries, blackberries,...Fresh strawberries, raspberries, blackberries, back, white or red currants, gooseberries and other edible fruits (excl. nuts, bananas, dates, figs, pineapples, avocados, guavas, mangoes, mangosteens, papaws "papayas", citrus fruit, grapes, melons, apples, pears, quinces, apricots, cherries, peaches, plums and sloes)	0.2%
Instruments and apparatus for physical or chemical...Instruments and apparatus for physical or chemical analysis, e.g. polarimeters, refractometers, spectrometers, gas or smoke analysis apparatus; instruments and apparatus for measuring or checking viscosity, porosity, expansion, surface tension or the like; instruments and apparatus for measuring or checking quantities of heat, sound or light, incl. exposure meters; microtomes	0.2%
Pebbles, gravel, broken or crushed stone, for...Pebbles, gravel, broken or crushed stone, for concrete aggregates, for road metalling or for railway ballast, shingle and flint, whether or not heat-treated; macadam of slag, dross or similar industrial waste, whether or not incorporating the materials cited in the first part of the heading; tarred macadam; granules, chippings and powder, of stones of heading 2515 and 2516, whether or not heat-treated	0.2%
Women's or girls' suits, ensembles, jackets,...Women's or girls' suits, ensembles, jackets, blazers, dresses, skirts, divided skirts, trousers, bib and brace overalls, breeches and shorts, knitted or crocheted (excl. wind-jackets and similar articles, slips, petticoats and panties, tracksuits, ski suits and swimwear)	0.2%
Cigars, cheroots, cigarillos and cigarettes of...Cigars, cheroots, cigarillos and cigarettes of tobacco or of tobacco substitutes	0.2%
Ships' derricks; cranes, incl. cable cranes (excl....Ships' derricks; cranes, incl. cable cranes (excl. wheel-mounted cranes and vehicle cranes for railways); mobile lifting frames, straddle carriers and works trucks fitted with a crane	0.2%
Trunks, suitcases, vanity cases, executive-cases,...Trunks, suitcases, vanity cases, executive-cases, briefcases, school satchels, spectacle cases, binocular cases, camera cases, musical instrument cases, gun cases, holsters and similar containers; travelling-bags, insulated food or beverage bags, toilet bags, rucksacks, handbags, shopping-bags, wallets, purses, map-cases, cigarette-cases, tobacco-pouches, tool bags, sports bags, bottle-cases, jewellery boxes, powder-boxes, cutlery cases and similar containers, of leather or of composition leather, of sheeting of plastics, of textile materials, of vulcanised fibre or of paperboard, or wholly or mainly covered with such materials or with paper	0.2%
Manufactured tobacco and manufactured tobacco...Manufactured tobacco and manufactured tobacco substitutes and "homogenised" or "reconstituted" tobacco, tobacco extracts and tobacco essences (excl. cigars, incl. cheroots, cigarillos and cigarettes)	0.2%
Vessels, incl. warships and lifeboats (excl....Vessels, incl. warships and lifeboats (excl. rowing boats and other vessels of heading 8901 to 8905 and vessels for breaking up)	0.2%
Casks, drums, cans, boxes and similar containers,...Casks, drums, cans, boxes and similar containers, incl. rigid or collapsible tubular containers, of aluminium, for any material (other than compressed or liquefied gas), of a capacity of <= 300 l, not fitted with mechanical or thermal equipment, whether or not lined or heat-insulated, n.e.s.	0.2%
Fibreboard of wood or other ligneous materials,...Fibreboard of wood or other ligneous materials, whether or not agglomerated with resins or other organic bonding agents (excl. particle board, whether or not bonded with one or more sheets of fibreboard; laminated wood with a layer of plywood; composite panels with outer layers of fibreboard; paperboard; furniture components identifiable as such)	0.2%
Articles of vulcanised rubber (excl. hard rubber),...Articles of vulcanised rubber (excl. hard rubber), n.e.s.	0.2%
Electric accumulators, incl. separators therefor,...Electric accumulators, incl. separators therefor, whether or not square or rectangular; parts thereof (excl. spent and those of unhardened rubber or textiles)	0.2%
Boards, panels, consoles, desks, cabinets and...Boards, panels, consoles, desks, cabinets and other bases, equipped with two or more apparatus of heading 8535 or 8536, for electric control or the distribution of electricity, incl. those incorporating instruments or apparatus of chapter 90, and numerical control apparatus (excl. switching apparatus for line telephony or line telegraphy)	0.2%
Rafts, tanks, coffer-dams, landing stages, buoys,...Rafts, tanks, coffer-dams, landing stages, buoys, beacons and other floating structures (excl. vessels of heading 8901 to 8906 and floating structures for breaking up)	0.2%
