Iceland: Share of services

The latest value from 2024 is 64.89 percent, a decline from 65.38 percent in 2023. In comparison, the world average is 56.10 percent, based on data from 167 countries. Historically, the average for Iceland from 1995 to 2024 is 61.36 percent. The minimum value, 53.47 percent, was reached in 1997 while the maximum of 66.12 percent was recorded in 2019. See the global rankings or world map for that indicator or use the country comparator to compare trends over time.

The importance of services in the economy of Iceland and other countries is measured as the value added of services as percent of GDP. The services sector includes wholesale and retail trade, transport, financial services, education, health care, and real estate.

Definition: Services correspond to ISIC divisions 50-99 and they include value added in wholesale and retail trade (including hotels and restaurants), transport, and government, financial, professional, and personal services such as education, health care, and real estate services. Also included are imputed bank service charges, import duties, and any statistical discrepancies noted by national compilers as well as discrepancies arising from rescaling. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The industrial origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4.