Disposable income doubles Skip to content

Disposable income doubles

By Iceland Review

Disposable income per person in Icelandic households almost doubled for the period from 1995 to 2003. According to a new report on household expeditures from Statistics Iceland (Hagstofa Íslands), disposable income for this period increased by 82 percent. This report forms the basis for the consumer index.

The survey reports that the average household disposable income in 2003 was a little less than 4 million ÍSK, an icrease of 1.7 million ÍSK from 1995.

The increase in income varies according to types of households. Disposable income of married couples or couples living together with children increased by 86 percent. Couples without children saw a 71 percent increase, and the disposable income of single parents increased by 75 percent.

Income also varies according to location of the households. Disposable income is highest in the Greater Reykjavík area, 4.1 million ÍSK, about 500,000 ÍSK more than in the countryside. In 1995, disposable income was virtually the same nationwide at 2.2 million ÍSK.

According to a summary in the daily Morgunblaðið, the survey reports that 86 percent of households own their housing, and one in ten own a summer house. Ninety-eight percent of households own a television set, and over half of those families more than one. Thirteen percent of households in Iceland do not own a car, while 61 percent have one car, and about 25 percent have more than one car.

Inflation-adjusted disposable income grew by 40 percent from 1995 to 2003.

Household ownership

Refrigerator: 98.6%

Washing machine: 92%

VCR: 85%

Cell phones: 85%

Microwave: 80%

Computer: 80%

Dishwasher: 56%

DVD player: 40%

Dryer: 40%

Camper: 5.8%

Boat: 3.9%

Ski mobile: 2.6%

Motorcycle: 1.5%

Sign up for our weekly newsletter

Get news from Iceland, photos, and in-depth stories delivered to your inbox every week!

* indicates required

Subscribe to Iceland Review

In-depth stories and high-quality photography showcasing life in Iceland!