From Iceland — Updated Economic Status Report Released

Updated Economic Status Report Released

Published August 11, 2011

An updated version of the Iceland Chamber of Commerce Economic Status Report has just been released in English.
According to the report authors:

Since October 2008 the Icelandic economy has gone through dramatic changes due to the collapse of its financial sector. Despite substantial difficulties, general economic activity is still well functional and many Icelandic businesses remain strong and prosperous.
“Due to a lack of external information flow, a lot of misconceptions developed about the state of the Icelandic economy. 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. The report is thought of as a collection of facts, data and references to websites rather than a deep analysis of the economic climate in Iceland.” said Björn Thor Arnarson the Economist of the Chamber and the Editor of the report.
The Iceland Chamber of Commerce has from the Banking collapse published this Status Report regularly with particular focus on the latest developments and information on the economic climate. The current edition is the 14th since October 2008. Major revisions have been made in recent editions, many graphs, charts and pictures were added. Additionally the Chamber published regularly slides to accompany the status report.

Fortunately for us, the full report is freely available to download here. The report includes one of the most detailed timelines of the Icelandic financial crisis ever written in English. It also outlines the state of the economic situation, warts and all, but concludes on a positive note:

Despite the current economic setbacks, Iceland’s future is bright. Iceland is a dynamic, technology-driven society with a young and well educated workforce. The country is endowed with abundant natural resources, which include rich fishing grounds, vast renewable energy sources (of which only a third has been harnessed), a plentiful supply of clean water and a natural environment and culture that draw an increasing number of tourists to the country each year.

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