The Iceland Chamber of Commerce has released an updated version of its comprehensive report on the current economic climate in Iceland and developments since the banking collapse in 2008 which rocked the country to its core.

The report in English is intended to convey information on the Icelandic economy from various sources. including the restructuring of the banking sector, the general state of the economy and the country's application to join the European Union.

It says that the Icelandic economy has suffered severe shocks in the last three years with the collapse of the whole banking system in a few weeks. Currency restrictions were imposed and although the economy is still suffering, there are positive signs of recovery. Indeed some observers feel Iceland is overcoming its economic problems faster and better than other European countries which now find themselves in the same mess.

Despite the turmoil, the country's fishing industry remained relatively unscathed. The report says Iceland‘s economy has been increasingly diversified in recent decades. Historically, fishing and agriculture used to be the main sectors of the economy.

"However, industry, tourism and services have grown fast in the past decades and now all exceed the former two, both in terms of workers and contribution to GDP.

"Despite the declining emphasis on the fishing industry it remains to be one of the foundations of the Icelandic economy. Many of the nation’s most prominent companies developed from a strong relationship with fishing e.g. Marel, a leading global provider of advanced equipment to the fish, meat and poultry industries."

The survey concludes: "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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