Norway and Iceland
Norway and Iceland coordinate trade positions through the WTO, European Free Trade Association and European Economic Area. A Norwegian address at Iceland’s trade review documents agricultural, fisheries and gender equality cooperation.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08Bilateral context
At Iceland’s fifth trade policy review, Norway’s Harald Neple highlighted bilateral collaboration in WTO negotiations and ordinary activities and EFTA trade agreements.
What merchandise trade shows
In 2025, goods trade between Norway and Iceland totalled 1,310.5 million current USD.
Documented trade sectors
Within the selected chapters, mineral fuels and oils stands out in shipments from Norway to Iceland, at 442 million USD in 2025.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 1,310.47 M USD | 2025 · Comtrade |
| Goods: Norway to Iceland | 995.81 M USD | 2025 · Comtrade |
| Goods: Iceland to Norway | 314.66 M USD | 2025 · Comtrade |
| Services trade | ||
| Export share: Norway to Iceland | 0.583 % | 2025 · Comtrade |
| Export share: Iceland to Norway | ||
| Investment stock: Norway in Iceland | ||
| Investment stock: Iceland in Norway |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade · Goods; full calendar year; reporter NOR. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Norway to Iceland
- 2025 · UN Comtrade · Goods; full calendar year; reporter NOR. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Iceland to Norway
- 2025 · UN Comtrade · Goods; full calendar year; reporter NOR. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Export share: Norway to Iceland
- 2025 · UN Comtrade · Exports to the partner / worldwide exports by the same reporter; same year and coverage.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | Norway | Iceland |
|---|---|---|
| Nominal GDP | 530.76 billion USD2025 · WB | 38.58 billion USD2025 · WB |
| GDP per capita | 94,594.19 USD2025 · WB | 98,323.48 USD2025 · WB |
| GDP growth | 1.09 %2025 · WB | 1.28 %2025 · WB |
| Policy interest rate | ||
| Inflation · annual average | 3.06 %Annual average · 2025 · WB | 4.09 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | ||
| Unemployment | 4.64 %ILO est.2025 · WB | 3.63 %ILO est.2025 · WB |
| Budget balance (% of GDP) | 9.3 %IMF est.2025 · IMF | -2.8 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 45 %IMF est.2025 · IMF | 56.1 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 13.97 %2025 · WB | -3.48 %2025 · WB |
| Population | 5,610,8702025 · WB | 392,404World Bank est.2025 · WB |
| Area | 624,500 km²2023 · WB | 103,000 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDNorway: 2025 · World Bank · Official World Bank series. Observation year, not download date.Iceland: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- GDP per capita
- Current USD per personNorway: 2025 · World Bank · Official World Bank series. Observation year, not download date.Iceland: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- GDP growth
- Annual real change (%)Norway: 2025 · World Bank · Official World Bank series. Observation year, not download date.Iceland: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Policy interest rate
- Central bank instrument (%)
- Inflation · annual average
- Average annual change in headline CPI (%)Norway: 2025 · Annual average CPI change (%) · World Bank · Official World Bank series. Observation year, not download date.Iceland: 2025 · Annual average CPI change (%) · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency stated
- Unemployment
- % of the labour force; definition used by the stated institutionNorway: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Official World Bank series. Observation year, not download date.Iceland: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Annual World Bank observation, with its original year; not monthly data.
- Budget balance
- General government (% of GDP)Norway: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Iceland: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Gross public debt
- General government (% of GDP)Norway: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Iceland: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDPNorway: 2025 · World Bank · Official World Bank series. Observation year, not download date.Iceland: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Population
- PeopleNorway: 2025 · World Bank · Official World Bank series. Observation year, not download date.Iceland: 2025 · World Bank · WB est. · The source indicates an extrapolated population; this is not a census count.
