The Iceland GDP composition by sector in 2023 shows Services as the largest contributor at 45.7%, followed by Mining, Manufacturing, Utilities at 15.1%, and Wholesale, Retail Trade, Restaurants, and Hotels at 14.1%. Transport, Storage, and Communication represent 12.2%, with Construction contributing 7.3%, and Agriculture, Hunting, Forestry, and Fishing at 5.7%. Over the past two years, a trend has emerged with a stable increase in the Services sector, while other sectors have experienced slight variations. The average annual growth over the last five years highlights the robust expansion of the Services sector.
Future trends to watch for in Iceland's GDP composition include:
- The impact of digital transformation on the Services sector.
- Potential growth in sustainable industries affecting farming and fishing contributions.
- Changes in global demand for Icelandic manufacturing outputs.
- Shifts in tourist inflows potentially affecting the hospitality sector.
Top countries in GDP Composition by Sector
| # | 6 Countries | Percent | Last Year | |
|---|---|---|---|---|
| 1 | 1 Services | 45.7 | 2016 | |
| 2 | 2 Mining, Manufacturing, Utilities | 15.1 | 2016 | |
| 3 | 3 Wholesale, retail trade, restaurants and hotels | 14.1 | 2016 | |
| 4 | 4 Transport, storage and communication | 12.2 | 2016 | |
| 5 | 5 Construction | 7.3 | 2016 | |
| 6 | 6 Agriculture, hunting, forestry, fishing | 5.7 | 2016 |
