Business

Exported 131 Percent More Lamb

Consumption of lamb in Iceland in August totalled 723 tonnes, 48 percent higher than in August of last year.

Foreign Workers Drive Economic Growth

Over 24,000 foreigners were in the Icelandic labour market in June and their numbers have increased by 17 percent over the last 12 months.

Costco To Join Christmas “Book Flood”

Costco representatives visited Iceland a few weeks ago to familiarize themselves with the Icelandic phenomenon known as “the Christmas book flood” (jólabókaflóðið).

Iceland hits record low unemployment rate

Iceland recently hit a record low unemployment rate as it was surveyed at only 1% in July

Wages Nearing Pre-Crisis Heights

Icelandic companies will not be able to compete with those in neighboring countries if wages continue to increase.

Sheep Numbers Sheared By 20 Percent

The number of sheep in Iceland may be reduced by 20 percent in order to decrease the production of lamb.

Costco Partly Responsible For Increase In Icelandair Cargo Flights

Icelandair had a 40% increase in cargo flights this July compared to the same month last year. The increase can partly be traced to Iceland's demand for imported Costco products.

Thirteen Hundred Tons of Lamb Unsold

Thirteen hundred tons of lamb meat will remain unsold this fall when the slaughtering season begins.

Perlan to Charge Observation Deck Fee in September

Perlan will begin charging visitors to go out on its observation deck starting on September 1 of this year.

Icelandic Vegetables May Be Exported Next Year

It’s possible that Icelandic vegetables could start being exported to Denmark within a year.

Iceland Travel and Gray Line Merge

Tourism companies Iceland Travel, which is owned by Icelandair, and Gray Line Iceland have agreed to merge.

Wage Index up 7.3 Percent in One Year

This June, the nominal wage index rose 1 percent from the previous month and 7.3 percent compared with the same time the previous year.

Half a Billion Recovered due to Panama Papers

The Directorate of Internal Revenue has demanded almost half a billion krónur [USD 4.9 million, EUR 4.2 million] in outstanding taxes from 16 individuals, based on information in the Panama Papers.

Sharp Growth in Tourism Turnover, Decline in Fisheries

Tourism turnover rose sharply in March and April this year, compared with the same period last year.

Wave of Cancellations Worries Tourism Industry

The considerable strengthening of the Icelandic Krona over the past year has begun to have a tangible impact on the tourism industry.

From the left: Sigrún Shanko, Margrét Júlíana Sigurðardóttir, Sandra Mjöll Jónsdóttir, Hjördís Sigurðardóttir, Þorbjörg Jensdóttir

Icelandic Scientist Wins Innovation Award

Sandra Mjöll Jónsdóttir, co-founder of the biotech company Platome, was awarded the highest honor at a conference hosted last week by the Global Women Innovators and Inventors Network and the European Union Women Inventors & Innovators Network (GWIIN/EUWIIN).

Food Prices Drop, Thanks to Costco Effect

Inflation figures for June reflect the impact of the opening of Costco warehouse club on the retail industry in Iceland, according to Arion Bank’s research division.

Icelandic Computer Game Teaches Pitch

Mussila Planets, an Icelandic computer game that aims to teach music skills to children, went on the market yesterday.

Icelandair Laying Off 115 Pilots

The head of the Icelandic Airline Pilots’ Association states that Icelandair's decision to lay off 115 pilots this fall does not bode well for wage negotiations.

Króna Will Likely Rise Again after Dip

Despite a recent drop in the value of the Icelandic króna, it is likely to keep rising in the long term, according to Daníel Svavarsson, an economist at Landsbankinn bank.

Outcry Over Overpriced Ham and Cheese Roll

A buttered roll with ham and cheese being sold for ISK 1,190 [USD 11, EUR 10] is an anomaly, according to Helga Árnadóttir, director of the Icelandic Travel Industry Association.

Popular Bakery Opening New Branches

Since bakery Brauð&Co opened its doors in downtown Reykjavík a little over a year ago, it has had to increase its staff from an initial four to nearly 40 because of demand, and management has plans in the works to open new branch locations in the near future.