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Key Figures in 2019:

GDP, constant prices           ISK 1,516 billion
Growth rate                         1.9%
CPI                                       2.03%
Unemployment                    3.6%
GDP Per Capital
(Current PPPs)
                    US$58,504


Competitive Advantage of Iceland

- Safe nation                   Competitive tax legislation
- Pure Nature                  Educated young population
- Strategic location          Advanced infrastrcuture
- Compact society           Abundant green energy

 

 

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The Scandinavian-type economy in Iceland is basically capitalistic, yet with an extensive welfare system, low unemployment, and remarkably even distribution of income.  The economy is relatively small but growth and input have been sufficient to provide Icelanders with one of the highest living standards in the world.

After great effirt to stabalize the national economy hit by the global financial crisis and the collapse of its banking sector in late 2008, Icelandic economic growth picked up resiliently since 2011.  While the financial sector has been successfully restructured, the major pillar of the Icelandic economy, i.e. fisheries and energy-intensive sector, has been growing strong.  Morever, the booming tourism industry has become the biggest source of foreign currency income for this country.

Sine 2012, Iceland has achieved steady economic growth rate of over 2% every year.  The growht rate is further expected to be maintained at around 2.5% during the nexty 5 years of 2020-2024.

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