Since 2010, tourism has become a main driver of Icelandic economic growth, with the number of tourists reaching 4.5 times the Icelandic population in 2016. The economy diversified greatly after the country joined the European Economic Area in 1994, but Iceland was especially hard hit by the global financial crisis in the years following 2008. This statistic presents the contribution of the travel and tourism industry to the gross domestic product (GDP) in Iceland in 2017, by type. Iceland's economy successfully survived a sovereign bankruptcy and government collapse.But an economic rebound fueled by tourism could be overheating the economy once again.
Hong Kong, a city-state, is a top destination for mainland Chinese due to the history of Hong Kong and the city-state’s proximity to China. Hong Kong and Iceland have a large percentage of GDP coming from tourism, but both countries are very small in both population and GDP. Tourism in Iceland has grown considerably in economic significance in the past 15 years.
In comparison, tourism share of GDP was 6.7% in 2015 and 5.6% in 2014. The current restrictions have been in place since March 15, Matador Network reports, and the driving force behind the easing is a desire to restart the tourism industry to boost the economy. In less than ten years tourism has become a major contribution to economic growth in Iceland. That's because the small island economy is vulnerable to boom and bust cycles.
COVID-19 ICELAND July 2, 2020 Country-Specific Information: Iceland has 10 active cases, 440 in quarantine, 10 fatalities) within its borders. The economy is now on an upward trajectory, fueled primarily by a tourism and construction boom. Before 2000, tourism was an insignificant component of Iceland’s economy. About 30% of the country’s revenues are generated because of tourism activities. Where dark winters are offset by the summer’s midnight sun. From 2010 to 2017, the number of tourists visiting Iceland increased by nearly 400%. At the same time 198,700 jobs were estimated to be manned and the job vacancy rate therefore 1.3%. In less than ten years tourism has become a major contribution to economic growth in Iceland. According to newly released preliminary data from Statistics Iceland tourism contributed 8.4% of the GDP of Iceland in 2016. A country where insular existence has spurred a rich and vibrant culture. 14 percent of Iceland’s labour force now works in the tourism industry. Other estimates put this figure at 10% in 2016, and 12% in 2017. Tourism contribution to GDP has doubled For the past three years, tourism has accounted for roughly 23% of business investment Sources: Statistics Iceland, Arion Research. Latest COVID-19 updates, advice, facts and trustworthy information on actions taken to contain the outbreak. Visitors seeing Iceland's busy bars and tourist attractions might think the newly reopened country escaped Covid-19 entirely, but it's all thanks to a rigorous regime of tracking and tracing Tourism has become Iceland’s largest trade and top source of income representing 8.3 percent of GDP, according to the OECD report “Tourism Trends and Policies 2018. The Gross Domestic Product (GDP) in Iceland was worth 24.19 billion US dollars in 2019, according to official data from the World Bank. Icelandair is said to be struggling with flights at an all-time low and 3,000 staff members having been laid off.
Tourism accounted for 8.6% of Iceland’s GDP in 2016, and 39% of total exports of merchandise and services. In the brochure "Tourism in Iceland in Figures" are are summarized and presented in graphic form various statistical facts about Icelandic tourism. The industry currently contributes about 10% to the national GDP, with more than 2 million visitors arriving to the small island nation for the first time in 2017.
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