Printing machinery used for printing by means of...Printing machinery used for printing by means of plates, cylinders and other printing components of heading 8442 (excl. hectograph or stencil duplicating machines, addressing machines and other office printing machines of heading 8469 to 8472); other printers, copying machines and facsimile machines, whether or not combined; parts thereof	0.2%
Mechano-therapy appliances; massage apparatus;...Mechano-therapy appliances; massage apparatus; psychological aptitude-testing apparatus; ozone therapy, oxygen therapy, aerosol therapy, artificial respiration or other therapeutic respiration apparatus	0.2%
Tubes, pipes and hollow profiles "e.g., open seam...Tubes, pipes and hollow profiles "e.g., open seam or welded, riveted or similarly closed", of iron or steel (excl. of cast iron, seamless tubes and pipes and tubes having internal and external circular cross-sections and an external diameter of > 406,4 mm)	0.2%
Preparations for use on the hairPreparations for use on the hair	0.1%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with the apparatus of heading 8535, 8536 or 8537, n.e.s.	0.1%
Footwear with outer soles of rubber, plastics,...Footwear with outer soles of rubber, plastics, leather or composition leather and uppers of textile materials (excl. toy footwear)	0.1%
Sugar confectionery not containing cocoa, incl....Sugar confectionery not containing cocoa, incl. white chocolate	0.1%
Machinery, not specified or included elsewhere in...Machinery, not specified or included elsewhere in this chapter, for the industrial preparation or manufacture of food or drink (other than machinery for the extraction or preparation of animal or fixed vegetable fats or oils); parts thereof	0.1%
Discs, tapes, solid-state non-volatile storage...Discs, tapes, solid-state non-volatile storage devices, "smart cards" and other media for the recording of sound or of other phenomena, whether or not recorded, incl. matrices and masters for the production of discs (excl. products of chapter 37)	0.1%
Builders' ware of plastics, n.e.s.Builders' ware of plastics, n.e.s.	0.1%
Wheat and meslinWheat and meslin	0.1%
Pantyhose, tights, stockings, socks and other...Pantyhose, tights, stockings, socks and other hosiery, incl. graduated compression hosiery [e.g., stockings for varicose veins] and footwear without applied soles, knitted or crocheted (excl. for babies)	0.1%
Air conditioning machines comprising a...Air conditioning machines comprising a motor-driven fan and elements for changing the temperature and humidity, incl. those machines in which the humidity cannot be separately regulated; parts thereof	0.1%
Bars and rods of iron or non-alloy steel,...Bars and rods of iron or non-alloy steel, hot-rolled, in irregularly wound coils	0.1%
Plates, sheets, film, foil and strip, of plastics,...Plates, sheets, film, foil and strip, of plastics, reinforced, laminated, supported or similarly combined with other materials, or of cellular plastic, unworked or merely surface-worked or merely cut into squares or rectangles (excl. self-adhesive products, floor, wall and ceiling coverings of heading 3918)	0.1%
Fruit juices, incl. grape must, and vegetable...Fruit juices, incl. grape must, and vegetable juices, unfermented, not containing added spirit, whether or not containing added sugar or other sweetening matter	0.1%
Printed books, brochures and similar printed...Printed books, brochures and similar printed matter, whether or not in single sheets (excl. periodicals and publications which are essentially devoted to advertising)	0.1%
Meat of bovine animals, frozenMeat of bovine animals, frozen	0.1%
Other vegetables, fresh or chilled (excl. potatoes...Other vegetables, fresh or chilled (excl. potatoes, tomatoes, alliaceous vegetables, edible brassicas, lettuce "lactuca sativa" and chicory "cichorium spp.", carrots, turnips, salad beetroot, salsify, celeriac, radishes and similar edible roots, cucumbers and gherkins, and leguminous vegatables)	0.1%
Beer made from maltBeer made from malt	0.1%
Malt extract; food preparations of flour, groats,...Malt extract; food preparations of flour, groats, meal, starch or malt extract, not containing cocoa or containing < 40% by weight of cocoa calculated on a totally defatted basis, n.e.s.; food preparations of milk, cream, butter milk, sour milk, sour cream, whey, yogurt, kephir, and similar goods of heading 0401 to 0404, not containing cocoa or containing < 5% by weight of cocoa calculated on a totally defatted basis, n.e.s.	0.1%
Undenatured ethyl alcohol of an alcoholic strength...Undenatured ethyl alcohol of an alcoholic strength of < 80%; spirits, liqueurs and other spirituous beverages (excl. compound alcoholic preparations of a kind used for the manufacture of beverages)	0.1%