- Area
- Total area in km²; territorial coverage of the sourceNorway: 2023 · World Bank · Official World Bank series. Observation year, not download date.Iceland: 2023 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Norway to Iceland
| Product or sector | Value / share |
|---|---|
| Mineral fuels and oils | 442 M USD2025 · Source |
| Electrical and electronic equipment | 199.6 M USD2025 · Source |
| Vehicles and components | 30.2 M USD2025 · Source |
| Machinery and mechanical appliances | 26.8 M USD2025 · Source |
| Pharmaceutical products | 6.5 M USD2025 · Source |
| Meat and edible offal | 0.0318 M USD2025 · Source |
| Dairy products, eggs and honey | 0.0189 M USD2025 · Source |
Iceland to Norway
| Product or sector | Value / share |
|---|---|
| Electrical and electronic equipment | 25.7 M USD2025 · Source |
| Machinery and mechanical appliances | 17.7 M USD2025 · Source |
| Mineral fuels and oils | 12.1 M USD2025 · Source |
| Meat and edible offal | 4.3 M USD2025 · Source |
| Metal ores | 1.6 M USD2025 · Source |
| Vehicles and components | 0.146 M USD2025 · Source |
| Pharmaceutical products | 0.12 M USD2025 · Source |
How trade has changed
Billions of current USD · full calendar years
View chart figures
| Period | Total | Norway to Iceland | Iceland to Norway |
|---|---|---|---|
| 2021 | 946.5 | 734.9 | 211.7 |
| 2022 | 1,492.5 | 1,069.5 | 423 |
| 2023 | 1,471 | 1,052.4 | 418.7 |
| 2024 | 1,366.5 | 982.5 | 384.1 |
| 2025 | 1,310.5 | 995.8 | 314.7 |
Connections between people
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Norway living in Iceland | ||
| Residents from Iceland living in Norway | ||
| Study and training: Norway in Iceland | ||
| Study and training: Iceland in Norway | ||
| Academic stays: Norway in Iceland | ||
| Academic stays: Iceland in Norway | ||
| Travel: Norway to Iceland | ||
| Travel: Iceland to Norway |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
Bilateral context
At Iceland’s fifth trade policy review, Norway’s Harald Neple highlighted bilateral collaboration in WTO negotiations and ordinary activities and EFTA trade agreements. Both economies participate in the European Economic Area linking their markets to the European Union’s. [1]
The scale of both economies
Nominal GDP for Norway is 530.8 billion USD (2025), compared with 38.6 for Iceland (2025). The reference populations are 5.61 and 0.392 million, respectively. In the same year, the economy of Norway was 13.76 times that of Iceland in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [5] [6] [7] [8]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Cooperation and bilateral issues
Norway and Iceland also cooperate in the agricultural G-10 to defend production viability in high-cost, climatically challenging countries. The address welcomed Icelandic fisheries experience and participation in fisheries subsidy negotiations. It also identified gender equality and women’s economic empowerment as shared work areas. Cited trade data concern 2016 and describe that historical period, not current relationship magnitude. [1]
What merchandise trade shows
In 2025, merchandise trade between the two countries (Norway and Iceland) totalled 1,310.5 million current USD. Shipments from the first to the second were 995.8 million; those in the opposite direction, 314.7 million. The difference between the two flows was 681.2 million, in favour of Norway. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [2]
The partner's share of exports
Sales from Norway to the partner represented 0.583% of its worldwide goods exports in 2025. The share compares the same reporter, year and coverage. It measures export concentration, not the percentage of GDP dependent on this relationship. A partner may be important in a specific sector even if its share of total goods trade is small. [2]
Five years of trade trends
The consistent series shows 946.5 million USD in 2021 and 1,310.5 million in 2025. The change between the two endpoints was +38.4 % in current dollars. The highest annual value in the period was recorded in 2022, at 1,492.5 million. The chart allows the two directions to be compared to see whether they moved together or differently. The change combines quantities, prices and exchange rates; it is not automatically attributed to a treaty, a visit or a political decision. The same reporter is retained and missing years are not interpolated. [3]
Documented trade sectors
Within the selected chapters, mineral fuels and oils stands out in shipments from Norway to Iceland, at 442 million USD in 2025. Within the selected chapters, electrical and electronic equipment stands out in shipments from Iceland to Norway, at 25.7 million USD in 2025. The table compares eight selected chapters with the same coverage as the trade total. It is not a complete list or proof that the first item in this selection is the leading product across the entire relationship. A chapter groups numerous goods: machinery and components, for example, do not describe a single business transaction. [4]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — NOR-ISL
www.norway.no · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Trade series 2021–2025
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- NY.GDP.MKTP.CD; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- Official series — gdp
World Bank · Institutional source · Accessed: 2026-10-07
- SP.POP.TOTL; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- Official series — population
World Bank · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.