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.

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