Glaziers' putty, grafting putty, resin cements,...Glaziers' putty, grafting putty, resin cements, caulking compounds and other mastics; painters' fillings; non-refractory surfacing preparations for façades, indoor walls, floors, ceilings or the like	0.1%
Bedlinen, table linen, toilet linen and kitchen...Bedlinen, table linen, toilet linen and kitchen linen of all types of textile materials (excl. floorcloths, polishing cloths, dishcloths and dusters)	0.1%
Men's or boys' overcoats, car coats, capes, cloaks...Men's or boys' overcoats, car coats, capes, cloaks, anoraks, incl. ski jackets, windcheaters, wind-jackets and similar articles (excl. knitted or crocheted, suits, ensembles, jackets, blazers and trousers)	0.1%
Polymers of styrene, in primary formsPolymers of styrene, in primary forms	0.1%
Machinery for sorting, screening, separating,...Machinery for sorting, screening, separating, washing, crushing, grinding, mixing or kneading earth, stone, ores or other mineral substances, in solid, incl. powder or paste, form; machinery for agglomerating, shaping or moulding solid mineral fuels, ceramic paste, unhardened cements, plastering materials or other mineral products in powder or paste form; machines for forming foundry moulds of sand; parts thereof	0.1%
Video game consoles and machines, articles for...Video game consoles and machines, articles for funfair, table or parlour games, incl. pintables, billiards, special tables for casino games and automatic bowling alley equipment	0.1%
Fruits, nuts and other edible parts of plants,...Fruits, nuts and other edible parts of plants, prepared or preserved, whether or not containing added sugar or other sweetening matter or spirit (excl. prepared or preserved with vinegar, preserved with sugar but not laid in syrup, and jams, fruit jellies, marmalades, fruit purée and pastes, obtained by cooking)	0.1%
Plywood, veneered panel and similar laminated wood...Plywood, veneered panel and similar laminated wood (excl. sheets of compressed wood, cellular wood panels, parquet panels or sheets, inlaid wood and sheets identifiable as furniture components)	0.1%
Special purpose motor vehicles (other than those...Special purpose motor vehicles (other than those principally designed for the transport of persons or goods), e.g. breakdown lorries, crane lorries, fire fighting vehicles, concrete-mixer lorries, road sweeper lorries, spraying lorries, mobile workshops and mobile radiological units	0.1%
Lifting, handling, loading or unloading machinery,...Lifting, handling, loading or unloading machinery, e.g. lifts, escalators, conveyors, teleferics (excl. pulley tackle and hoists, winches and capstans, jacks, cranes of all kinds, mobile lifting frames and straddle carriers, works trucks fitted with a crane, fork-lift trucks and other works trucks fitted with lifting or handling equipment)	0.1%
Knotted netting of twine, cordage or rope, by the...Knotted netting of twine, cordage or rope, by the piece or metre; made-up fishing nets and other made-up nets, of textile materials (excl. hairnets, nets for sporting purposes, incl. landing nets, butterfly nets and the like)	0.1%
Surveying, incl. photogrammetrical surveying,...Surveying, incl. photogrammetrical surveying, hydrographic, oceanographic, hydrological, meteorological or geophysical instruments and appliances (excl. compasses); rangefinders	0.1%
Bars and rods, of iron or non-alloy steel, not...Bars and rods, of iron or non-alloy steel, not further worked than forged, hot-rolled, hot-drawn or hot-extruded, but incl. those twisted after rolling (excl. in irregularly wound coils)	0.1%
Salts, incl. table salt and denatured salt, and...Salts, incl. table salt and denatured salt, and pure sodium chloride, whether or not in aqueous solution or containing added anti-caking or free-flowing agents; sea water	0.1%
Garments made up of felt or nonwovens, whether or...Garments made up of felt or nonwovens, whether or not impregnated, coated, covered or laminated; garments of textile fabrics, rubberised or impregnated, coated, covered or laminated with plastics or other substances (excl. knitted or crocheted, and babies' garments and clothing accessories)	0.1%
Vacuum cleaners, incl. dry cleaners and wet vacuum...Vacuum cleaners, incl. dry cleaners and wet vacuum cleaners	0.1%
Prepared culture media for the development or...Prepared culture media for the development or maintenance of micro-organisms "incl. viruses and the like" or of plant, human or animal cells	0.1%
Made-up articles of textile materials, incl. dress...Made-up articles of textile materials, incl. dress patterns, n.e.s.	0.1%
