Every Króna Invested In Creative Industries Generates Three

The direct contribution of culture and creative industries accounted for 3.5% of GDP in 2023. This is slightly less than the contribution from the fishing industry, which was 4%, reports RÚV.

For every króna the government invests in culture and creative industries, three krónur are generated in the economy. This finding comes from a new report by the Ministry of Culture and Business Affairs, which examines the contribution of culture and creative industries to value creation in Iceland.

In 2023, the direct contribution of culture and creative industries reached 150 billion krónur, accounting for 3.5% of GDP. When their indirect contributions are included, this percentage increases to 4.5%

It is estimated that approximately 33.000 people are employed in creative jobs in Iceland, making the country the leader among European nations in the proportion of the workforce engaged in cultural activities.

The report also presents proposals to strengthen culture and creative industries while enhancing value creation. These proposals include defining culture and creative industries as part of the nation’s core industries. They should be viewed as economic, social, and societal investments for the future rather than as mere costs of the present. Additionally, there is a need to improve data collection, research, and policy-making in these areas.