Iceland: Labor force participation
* indicates monthly or quarterly data series
| Iceland |
Labor force participation rate |
|---|---|
| Latest value | 74.39 |
| Year | 2023 |
| Measure | percent |
| Data availability | 1991 - 2023 |
| Average | 75.89 |
| Min - Max | 73.37 - 78.55 |
| Source | The World Bank |
The latest value from 2023 is 74.39 percent, an increase from 74.3 percent in 2022. In comparison, the world average is 60.88 percent, based on data from 178 countries. Historically, the average for Iceland from 1991 to 2023 is 75.89 percent. The minimum value, 73.37 percent, was reached in 2021 while the maximum of 78.55 percent was recorded in 2000.
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The labor force participation rate is the percent of the population ages 15 and older that is economically active. That includes the employed and the unemployed individuals.
Definition: Labor force participation rate is the proportion of the population ages 15 and older that is economically active: all people who supply labor for the production of goods and services during a specified period.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Labor force | 0.23 | 2023 | million people |
| Unemployment rate | 3.56 | 2023 | percent |
| Female unemployment | 2.38 | 2023 | percent |
| Male unemployment | 3.62 | 2023 | percent |
| Youth unemployment | 6.55 | 2023 | percent |
| Labor force participation | 74.39 | 2023 | percent |
| Labor force: percent female | 45.95 | 2023 | percent |
| Female labor force participation | 70.07 | 2023 | percent |
| Male labor force participation | 78.51 | 2023 | percent |
| Self-employment | 13.67 | 2022 | percent |
| Employment | 0.23 | Q2/2024 | million employed people |
| Unemployment rate | 2.40 | 6/2024 | percent |
| Labor cost | 144.40 | Q1/2022 | index points |