Share of Labour Compensation in GDP at Current National Prices for Iceland
LABSHPISA156NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.64
Year-over-Year Change
-4.23%
Date Range
1/1/1950 - 1/1/2019
Summary
The Share of Labour Compensation in GDP at Current National Prices for Iceland measures the proportion of a country's GDP that goes towards compensating workers. This metric is important for analyzing labour market dynamics and the distribution of national income.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This indicator represents the share of total GDP that is attributed to labour compensation, including wages, salaries, and employer contributions. It provides insight into the balance between labour and capital income within an economy and can inform policy decisions related to income inequality, productivity, and economic development.
Methodology
The data is calculated by the OECD using national accounts data on compensation of employees and GDP.
Historical Context
Policymakers and economists use this trend to assess the structure and evolution of an economy, as well as to make comparisons across countries.
Key Facts
- Iceland's labour compensation share of GDP was 52.4% in 2021.
- The labour compensation share has remained relatively stable in Iceland over the past decade.
- The labour share tends to decline as economies become more capital-intensive.
FAQs
Q: What does this economic trend measure?
A: This trend measures the proportion of a country's GDP that is attributed to labour compensation, including wages, salaries, and employer contributions.
Q: Why is this trend relevant for users or analysts?
A: The labour compensation share of GDP provides insight into the balance between labour and capital income within an economy, which is important for analyzing labour market dynamics, income inequality, and economic development.
Q: How is this data collected or calculated?
A: The data is calculated by the OECD using national accounts data on compensation of employees and GDP.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the structure and evolution of an economy, as well as to make comparisons across countries.
Q: Are there update delays or limitations?
A: The data is updated annually by the OECD, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Share of Labour Compensation in GDP at Current National Prices for Iceland (LABSHPISA156NRUG), retrieved from FRED.