Iceland - Exports of goods and services (% of GDP)

Exports of goods and services (% of GDP) in Iceland was 34.24 as of 2020. Its highest value over the past 50 years was 54.93 in 2012, while its lowest value was 29.85 in 1992.

Definition: Exports of goods and services represent the value of all goods and other market services provided to the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1970 44.31
1971 36.88
1972 34.49
1973 35.04
1974 30.95
1975 32.79
1976 34.03
1977 32.43
1978 35.98
1979 37.38
1980 34.97
1981 34.11
1982 31.70
1983 39.10
1984 37.45
1985 39.65
1986 38.02
1987 33.77
1988 31.29
1989 33.03
1990 33.15
1991 30.84
1992 29.85
1993 32.29
1994 35.24
1995 35.00
1996 35.80
1997 35.53
1998 33.77
1999 32.46
2000 32.13
2001 36.94
2002 35.52
2003 32.62
2004 32.41
2005 30.36
2006 30.41
2007 32.84
2008 40.30
2009 48.72
2010 51.75
2011 54.55
2012 54.93
2013 53.25
2014 51.52
2015 51.65
2016 47.48
2017 45.73
2018 46.64
2019 44.31
2020 34.24

Limitations and Exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics.

Statistical Concept and Methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts