Iceland has the fifth highest GDP per capita in Europe, according to preliminary estimates from Statistics Iceland and Eurostat. GDP volume per capita (based on PPP's) in Iceland was 30% above the European average in 2017. The European average includes 37 European countries. The 28 members of the EU as well as Iceland, Norway, Switzerland, Turkey, Montenegro, Serbia, Bosnia-Herzegovina, Albania and Former Yugoslavian Republic of Macedonia.
Read more: Tourism generated 8.1% of GDP in 2016, up from 3.4% in 2010
GDP volume per capita was highest in Luxembourg, 153% above the EU28 average, followed by Ireland where GDP was 84% above the EU28 average, Switzerland which was 58% above the average and Norway, which was 50% above the average. Four of the ten richest countries in Europe are in the Nordics, in addition to Norway and Iceland, Denmark is in 8th place and Sweden in 10th.
It should be kept in mind that a large number of foreign residents are employed in Luxembourg and thus contribute to its GDP, while at the same time they are not included in the resident population. The GDP per capita of Ireland is similarly artificially high due to foreign multinationals which are registered in Ireland to take advantage of corporate tax rates. Corporate profits are thus registered in Ireland which have nothing to do with the actual economy, and thus contribute little if anything to the economic prosperity of the residents.
GDP per capita Measured on a PPP basis Photo/Statistics Iceland
Iceland has the fifth highest GDP per capita in Europe, according to preliminary estimates from Statistics Iceland and Eurostat. GDP volume per capita (based on PPP's) in Iceland was 30% above the European average in 2017. The European average includes 37 European countries. The 28 members of the EU as well as Iceland, Norway, Switzerland, Turkey, Montenegro, Serbia, Bosnia-Herzegovina, Albania and Former Yugoslavian Republic of Macedonia.
Read more: Tourism generated 8.1% of GDP in 2016, up from 3.4% in 2010
GDP volume per capita was highest in Luxembourg, 153% above the EU28 average, followed by Ireland where GDP was 84% above the EU28 average, Switzerland which was 58% above the average and Norway, which was 50% above the average. Four of the ten richest countries in Europe are in the Nordics, in addition to Norway and Iceland, Denmark is in 8th place and Sweden in 10th.
It should be kept in mind that a large number of foreign residents are employed in Luxembourg and thus contribute to its GDP, while at the same time they are not included in the resident population. The GDP per capita of Ireland is similarly artificially high due to foreign multinationals which are registered in Ireland to take advantage of corporate tax rates. Corporate profits are thus registered in Ireland which have nothing to do with the actual economy, and thus contribute little if anything to the economic prosperity of the residents.
GDP per capita Measured on a PPP basis Photo/Statistics Iceland
