Iceland's Scandinavian-type economy 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 effort to stabalize the national economy hit by the global financial crisis in late 2008, Icelandic economic growth has been picking up since early 2011. While the financial sector has been successfully restructureded, the major pillars of the Icelandic economy, i.e. fisheries and energy-intensive sector have been growing very fast, in addition to the booming tourism industry.
Iceland´s economy registered a 3.96% growth in 2015, after 4 years of consecutive growth, i.e. 1.3% in 2012, 2.6% in 2013, 4.4% in 2014. Its average annual growth from 2016-2020 is expected to stand above 2.7%
Key Figures in 2015: GDP, current price
ISK 2,206 billion Economic growth rate
3.96% GDP per capita (PPP)
4%Iceland's Competitive Advantage
Safe society Competitive tax legislation
Educated population Strategic location
Abundant green energy Pure nature
Compact society Advanced infrastructure