Iceland: In-depth PEST Insights

This PESTLE country analysis report on Iceland provides a holistic view of the country, with insightful analysis of current and future issues, supplemented with relevant quantitative data to support trend analysis.


– Understand the political system in Iceland through analysis of key figures in the country and governance indicators.

– Understand the economic situation in Iceland through a balanced assessment of core macroeconomic issues.

– Understand customer demographics in Iceland through analysis of income distribution and the rural-urban split, as well as healthcare and education.

– Understand the technological landscape in Iceland through analysis of relevant laws and policies, as well as patents data.

– Understand the legal landscape in Iceland through analysis of the judicial system as well as performance of the legal indicators

– Understand the environmental landscape in Iceland through analysis of the environmental regulations and the performance of the environmental indicators


– The political landscape section discusses the evolution of the political scenario in Iceland, as well as the country's economic, social, foreign, and defense policies. The section also discusses the country's performance according to World Bank Governance Indicators.

– The economic landscape section outlines the evolution of Iceland 's economy, as well as the country's performance in terms of GDP growth, composition by sector (agriculture, industry, and services), fiscal situation, international investment position, monetary situation, credit disbursement, banking sector, and employment."

– The social landscape section analyzes the government's social welfare policies, as well as the country's performance in terms of healthcare, income distribution, and education.

Reasons to buy

- What is the outlook in Iceland in terms of political stability, policies towards business, and the popularity of the government?

- How does Iceland perform in terms of GDP growth, its fiscal situation, international investment position, monetary situation, and employment?

- How does Iceland perform in terms of healthcare, income distribution, and education?

- How does Iceland perform in terms of technology-intensive sectors like IT, life sciences, and R&D expenditure trends?

