Economy Continues to Recover

15.6.2010
Words by Paul Nikolov
Both inflation and unemployment will continue to decrease, predicts Statistics Iceland. Minister of Finance says that country is "a year and a half of everyone else" in terms of economic recovery.

According to the latest figures from Statistics Iceland, inflation will drop from 6% to 4% by the end of the year, and has been dropping for some time now. Unemployment - which has been steadily decreasing - will keep falling as well. In both cases, things are expected to level out next year, with prices brought back down to the global average, and unemployment returning to pre-crisis levels.

This shows remarkable recovery for a nation that barely a year and a half ago experienced the complete collapse of its banking system, and in fact, Moody's raised Iceland's economic assessment from Negative to Stable just last April.

Minister of Finance Steingrímur J. Sigfússon, addressing parliament yesterday, remarked that Iceland was the first country to experience the global economic crisis, and is proving to be a year and a half ahead of every other country in terms of recovery. He added that he was especially optimistic about the future, as Iceland had proven the dimmest predictions about the company to be wrong.

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