Women's or girls' overcoats, car coats, capes,...Women's or girls' overcoats, car coats, capes, cloaks, anoraks, incl. ski jackets, windcheaters, wind-jackets and similar articles (excl. knitted or crocheted, suits, ensembles, jackets, blazers and trousers)	0.1%
Paints and varnishes, incl. enamels and lacquers,...Paints and varnishes, incl. enamels and lacquers, based on synthetic polymers or chemically modified natural polymers, dispersed or dissolved in an aqueous medium	0.1%
Artificial graphite; colloidal or semi-colloidal...Artificial graphite; colloidal or semi-colloidal graphite; preparations based on graphite or other carbon in the form of pastes, blocks, plates or other semi-manufactures	0.1%
Polymers of ethylene, in primary formsPolymers of ethylene, in primary forms	0.1%
Electric sound or visual signalling apparatus, e.g...Electric sound or visual signalling apparatus, e.g. bells, sirens, indicator panels, burglar or fire alarms (excl. those for cycles, motor vehicles and traffic signalling); parts thereof	0.1%
Sanitary towels (pads) and tampons, napkins and...Sanitary towels (pads) and tampons, napkins and napkin liners for babies, and similar articles, of any material	0.1%
Regulating or controlling instruments and...Regulating or controlling instruments and apparatus (excl. taps, cocks and valves of heading 8481)	0.1%
Mechanical appliances, whether or not...Mechanical appliances, whether or not hand-operated, for projecting, dispersing or spraying liquids or powders, n.e.s.; fire extinguishers, charged or not (excl. fire-extinguishing bombs and grenades); spray guns and similar appliances (excl. electric machines and apparatus for hot spraying of metals or sintered metal carbides of heading 8515); steam or sand blasting machines and similar jet projecting machines; parts thereof, n.e.s.	0.1%
Steam turbines and other vapour turbines; parts...Steam turbines and other vapour turbines; parts thereof	0.1%
Other vegetables prepared or preserved otherwise...Other vegetables prepared or preserved otherwise than by vinegar or acetic acid, not frozen (excl. preserved by sugar, and tomatoes, mushrooms and truffles)	0.1%
Transmission shafts, incl. camshafts and...Transmission shafts, incl. camshafts and crankshafts, and cranks; bearing housings and plain shaft bearings for machines; gears and gearing; ball or roller screws, gear boxes and other speed changers, incl. torque converters; flywheels and pulleys, incl. pulley blocks, clutches and shaft couplings, incl. universal joints; parts thereof	0.1%
Harvesting or threshing machinery, incl. straw or...Harvesting or threshing machinery, incl. straw or fodder balers; grass or hay mowers; machines for cleaning, sorting or grading eggs, fruit or other agricultural produce; parts thereof (other than machines for cleaning, sorting or grading seed, grain or dried leguminous vegetables of heading 8437)	0.1%
Pasta, whether or not cooked or stuffed with meat...Pasta, whether or not cooked or stuffed with meat or other substances or otherwise prepared, such as spaghetti, macaroni, noodles, lasagne, gnocchi, ravioli, cannelloni; couscous, whether or not prepared	0.1%
Cheese and curdCheese and curd	0.1%
Household or laundry-type washing machines, incl....Household or laundry-type washing machines, incl. machines which both wash and dry; parts thereof	0.1%
Petroleum coke, petroleum bitumen and other...Petroleum coke, petroleum bitumen and other residues of petroleum oil or of oil obtained from bituminous minerals, n.e.s.	0.1%
Tracksuits, ski suits, swimwear and other garments...Tracksuits, ski suits, swimwear and other garments, n.e.s. (excl. knitted or crocheted)	0.1%
Twine, cordage, ropes and cables, whether or not...Twine, cordage, ropes and cables, whether or not plaited or braided and whether or not impregnated, coated, covered or sheathed with rubber or plastics	0.1%
Unglazed ceramic flags and paving, hearth or wall...Unglazed ceramic flags and paving, hearth or wall tiles; unglazed ceramic mosaic cubes and the like, whether or not on a backing (excl. of siliceous fossil meals or similar siliceous earths, refractory ceramic goods, tiles specially adapted as table mats, ornamental articles and tiles specifically manufactured for stoves)	0.1%
Wood charcoal, incl. shell or nut charcoal,...Wood charcoal, incl. shell or nut charcoal, whether or not agglomerated (excl. wood charcoal used as a medicament, charcoal mixed with incense, activated charcoal and charcoal in the form of crayons)	0.1%
Molluscs, fit for human consumption, even smoked,...Molluscs, fit for human consumption, even smoked, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine; flours, meals and pellets of molluscs, fit for human consumption	0.1%
See More Products	70.5%

