Tourism to bring in 10% of Iceland’s GDP in 2016

Iceland’s booming tourist industry is expected to bring in 10% of the nation’s GDP this year, according to new report published by Arion Bank.

Tourism has been racing up the charts as a share of the Icelandic economy in recent years.

MORE: Almost 8 million tourists to Iceland since 2008

Just three years ago in 2013, an analysis by Statistics Iceland put the direct effect of tourism on Icelandic GDP at 4.6%. Arion Bank estimates that it will be over 6% in 2016, with the combined direct and indirect effect of tourism hiting around 10%.

This puts tourism on a more or less level pegging with the aluminium industry (9-11% of GDP) and fisheries (11-12%) as regards weight in the Icelandic economy.

Exchange rates

USD USD 108.80 EUR EUR 126.60
GBP GBP 144.55 DKK DKK 16.99
NOK NOK 13.41 SEK SEK 12.28
CHF CHF 109.85 JPY JPY 0.99
ISK price of selected currencies, according to the official exchange rate of the Central Bank of Iceland. Updated daily.

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Exchange rates

USD USD 108.80 EUR EUR 126.60
GBP GBP 144.55 DKK DKK 16.99
NOK NOK 13.41 SEK SEK 12.28
CHF CHF 109.85 JPY JPY 0.99
ISK price of selected currencies, according to the official exchange rate of the Central Bank of Iceland. Updated daily.