Iceland is located in the north Atlantic, the country furthest away from mainland Europe. The population of Iceland is 319,000, 114,000 of which live in the capital, Reykjavik. The population is expected to increase to 355,000 by 2030, with the proportion of people over 65 increasing from 18% to 32% over the same period. 80% of the population is Lutheran. The official currency is the Icelandic Krona, worth approximately €0.006. The standard rate of VAT is 24.5%.
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Iceland Capital: Reykjavik
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Population |
0.32 million à 0.35 million (2030) Proportion of people over 65 is 18% à 32% (2030) |
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Language |
Icelandic |
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Religion |
80% Lutheran |
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GDP / head |
€ 31,700 (EU average: € 25,100) |
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Currency |
Krona (€0.006) |
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VAT |
24.5% |
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GDP growth (volume)
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3.1% 1.5% in 2012 (f) 2.7% in 2013 (f) |
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Unemployment rate (Feb 2012) |
6.9% (EU average: 10.2%) |
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Inflation rate |
4.2% (EU average: 3.1%) |
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Figures relate to 2011, except where indicated. Source: Eurostat, Searce (2012) |
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Iceland has a GDP per capita of €29,900, compared to the EU average of €24,400 in 2010. According to the OECD, the Icelandic economy grew by 2.9% in 2011, and is expected to grow by 2.4% in 2012 and by 2.4% in 2013 (compared to the Eurozone average growth of 1.6%, 0.2% and 1.4% respectively). The inflation rate was 5.2% in 2011, compared to 3% in the EU. The unemployment rate was 7.2%, compared to 9.8% in the EU as a whole in 2011.
Iceland’s Scandinavian-style social-market economy combines a capitalist structure and free-market principles with an extensive welfare system. Business etiquette compares with that of other Nordic nations.
Searce
La Mationne
Saint Genès la Tourette
63580 France