Table of Contents

Table of Contents


1.1. Catalyst

1.2. Summary

1.2.1. Key findings

1.2.2. PESTLE highlights

1.2.3. Key fundamentals


2.1. Key facts

2.2. Geographical location


3.1. Summary

3.2. Political analysis

3.2.1. Overview

3.2.2. Current strengths

3.2.3. Current challenges

3.2.4. Current challenges

3.2.5. Future prospects

3.2.6. Future risks

3.3. Economic analysis

3.3.1. Overview

3.3.2. Current strengths

3.3.3. Current challenges

3.3.4. Future prospects

3.3.5. Future risks

3.4. Social analysis

3.4.1. Overview

3.4.2. Current strengths

3.4.3. Gender equality

3.4.4. Current challenges

3.4.5. Future prospects

3.4.6. Future risks

3.5. Technological analysis

3.5.1. Overview

3.5.2. Current strengths

3.5.3. Current challenges

3.5.4. Future prospects

3.5.5. Future risks

3.6. Legal analysis

3.6.1. Overview

3.6.2. Current strengths

3.6.3. Current challenges

3.6.4. Future prospects

3.6.5. Future risks

3.7. Environmental analysis

3.7.1. Overview

3.7.2. Current strengths

3.7.3. Current challenges

3.7.4. Future prospects

3.7.5. Future risks


4.1. Summary

4.2. Evolution

4.3. Structure and policies

4.3.1. Key political figures

4.3.2. Structure of government

4.3.3. Key political parties

4.3.4. Composition of government

4.3.5. Key policies

4.3.6. Economic

4.3.7. Social

4.3.8. Foreign and defense policies

4.4. Performance

4.4.1. Governance indicators

4.5. Outlook


5.1. Summary

5.2. Evolution

5.3. Structure and policies

5.3.1. Financial system overview

5.3.2. Financial authorities and regulators

5.3.3. Stock exchange

5.3.4. Insurance

5.4. Performance

5.4.1. GDP and growth rate

5.4.2. GDP composition by sector

5.4.3. Fiscal situation

5.4.4. Current account

5.4.5. Foreign trade

5.4.6. External debt

5.4.7. International investment position

5.4.8. Credit rating

5.4.9. Monetary situation: key monetary indicators

5.4.10. Employment

5.5. Outlook


6.1. Summary

6.2. Evolution

6.3. Structure and policies

6.3.1. Demographic composition

6.3.2. Education

6.3.3. Healthcare

6.3.4. Social welfare

6.4. Performance

6.4.1. Healthcare

6.4.2. Income distribution

6.4.3. Education

6.5. Outlook


7.1. Summary

7.2. Evolution

7.3. Structure and policies

7.3.1. Intellectual property

7.3.2. Research and development

7.4. Performance

7.4.1. Opportunity sectors

7.4.2. Research and development

7.5. Outlook


8.1. Summary

8.2. Evolution

8.3. Structure and policies

8.3.1. Tax regulations

8.3.2. VAT

8.4. Performance

8.4.1. Effectiveness of the legal system

8.5. Outlook


9.1. Summary

9.2. Evolution

9.3. Structure and policies

9.3.1. Environmental regulations

9.3.2. Natural resources management and pollution reduction

9.3.3. International co-operation

9.4. Performance

9.4.1. Environmental impact

9.5. Outlook


10.1. Ask the analyst

10.2. About MarketLine

10.3. Disclaimer

List of Tables

List of Tables

Table 1: Iceland Key Fundamentals, 20162023f

Table 2: Iceland Key Facts, 2019

Table 3: Analysis of Iceland’s Political Landscape

Table 4: Analysis of Iceland’s Economic Landscape

Table 5: Analysis of Iceland’s Social Landscape

Table 6: Analysis of Iceland’s Technology Landscape

Table 7: Analysis of Iceland’s Legal Landscape

Table 8: Analysis of Iceland’s Environmental Landscape

Table 9: Mid-year Population by Age (as a Percentage of the Population, by Gender), 2018

Table 10: Patents Granted by the USPTO, 20122018

List of Figures

List of Figures

Figure 1: Map of Iceland

Figure 2: Regulatory Quality, 2017

Figure 3: Total Trade Between Iceland and China (US$ Million), 2009-2018

Figure 4: Total Trade (Good and Services) of Iceland and the EU (EUR Billion), 20162018

Figure 5: Doing Business in Iceland, 2019

Figure 6: Number of Foreign Visitors (Millions), 20092018

Figure 7: Tourism’s Share of the Total Export of Goods and Services, 20132017

Figure 8: Foreign Visitors Growth Rate (2015M1 to 2019M7) and Real GDP Growth Rate, (2015Q1 to 2019Q1)

Figure 9: Growth in Labor Productivity and Wages, 20102018

Figure 10: FDI Restrictiveness, 2018

Figure 11: Current Account Balance (% of GDP), Q32014Q12019

Figure 12: Real Wage Change (Annual), 20082018

Figure 13: Female Labor Participation Rate, 2018

Figure 14: Public Social Expenditure (% of GDP), 2018

Figure 15: Gini Index, 2017 or Latest Available Data

Figure 16: Old Age Dependency Ratio, 1950, 1975, 2000, 2015, 2025, 2050, 2075

Figure 17: Quantity and Quality of Scientific Production (Publications in Thousands), 2015

Figure 18: Business Enterprise Expenditure on R&D (% of GDP), 2005 and 2015

Figure 19: Product Market Competitiveness, 2018

Figure 20: Greenhouse Gas Emissions per Capita (Kilogram per Capita, Thousands), 2007 and 2017

Figure 21: Energy Intensity Level of Primary Energy, 2015

Figure 22: Iceland Key Political Events Timeline

Figure 23: Iceland Key Political Figures

Figure 24: Distribution of Seats by Political Party in the October 2017 Elections

Figure 25: Iceland's GDP Growth, 20082018e

Figure 26: FME’s Organizational Chart

Figure 27: GDP and Growth Rate in Iceland (US$ Billion/%), 20132023f

Figure 28: Sector-specific GDP in Iceland, 2018e

Figure 29: Agricultural Output in Iceland (ISL Billion/%), 20132018e

Figure 30: Industrial Output in Iceland (ISL Billion/%), 20132018e

Figure 31: Services Output in Iceland (ISL Trillion/%), 20132018e

Figure 32: Iceland’s External Trade Position (US$ Billion), 20142018

Figure 33: Consumer Price Index and CPI-based Inflation in Iceland, 20132023f

Figure 34: Unemployment Rate in Iceland (Thousands/%), 2013-2023f

Figure 35: Major Religions in Iceland, 2018e

Figure 36: Total Healthcare Expenditure in Iceland (US$ Billion/% of GDP), 20082017

Figure 37: Government Expenditure on Education in Iceland (US$ Billion/% of GDP), 20072016

Figure 38: Internet Users in Iceland (Thousands/%), 20132018e

Figure 39: Carbon Dioxide Emissions in Iceland (Million Tonnes/%), 20102017


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