Source: Comtrade, Latest Available Data

To go further, check out our service Import Export Flows.

Main Services

5.6 bn USD of services exported in 2019
TravelTravel +	48.03%
Personal travelPersonal travel	46.83%
OtherOther	46.37%
Education-related expenditureEducation-related expenditure	0.47%
Business travelBusiness travel	1.20%
OtherOther	0.94%
Expenditure by seasonal and...Expenditure by seasonal and border workers	0.26%
TransportationTransportation +	28.39%
Air transportAir transport	24.96%
PassengerPassenger	20.30%
OtherOther	2.34%
FreightFreight	2.33%
Sea transportSea transport	3.09%
OtherOther	1.64%
FreightFreight	1.45%
Other business servicesOther business services +	7.01%
Miscellaneous business,...Miscellaneous business, professional, and technical services	3.31%
Research and developmentResearch and development	3.70%
Legal, accounting, management...Legal, accounting, management consulting, and public relations	1.19%
Business and management...Business and management consulting and public relations services	0.76%
Legal servicesLegal services	0.27%
Accounting, auditing,...Accounting, auditing, bookkeeping, and tax consulting services	0.15%
Architectural, engineering,...Architectural, engineering, and other technical services	0.47%
Other business servicesOther business services	0.41%
Advertising, market research,...Advertising, market research, and public opinion polling	0.09%
Agricultural, mining, and...Agricultural, mining, and on-site processing services	0.09%
Merchanting and other trade-related...Merchanting and other trade-related services	1.05%
Other trade-related servicesOther trade-related services	1.05%
Computer and information servicesComputer and information services +	6.89%
Information servicesInformation services	0.29%
Other information provision...Other information provision services	0.28%
News agency servicesNews agency services	0.01%
Royalties and license feesRoyalties and license fees	5.08%
Financial servicesFinancial services	1.74%
Cultural and recreational servicesCultural and recreational services +	0.89%
Audiovisual and related servicesAudiovisual and related services	0.72%
Embassies and consulatesEmbassies and consulates	0.36%
Other personal, cultural, and...Other personal, cultural, and recreational services	0.17%
Construction servicesConstruction services	0.76%
Communications servicesCommunications services +	0.60%
Telecommunications servicesTelecommunications services	0.38%
Postal and courier servicesPostal and courier services	0.22%
Government servicesGovernment services	0.36%
Insurance servicesInsurance services +	0.23%
Auxiliary servicesAuxiliary services	0.16%
Other direct insuranceOther direct insurance	0.06%

