Iceland recovery continues, Status Report says
Iceland’s recovery continues with GDP growth of 3.1% in 2011, according to the 15th Status Report published by the Iceland Chamber of Commerce.
The Chamber said in the Report that it was concerned about misconceptions still in place about the country’s economy, as a result of the spectacular economic collapse that it went through in 2008.
“This Status Report is meant to give a better insight into the chain of events and the current economic, business and political landscape in Iceland. Despite substantial difficulties, general economic activity is well functional and many Icelandic businesses remain strong and prosperous,” the Chamber states.
The country was hit hard because of the disproportionate size of its financial services sector and the liquidity squeeze that hit local banks. However, the Chamber goes on to state that “It is worth noting that now there are sure signs of recovery of the Icelandic economy, as is detailed in the timeline and Status Report.”
The Report provides updates on a number of areas, including economic performance, political change, and ongoing negotiations with the EU on accession, relevant to providing a picture of the current state of the country.
To read the full report, including appendices and figures, click here: [asset_library_tag 5178,The Iceland Economic Situation – Status Report, April 2012 ]