The analysis department at Arion Bank has released a report saying that welcoming a large number of refugees to Iceland would be a very extensive and expensive project, but that the long-term economic effect would be a positive one—adding that there is little to suggest that the move would cause...
Iceland’s GDP (gross domestic product) for the first two quarters of 2015 increased by 5.2 percent compared with the same period of 2014. Total domestic final expenditure increased by 7.3 percent, as Statistics Iceland reported this morning.
The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to raise the bank’s interest rates by 0.5 percentage points.
Iceland ranked as most expensive in five of the 12 goods and services categories studied in 37 European countries, according to new figures from Eurostat. Clothes, shoes, household appliances, electronics and transportation services were all more expensive than elsewhere.
Prime Minister of Iceland Sigmundur Davíð Gunnlaugsson is currently on an official visit to Brussels for the first time since Iceland terminated accession talks with the EU in March, where he met with President of the European Council Donald Tusk today and President of the European Commission...
Iceland’s GDP is about 20 percent above the EU average, a new report reveals. GDP is highest of all in Luxembourg and Norway.
Municipalities in Northwest Iceland have signed a declaration of intent and a cooperation agreement with Klappir Development ehf. on the construction and operation of a 120,000 ton aluminum smelter they hope to build at Hafursstaðir in Skagabyggð.
The claimants of the collapsed Icelandic banks have agreed to the conditions introduced by the government of Iceland in order to guarantee economic stability when the capital controls—which have been in place since the banking collapse in 2008—will be lifted.
Prime Minister of Iceland Sigmundur Davíð Gunnlaugsson and Minister of Finance Bjarni Benediktsson presented a plan to lift capital controls—which have been in place since the banking collapse in October 2008—at a press conference at noon today.
The government of Iceland presented an action plan in 11 parts at a press conference this morning, aimed at expediting the design of new wage contracts and calming the current unrest in the labor market. The measures concern taxation, welfare and housing.
IceWhale, the whale watchers’ association of Iceland, strongly criticizes the fact that minke whale hunting has now begun again in Faxaflói bay, one of the most important whale watching areas in the country.
A report, commissioned by Prime Minister Sigmundur Davíð Gunnlaugsson, outlining the need for a fundamental reform of Iceland’s monetary system, was published today by Progressive Party MP and chair of the Alþingi parliament’s Committee for Economic Affairs and Trade Frosti Sigurjónsson.
Inflation in Iceland has run at an average of nearly 16 percent per year since it first started being measured.
The International Monetary Fund says Iceland needs to work to maintain financial stability during the removal of capital controls and to ensure inflation remains stable.
A new Icelandic documentary Íslenska krónan, features the Icelandic currency, its history current position and future prospects. Directed by Garðar Stefánsson and produced by Atli Bollason, it will be screened at Bíó Paradís cinema in Reykjavík starting this Sunday.
The combined profits of the three large commercial banks in Iceland, Landsbanki, Arion Banki (earlier Kaupþing) and Íslandsbanki (earlier Glitnir), was ISK 80 billion (USD 600 million, EUR 530 million) last year. Since the banking collapse in 2008, they’ve earned ISK 370 billion (USD 2.8 billion...
Minister for the Environment Sigrún Magnúsdóttir of the Progressive Party has stated that all the regulations Iceland must follow as part of the EEA Agreement have long been considered a hindrance by members of her party and suggests that the wording in the Icelandic translation of the EEA...
The migration pattern of capelin in Icelandic waters in the past weeks is highly unusual for this time of year; it has been largely unchanged since the Icelandic Marine Research Institute began studying the fish in the mid-1960s.
The rental prices for apartments in Reykjavík and neighboring towns has increased significantly in the past years. While rental prices have increased by 40 percent since 2011, the consumer price index has only increased by 16 percent in the same period.
Most respondents to a new MMR survey, 24.9 percent, said they trust the Pirate Party best to settle issues that have to do with the economic crisis that hit in 2008, such as leading an investigation into the banking collapse.
The average 12-month inflation in Iceland measures 0.8 percent. It’s the first time since 1998 that inflation drops below 1 percent. In the past three months, Iceland has seen a deflation by 0.3 percent, according to the latest update from Statistics Iceland.
The Economic Secretary to the Treasury, Andrea Leadsom, confirmed yesterday that the British government has recovered a further GBP 1.36 billion (ISK 264 billion, USD 2.14 billion, EUR 1.71 billion) from the Landsbanki estate in Iceland, which operated as Icesave in the UK, following its...
The EFTA Court ruled on Monday that it is not in compliance with the EU directive to base agreements for indexed consumer loans on zero percent inflation. Icelandic courts are to evaluate what effect the false information has had and what measures can be taken in response.