Compensation of employees (current LCU) in Iceland
Iceland: Compensation of employees (current LCU) was 334.27 billion current LCU in 2023. ◆ Volatile
Compensation of employees in Iceland, 1972–2023
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in current LCU.
Analysis
In 2023, compensation of employees in Iceland stood at 334.27 billion current LCU. That is the highest value across all 47 years on record.
Compared with earlier readings it is up 4.5% on the previous year and up 123.0% over ten years.
Over the whole period, compensation of employees in Iceland peaked at 334.27 billion current LCU in 2023 and was at its lowest, 45.20 million current LCU, in 1972.
Iceland ranks 50th of 156 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Compensation of employees (current LCU) in Iceland, year by year
| Year | current LCU | Change |
|---|---|---|
| 1972 | 45.20 million current LCU | — |
| 1973 | 66.10 million current LCU | +46.2% |
| 1974 | 104.30 million current LCU | +57.8% |
| 1975 | 139.50 million current LCU | +33.7% |
| 1976 | 182.60 million current LCU | +30.9% |
| 1977 | 282.80 million current LCU | +54.9% |
| 1978 | 469.50 million current LCU | +66.0% |
| 1979 | 689.70 million current LCU | +46.9% |
| 1980 | 1.09 billion current LCU | +58.2% |
| 1981 | 1.70 billion current LCU | +55.8% |
| 1987 | 20.16 billion current LCU | +1085.9% |
| 1988 | 26.64 billion current LCU | +32.2% |
| 1989 | 27.83 billion current LCU | +4.5% |
| 1990 | 32.88 billion current LCU | +18.1% |
| 1991 | 37.46 billion current LCU | +13.9% |
| 1992 | 37.69 billion current LCU | +0.6% |
| 1993 | 39.51 billion current LCU | +4.8% |
| 1994 | 40.42 billion current LCU | +2.3% |
| 1995 | 43.34 billion current LCU | +7.2% |
| 1996 | 45.05 billion current LCU | +3.9% |
| 1997 | 44.48 billion current LCU | -1.3% |
| 1998 | 54.60 billion current LCU | +22.8% |
| 1999 | 57.43 billion current LCU | +5.2% |
| 2000 | 60.81 billion current LCU | +5.9% |
| 2001 | 70.61 billion current LCU | +16.1% |
| 2002 | 81.31 billion current LCU | +15.2% |
| 2003 | 87.24 billion current LCU | +7.3% |
| 2004 | 92.85 billion current LCU | +6.4% |
| 2005 | 96.71 billion current LCU | +4.2% |
| 2006 | 106.52 billion current LCU | +10.1% |
| 2007 | 114.61 billion current LCU | +7.6% |
| 2008 | 127.43 billion current LCU | +11.2% |
| 2009 | 128.92 billion current LCU | +1.2% |
| 2010 | 130.93 billion current LCU | +1.6% |
| 2011 | 132.61 billion current LCU | +1.3% |
| 2012 | 140.93 billion current LCU | +6.3% |
| 2013 | 149.86 billion current LCU | +6.3% |
| 2014 | 158.67 billion current LCU | +5.9% |
| 2015 | 175.59 billion current LCU | +10.7% |
| 2016 | 193.04 billion current LCU | +9.9% |
| 2017 | 214.17 billion current LCU | +10.9% |
| 2018 | 230.01 billion current LCU | +7.4% |
| 2019 | 247.78 billion current LCU | +7.7% |
| 2020 | 262.98 billion current LCU | +6.1% |
| 2021 | 282.77 billion current LCU | +7.5% |
| 2022 | 319.94 billion current LCU | +13.1% |
| 2023 | 334.27 billion current LCU | +4.5% |
Iceland compared with similar countries
- Iceland's 334.27 billion current LCU is above the median for high income countries, which is 23.97 billion current LCU, 13.9× the median. (57 countries reporting)
- Iceland's 334.27 billion current LCU is above the median for Europe & Central Asia, which is 31.50 billion current LCU, 10.6× the median. (48 countries reporting)
Biggest year-on-year movements
Years where Compensation of employees (current LCU) in Iceland changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 1987 | +1085.9% | 1.70 billion current LCU | 20.16 billion current LCU |
| 1978 | +66.0% | 282.80 million current LCU | 469.50 million current LCU |
| 1974 | +57.8% | 66.10 million current LCU | 104.30 million current LCU |
| 1980 | +58.2% | 689.70 million current LCU | 1.09 billion current LCU |
| 1981 | +55.8% | 1.09 billion current LCU | 1.70 billion current LCU |
| 1977 | +54.9% | 182.60 million current LCU | 282.80 million current LCU |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 247.46 million current LCU | 45.20 million current LCU | 689.70 million current LCU | 8 |
| 1980s | 15.48 billion current LCU | 1.09 billion current LCU | 27.83 billion current LCU | 5 |
| 1990s | 43.29 billion current LCU | 32.88 billion current LCU | 57.43 billion current LCU | 10 |
| 2000s | 96.70 billion current LCU | 60.81 billion current LCU | 128.92 billion current LCU | 10 |
| 2010s | 177.36 billion current LCU | 130.93 billion current LCU | 247.78 billion current LCU | 10 |
| 2020s | 299.99 billion current LCU | 262.98 billion current LCU | 334.27 billion current LCU | 4 |
Countries ranked near Iceland
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Frequently asked questions
- What is compensation of employees in Iceland?
- Compensation of employees in Iceland was 334.27 billion current LCU in 2023, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest compensation of employees recorded in Iceland?
- The highest recorded value was 334.27 billion current LCU in 2023.
- What is the lowest compensation of employees recorded in Iceland?
- The lowest recorded value was 45.20 million current LCU in 1972.
- How does Iceland rank for compensation of employees?
- Iceland ranks 50th out of 156 countries with data for 2023.
- Is compensation of employees rising or falling in Iceland?
- Over the last ten years it is up 123.0%. The long-run trend across the full record is volatile.
- Where does this Iceland data come from?
- The figures come from Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Compensation of employees (current LCU). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 47 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Compensation of employees is defined as the total remuneration, in cash or in kind, payable by an enterprise to an employee in return for work done by the latter during the accounting period. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.