3.4 bn USD of services imported in 2019
TravelTravel +	44.56%
Personal travelPersonal travel	35.96%
OtherOther	34.81%
Education-related expenditureEducation-related expenditure	0.62%
Health-related expenditureHealth-related expenditure	0.53%
Business travelBusiness travel	8.60%
TransportationTransportation +	19.97%
Air transportAir transport	9.86%
OtherOther	5.05%
PassengerPassenger	4.41%
FreightFreight	0.40%
Sea transportSea transport	8.45%
FreightFreight	5.00%
OtherOther	3.45%
Other business servicesOther business services +	15.64%
Miscellaneous business,...Miscellaneous business, professional, and technical services	12.07%
Research and developmentResearch and development	3.57%
Legal, accounting, management...Legal, accounting, management consulting, and public relations	3.03%
Business and management...Business and management consulting and public relations services	1.77%
Legal servicesLegal services	0.92%
Accounting, auditing,...Accounting, auditing, bookkeeping, and tax consulting services	0.34%
Other business servicesOther business services	2.59%
Advertising, market research,...Advertising, market research, and public opinion polling	1.88%
Architectural, engineering,...Architectural, engineering, and other technical services	0.43%
Agricultural, mining, and...Agricultural, mining, and on-site processing services	0.02%
Merchanting and other trade-related...Merchanting and other trade-related services	2.21%
Other trade-related servicesOther trade-related services	2.21%
Operational leasing servicesOperational leasing services	1.91%
Computer and information servicesComputer and information services +	8.66%
Information servicesInformation services	1.61%
Other information provision...Other information provision services	1.58%
News agency servicesNews agency services	0.03%
Cultural and recreational servicesCultural and recreational services +	3.92%
Other personal, cultural, and...Other personal, cultural, and recreational services	2.06%
Audiovisual and related servicesAudiovisual and related services	1.86%
Embassies and consulatesEmbassies and consulates	0.53%
Royalties and license feesRoyalties and license fees	3.01%
Financial servicesFinancial services	1.13%
Communications servicesCommunications services +	1.10%
Telecommunications servicesTelecommunications services	0.98%
Postal and courier servicesPostal and courier services	0.13%
Construction servicesConstruction services	0.89%
Government servicesGovernment services	0.58%
Insurance servicesInsurance services +	0.54%
ReinsuranceReinsurance	0.25%
Other direct insuranceOther direct insurance	0.17%
Auxiliary servicesAuxiliary services	0.12%

Source: United Nations Statistics Division, Latest Available Data

Sources of General Economic Information

Ministries: Ministry of Finance
Ministry of Foreign Affairs
Statistical Office: Statistics Iceland
Central Bank: Central Bank of Iceland
Stock Exchange: Nordic Exchange
Search Engines: Iceland on the web
Web Collection
Economic Portals: Portal to the world: Iceland page

Political Outline

Current Political Leaders: President: Guðni Th. JÒHANNESSON (since 1 August 2016) – independent
Prime Minister: Katrín JAKOBSDÒTTIR (since 30 November 2017) – Left-Green Movement
Next Election Dates: Presidential: 2024
Parliamentary: 2025
Main Political Parties: The political parties in the ruling coalition are:
- Independence Party (IP): centre-right, conservative, opposes joining the European Union
- Progressive Party (PP): centre-right, agrarian, liberal
- Left‑Green Movement (LGM): left-wing, advocates traditional socialist values, feminism and environmentalism

The main oppositions party are:
- Social Democratic Alliance (SDA; nine seats): centre-left, social-democratic party, based on the merger alliance of the People's Alliance (PA), Social Democratic Party (SDP) and Women's List
- People's Party: left-wing, socialist, populist
- Pirate Party (PIR): centre-left
- Reform Party: liberal
- Centre Party (CP): populist, euro-scepticism
Type of State: Republic state based on parliamentary democracy.
Executive Power: The President is the head of the state and is elected by popular vote for a four-year term. The President’s role is largely ceremonial. Following legislative elections, the leader of the majority party or the leader of the majority coalition is usually appointed as the Prime Minister by the President for a four-year term.
The Prime Minister is the head of the government and holds the executive powers which include implementation of the law in the country and running the day-to-day affairs. The Prime Minister also appoints the Cabinet.
Legislative Power: The legislature in Iceland is unicameral. The Parliament (called "Althing") consists of 63 seats, its members are elected by popular vote to serve four-year terms. The executive branch of government is directly or indirectly dependent on the support of the parliament, often expressed through a vote of confidence. The Prime Minister cannot dissolve the parliament directly but can recommend the same to the President. Legislative power is vested in both the government and the parliament. The people of Iceland enjoy considerable political rights.

Indicator of Freedom of the Press

Definition

Definition:

The world rankings, published annually, measures violations of press freedom worldwide. It reflects the degree of freedom enjoyed by journalists, the media and digital citizens of each country and the means used by states to respect and uphold this freedom. Finally, a note and a position are assigned to each country. To compile this index, Reporters Without Borders (RWB) prepared a questionnaire incorporating the main criteria (44 in total) to assess the situation of press freedom in a given country. This questionnaire was sent to partner organisations,150 RWB correspondents, journalists, researchers, jurists and human rights activists. It includes every kind of direct attacks against journalists and digital citizens (murders, imprisonment, assault, threats, etc.) or against the media (censorship, confiscation, searches and harassment etc.).

