Global GDP Growth: Overview
Real GDP refers to base year prices, which include inflation. Changes in real GDP indicate the increase or decrease in the volume of economic activity and measure economic growth. The US, China, Japan, Germany, and India are the leading economies around the world in terms of real GDP. In 2021, China had the most significant real GDP with a value of $12.7 trillion, after the US. Japan ranked third globally in real GDP during the same period with $6 trillion. The other two leading economies are Germany and India, with real GDP of $3.8 trillion and $2.9 trillion, respectively.
Iceland Exports: Overview
Iceland’s main exports are aluminum and fish. Iceland promotes a free trade regime and is one of the founding members of the World Trade Organization and is a member of the European Free Trade Association (EFTA) and the European Economic Area (EEA). The reduction of the regulatory burden on companies, as of 2020, is expected to improve total trade. According to Global Data, Iceland’s total trade witnessed a slowdown in 2020, due to the COVID-19 pandemic.
Iceland was the world’s 15th largest exporter of fish and other aquatic invertebrates in 2020, accounting for 1.9% of total global exports of these products. The country’s share of total fish products exports has increased drastically, from 33.5% in 2017 to 41.5% in 2020. Iron and steel contribute very little to the country’s export basket. Despite COVID-19 in 2020, iron and steel exports accounted for 3.1% of total exports, while food industries and wastes also accounted for 3.1%.
Germany, Spain, the Netherlands, and Norway were Iceland’s top four trading partners in 2020, accounting for 36.2% of total trade (exports and imports).
Iceland Exports as a % of GDP
Exports as a % of GDP of Iceland was 52.1% in 2021, grew by 55.5% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in Iceland decreased by 6.0%. The indicator was highest in the year 2021 at 52.1% and lowest in the year 2020 at 33.5%.
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