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Growth and Uncertainty in the Cards for Tourism Industry

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Growth and Uncertainty in the Cards for Tourism Industry

Tourist photographs Strokkur

A tourist photographs Strokkur hot spring in the Geysir area. Photo: Golli.

Many variables could affect the tourism industry in Iceland over the coming years, according to an economic and inflation forecast of Landsbankinn bank, presented at a meeting in Harpa yesterday morning. Economist Gústaf Steingrímsson presented a lecture on the topic titled “Tourism Has Reached Flying Altitude.” RÚV reported first.

“The outlook is in itself good. Growth has significantly reduced, and we already knew the growth was unsustainable,” Gústav stated. “So we are going to see less growth over the next years, but we still expect tourism to grow and that the number of tourists will increase. But the increase [in tourist numbers] will be small.”

Gústav added, however, that many variables could affect the industry’s growth, for better or worse. “International economic factors, the development of oil prices, flight prices and then of course operational and financial difficulties especially at WOW air and airlines’ operational environment globally is very difficult and WOW air and Icelandair are feeling that very much.”

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