World Rank:: 16/180
Evolution:: 15/180

Indicator of Political Freedom

Definition

Definition:

The Indicator of Political Freedom provides an annual evaluation of the state of freedom in a country as experienced by individuals. The survey measures freedom according to two broad categories: political rights and civil liberties. The ratings process is based on a checklist of 10 political rights questions (on Electoral Process, Political Pluralism and Participation, Functioning of Government) and 15 civil liberties questions (on Freedom of Expression, Belief, Associational and Organizational Rights, Rule of Law, Personal Autonomy and Individual Rights). Scores are awarded to each of these questions on a scale of 0 to 4, where a score of 0 represents the smallest degree and 4 the greatest degree of rights or liberties present. The total score awarded to the political rights and civil liberties checklist determines the political rights and civil liberties rating. Each rating of 1 through 7, with 1 representing the highest and 7 the lowest level of freedom, corresponds to a range of total scores.

Ranking:: Free
Political Freedom:: 1/7
Civil Liberties:: 57/60

Political freedom in the world (interactive map)
Source: Freedom in the World Report, Freedom House

COVID-19 Country Response

COVID-19 epidemic evolution: To find out about the latest status of the COVID-19 pandemic evolution and the most up-to-date statistics on the COVID-19 disease in Iceland, please visit the portal Covid.is with the official data, including the geographical and age distribution of the epidemic. To consult the daily reports issued by the Directorate of Health, click here.
For the international outlook you can consult the latest situation reports published by the World Health Organisation as well as the global daily statistics on the coronavirus pandemic evolution including data on confirmed cases and deaths by country.
Sanitary measures: To find out about the latest public health situation in Iceland and the current sanitary measures in vigour, please consult the official portal Covid.is, including the up-to-date information on the containment measures put in place and public health recommendations. Further info can be found on the website of the Directorate of Health and on the official portal of the Government of Iceland.
Travel restrictions: The COVID-19 situation, including the spread of new variants, evolves rapidly and differs from country to country. All travelers need to pay close attention to the conditions at their destination before traveling. Regularly updated information for all countries with regards to Covid-19 related travel restrictions in place including entry regulations, flight bans, test requirements and quarantine is available on TravelDoc Infopage.
It is also highly recommended to consult COVID-19 Travel Regulations Map provided and updated on the daily basis by IATA.
The US government website of Centers of Disease Control and Prevention provides COVID-19 Travel Recommendations by Destination.
The UK Foreign travel advice also provides travelling abroad advice for all countries, including the latest information on coronavirus, safety and security, entry requirements and travel warnings.
Import & export restrictions: For the information on all the measures applicable to movement of goods during the period of sanitary emergency due to the COVID-19 outbreak (including eventual restrictions on imports and exports, if applicable), please consult the portal of Iceland Revenue and Customs.
For a general overview of trade restrictions due to COVID-19 pandemic, please consult the section dedicated to Iceland on the International Trade Centre's COVID-19 Temporary Trade Measures webpage.
Economic recovery plan: To know about the economic measures taken by the Icelandic government to address the impact of the COVID-19 pandemic on the national economy, please visit the dedicated page on the official portal of the Government of Iceland and that of the Ministry of Finance and Economic Affairs. For a list of the decisions taken by the Central Bank of Iceland (CBI), click here. An overview of the measures is available on the website of KPMG.
For the general overview of the key economic policy responses to the COVID-19 outbreak (fiscal, monetary and macroeconomic) taken by the Icelandic government to limit the socio-economic impact of the COVID-19 pandemic, please consult the section dedicated to Iceland in the IMF’s Policy Tracker platform.
Support plan for businesses: For the information on the local business support scheme and taxation measures established by the Icelandic government to help businesses to deal with the economic impacts of the COVID-19 epidemic on their activity, please consult the portal of the Government of Iceland and the website of the Ministry of Finance and Economic Affairs.
For a general overview of international SME support policy responses to the COVID-19 outbreak refer to the World Bank's Map of SME-Support Measures in Response to COVID-19.
You can also consult the World Bank's Map of SME-Support Measures in Response to COVID-19.
Support plan for exporters: At the moment the official government sources do not provide any information on the specific programs for Icelandic exporting companies put in place by the national government following the COVID-19 epidemic outbreak. For updated information please consult the website of the national Ministry of Finance and Economic Affairs.

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