The time of sharp real estate market growth in Reykjavík is over, according to a report released yesterday by Landsbankinn bank.
Preliminary figures for 2016 indicate Iceland’s GDP per capita was 28 percent above the EU28 average.
Use of foreign payment cards in Iceland amounted to ISK 188 billion (USD 1.8 billion/EUR 1.5 billion) in the first eight months of 2017, or ISK 23.5 billion per month.
Höskuldur H. Ólafsson, CEO of Arionbanki bank, stated it is not out of the question for United Silicon to declare bankruptcy at the beginning of next month.
Statistics Iceland has published its latest issue of Statistical Series, which presents the economic forecast for 2017-2023.
Icelandic landscape has become prominent in a lot of film blockbusters and television series. A key part of the nation’s recovery from the 2008 financial crisis was an influx of foreign investment, driven by a weaker currency. This made it possible for a lot of high profile Hollywood projects to...
A new report estimates that ISK 372 billion (USD 3.5 billion/EUR 3 billion) is needed to repair infrastructure in Iceland.
Those with the highest wages in Iceland between 2014 and 2016 also experienced the highest wage increase.
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.
Icelandic companies will not be able to compete with those in neighboring countries if wages continue to increase.
American newspaper The Wall Street Journal published an article on Iceland’s tourism industry yesterday.
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.
Tourism turnover rose sharply in March and April this year, compared with the same period last year.
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.
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.
The strong value of the Icelandic króna has begun to threaten Icelandic companies, and as a result, jobs, Iceland’s Minister of Finance Benedikt Jóhannesson told RÚV earlier this week.
Benedikt Jóhannesson, Iceland’s minister of finance, believes the Monetary Policy Committee of the Central Bank of Iceland ought to lower interest rates considerably this month.
A new service and community center in the West Fjords village of Þingeyri hopes to become a national example of how to deal with, and create opportunity from, the loss of important services in remote villages.
Iceland’s finance minister, Benedikt Jóhannesson, has put forward plans to increase VAT on tourism related services, while lowering the overall highest VAT rate.
The price of real estate in Iceland is no longer driven by increased purchasing power, but rather by a lack of housing and the fear that the housing supply will continue to diminish.