Settled by Norwegian and Celtic (Scottish and Irish) immigrants during the late 9th and 10th centuries A.D., Iceland boasts the world's oldest functioning legislative assembly, the Althingi, established in 930. Independent for over 300 years, Iceland was subsequently ruled by Norway and Denmark. Fallout from the Askja volcano of 1875 devastated the Icelandic economy and caused widespread famine. Over the next quarter century, 20% of the island's population emigrated, mostly to Canada and the US. Denmark granted limited home rule in 1874 and complete independence in 1944. The second half of the 20th century saw substantial economic growth driven primarily by the fishing industry. 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. The economy is now on an upward trajectory, fueled primarily by a tourism and construction boom. Literacy, longevity, and social cohesion are first rate by world standards.

Source: The CIA World Factbook - Iceland



Ihre Berater der Handelskammer

Georgia Kossmann

Kontaktieren Sie uns: europe@cc.lu


Kennzahlen

Fläche
103,000 km2
Bevölkerung
354,234 (July 2021 est.)
Regierungsform
unitary parliamentary republic
Sprachen
Icelandic, English, Nordic languages, German
BIP
$21.715 billion (2020 est.)
Wachstumsrate
-6.6% (2020 est.)
HDI
4
Hauptstadt
Reykjavik

Makroökonomische Indikatoren

After expanding strongly in recent years, the economy is projected to gradually approach its potential growth rate. Household consumption will remain robust on the back of strong wages and continuing immigration. Business investment is set to start rising after its recent slump, while residential investment will decelerate. The growth of manufacturing exports will slow as competitiveness declines, while tourism demand will remain strong.

Inflation is picking up. The central bank is projected to raise interest rates to contain price increases. Although a budget surplus is planned for 2018, fiscal policy should be more prudent than projected since the economy still runs way above its potential. Public spending in particular should grow less. A more vigorous competition policy would improve the business climate and spur productivity.

Source: OECD - Economic Forecast

 IMF Statistics:

Subject descriptor 2018 2019 2020 2021 2022

Gross domestic product, constant prices

Percent change

4.821

0.822

1.631

2.048

2.035

Gross domestic product, current prices

Percent change

(Billions)

25.965

23.918

24.237

24.744

25.268

Gross domestic product per capita, current prices

Percent change

(Units)

74,515.472

67,037.340

66,601.877

66,799.307

67,088.523

Inflation, average consumer prices

Percent change

2.683

2.806

2.527

2.500

2.500

Volume of imports of goods and services

Percent change

0.847

-5.139

2.759

0.404

1.877

Volume of exports of goods and services

Percent change

1.678

-2.193

-0.053

1.431

1.429

Unemployment rate

Percent change

2.742

3.300

3.600

3.750

3.750

Current account balance

Percent change

(Billions)

0.730

0.753

0.393

0.308

0.174

Current account balance

Percent change

2.813

3.148

1.623

1.244

0.689

Estimates

Source: IMF Statistics - Iceland


Luxemburg und das Land

Existing conventions and agreements

Non double taxation agreement 

In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.

  • Convention from 04.10.1999 (Memorial 2001, A No.96 , p.1907)
  • Effective as of 01.01.2002 (Memorial 2001, A No.96 , p.1907)
  • Amendment of the Convention from 28.08.2009 (Memorial 2010, A No.51, p.830)
  • Effective as of 01.01.2011 (Memorial 2010, A No.51, p.830)

Air Services agreement

  • Agreement from 10.23.1952 (Memorial 1953, p. 735)
  • Effective as of 29.09.1953 (Memorial 1953, p. 1330)

Source: Administration des contributions directes


Weitere Informationen

Foreign Trade

The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.

You can see the statistics on the website of the Statec.

Contact points in Iceland

Embassy of the Grand Duchy of Luxembourg in Iceland

Ambassador with residence in London: Mr Jean OLINGER

27, Wilton Crescent
GB-London SWIX 8SD
United Kingdom

Tel.: (+44 20)  7235 69 61/62/63
Fax: (+44 20) 7235 97 34
E-Mail: londres.amb@mae.etat.lu 
 

Honorary Consul

Honorary Consul with jurisdiction over Iceland:

Mr Bjarni MARKUSSON

c/o Chairman of the Board,
Grofin 1, 3rd floor
IS-101 Reykjavik
Iceland

Tel.: (+354) 414 6802
E-Mail: bjarnimark@simnet.is 

Source: Ministry of Foreign Affairs of Luxembourg

Country risk as defined by Office du Ducroire for Iceland

Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.

Link: Ducroire Office - Country Risk for Iceland

Other Useful Links:


Die Handelskammer und das Land