Quick Answer: What Is The Average Income In Iceland?

Is Iceland rich or poor?

The economy of Iceland is small and subject to high volatility.

In 2011, gross domestic product was US$12bn, but by 2018 it had increased to a nominal GDP of US$27bn.

With a population of 350,000, this is $55,000 per capita, based on purchasing power parity (PPP) estimates..

What is a good salary in Iceland?

Currently, average wages in the country are of roughly 410,000 ISK net per month. Notice that the average salary in Iceland figures are net, while the minimum wage mentioned above is gross. The average salary of 410,000 ISK per month (approximately 3300 USD) puts Iceland’s figures among the highest salaries in Europe.

What is the average hourly wage in Iceland?

approximately 3,960 ISKThe average hourly wage (pay per hour) in Iceland is 3,960 ISK. This means that the average person in Iceland earns approximately 3,960 ISK for every worked hour.

Is it expensive to live in Iceland?

According to data derived from Numbeo.com, Iceland is the world’s 4th most expensive country to live. The costs of living in Iceland, including groceries, transportation, restaurants and utilities, are, according to the infographic, 2.14% higher than in New York. …

What is the minimum wage in Iceland?

335,000 per monthMinimum wages for full-time work will be: 01 April 2019 ISK 317,000 per month. 01 April 2020 ISK 335,000 per month. 01 January 2021 ISK 351,000 per month.

Is there poverty in Iceland?

Roughly 6,200 people in Iceland currently live in severe poverty, ruv.is reports. The Ministry of Social Affairs’s Welfare Watch has proposed an increase in child benefits of ISK 4 billion (USD 30 million, EUR 26.5 million) per year and define the minimum support limit.