The Icelandic Economic Situation
The Icelandic economy has gone through drastic changes since October 2008 due to the collapse of its financial system. Some ambiguity still exists concerning the chain of events and general economic status of Iceland, mostly due to lack of external information flow.
Those topics have been covered in detail in former editions of this Status Report. This 16th edition of the Status Report, published in July 2013, gives a brief overview of these events, but its main focus is on the current economic, business and political landscape. For further information on past events see the 15th edition of the Status Report.
Despite substantial challenges over the past few years, the general economy is well functional and many Icelandic businesses remain strong. The Icelandic economy is based on reliable foundations and has strong growth opportunities going forward. The society is dynamic and technology-driven with a young and well educated workforce. The country has the privilege of possessing abundant natural resources and its nature and culture has attracted an increasing number of tourists each year.
The Status Report is split into four main parts, from A to D. Part A, focuses on main economic, business and political developments in 2012 and 2013. Part B consists of numerous graphs and charts, illustrating the overall economic landscape in Iceland. Part C focuses on 2009-2012, i.e. the chain of events concerning the financial collapse and policy actions taken to mitigate its effects. Part D includes a short overview on Iceland´s future prospects.
The Iceland Chamber of Commerce has published its Status Report since October 2008. It is sent to over 2.200 recipients in business, government and other organizations around the world. The report should be considered a collection of facts, data and references to websites rather than a deep analysis of Iceland’s economy. the report includes a large number of links which form its foundation. Major revisions were made in earlier editions, where many graphs, charts and pictures were added.
Additionally the Chamber regularly publishes slides to accompany the status report, see here. All graphs and charts in the report can also be found at the Chamber´s flickr page and in excel format, see here.
In this 16th edition new information can be found on the following topics:
- The financial sector´s size and stake in Icelandic business.
- Unresolved matters regarding the State Housing Financial Fund and banks in liquidation process.
- New listings on the NASDAQ OMX Iceland.
- The Central Bank´s efforts to stabilize inflation.
- Development of household and business debts.
- The Social partners efforts to adopt a new negotiation process.
- Main elements of the fisheries, energy and tourism sector.
- The State´s fiscal consolidation plan and new government.
- The conclusion of the Icesave process.
- Economic developments (e.g. GDP, the Stock Market and Pension funds and Monetary Policy).
- Iceland Growth Forum and its macro economic goals until 2030.
To receive updates of the Status Report please subscribe to the Chamber's mailing list.
Click here for the full report (pdf).
Examples of media coverage of previous editions.
- Investment Europe
- The Reykjavik Grapevine
- Iceland Review Online
- Made in Iceland
- Ministry of Foreign Affairs
- Invest in Iceland