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Iceland Has “Above Average GDP”

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Iceland Has “Above Average GDP”

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Iceland’s GDP is about 20 percent above the EU average, a new report reveals. GDP is highest of all in Luxembourg and Norway.

Eurostat has released details of the GDP per capita of 37 European countries, with one coming out way ahead of all the others. The per capita GDP of Luxembourg is 163 percent above average for the 28 European Union states.

RÚV reports that this is partly explained by the fact that a lot of people work in Luxembourg, buy goods and services there and contribute to GDP, but live in neighboring countries and are therefore not counted towards the country’s population, giving a higher per capita figure.

Norway is in second place, with GDP 79 percent above the EU average. Luxembourg and Norway have been in the two top spots on the list for the last decade.

Switzerland is in third place, followed by Ireland, the Netherlands and Austria in sixth.

Iceland is tenth on the list with per capital GDP 21 percent above the EU average.

Over the last ten years Iceland has fallen from 6th to 12th on the list and now back up to 10th. In 2005 the report showed Icelandic GDP at 30 percent above average, while that was halved to 15 percent in 2011.

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