Iceland: In-depth PESTLE Insights

This PEST 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.

Key Highlights

- 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.

Scope

- 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.

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

Overview 2

Catalyst 2

Summary 2

Key findings 2

PESTLE highlights 4

Key fundamentals 5

Key Facts and Geographic Location 13

Key ...

Table of Contents

Overview 2

Catalyst 2

Summary 2

Key findings 2

PESTLE highlights 4

Key fundamentals 5

Key Facts and Geographic Location 13

Key facts 13

Geographical location 14

PESTLE Analysis 15

Summary 15

Political analysis 16

Overview 16

Current strengths 16

Current challenges 17

Current challenges 18

Future prospects 18

Future risks 19

Economic analysis 20

Overview 20

Current strengths 20

Current challenges 23

Future prospects 26

Future risks 27

Social analysis 28

Overview 28

Current strengths 28

Gender equality 28

Current challenges 29

Future prospects 30

Future risks 31

Technological analysis 33

Overview 33

Current strengths 33

Current challenges 33

Future prospects 34

Future risks 34

Legal analysis 36

Overview 36

Current strengths 36

Current challenges 36

Future prospects 38

Future risks 38

Environmental analysis 39

Overview 39

Current strengths 39

Current challenges 40

Future prospects 40

Future risks 41

Political Landscape 42

Summary 42

Evolution 43

Structure and policies 44

Key political figures 44

Structure of government 44

Key political parties 45

Composition of government 45

Key policies 46

Economic 46

Social 47

Foreign and defense policies 47

Performance 47

Governance indicators 47

Outlook 48

Economic Landscape 49

Summary 49

Evolution 49

Structure and policies 50

Financial system overview 50

Financial authorities and regulators 50

Stock exchange 51

Insurance 52

Performance 52

GDP and growth rate 52

GDP composition by sector 53

Fiscal situation 56

Current account 56

Foreign trade 57

External debt 58

International investment position 58

Credit rating 58

Monetary situation: key monetary indicators 58

Employment 59

Outlook 60

Social Landscape 61

Summary 61

Evolution 61

Structure and policies 62

Demographic composition 62

Education 63

Healthcare 63

Social welfare 64

Performance 64

Healthcare 64

Income distribution 65

Education 65

Outlook 66

Technological Landscape 67

Summary 67

Evolution 67

Structure and policies 67

Intellectual property 67

Research and development 68

Performance 68

Opportunity sectors 68

Research and development 69

Outlook 69

Legal Landscape 70

Summary 70

Evolution 70

Structure and policies 70

Tax regulations 70

VAT 71

Performance 71

Effectiveness of the legal system 71

Outlook 71

Environmental Landscape 72

Summary 72

Evolution 72

Structure and policies 72

Environmental regulations 72

Natural resources management and pollution reduction 73

International co-operation 73

Performance 73

Environmental impact 73

Outlook 74

Appendix 75

ISO codes of selected countries 75

Ask the analyst 76

About MarketLine 76

Disclaimer 76

List of Tables

List of Tables

Table 1: Iceland – key fundamentals 5

Table 2: Iceland – key facts 13

Table 3: Analysis of Iceland’s political landscape 16

Table ...

List of Tables

Table 1: Iceland – key fundamentals 5

Table 2: Iceland – key facts 13

Table 3: Analysis of Iceland’s political landscape 16

Table 4: Analysis of Iceland’s economic landscape 20

Table 5: Analysis of Iceland’s social landscape 28

Table 6: Analysis of Iceland’s technology landscape 33

Table 7: Analysis of Iceland’s legal landscape 36

Table 8: Analysis of Iceland’s environmental landscape 39

Table 9: Mid-year population by age (as a percentage of population, by gender), 2017 62

Table 10: Patents granted by the USPTO, 2009–15 67

List of Figures

List of Figures

Figure 1: Map of Iceland 14

Figure 2: Regulatory Quality, 2016 18

Figure 3: Growth performance among select countries, 2009–17 21 ...

List of Figures

Figure 1: Map of Iceland 14

Figure 2: Regulatory Quality, 2016 18

Figure 3: Growth performance among select countries, 2009–17 21

Figure 4: Numbers of Visitors and Growth rate, 2009–17 22

Figure 5: Share of tourism in the total export of goods and services, 2012–16 23

Figure 6: Labor productivity, 1991–16 24

Figure 7: FDI restrictiveness, 2017 25

Figure 8: Current account balance % of GDP, 2006-17 26

Figure 9: Real wage change (Annual) 27

Figure 10: Female labor participation rate, 2016 29

Figure 11: Public social expenditure a percentage of GDP, 2016 30

Figure 12: Gini Index, 2015 31

Figure 13: Ratio of the inactive elderly population aged 65 and over to the labor force, 2017 32

Figure 14: Quantity and quality of scientific production (Number of publications), 2015 34

Figure 15: Business enterprise expenditure on R&D, 2005 and 2015 35

Figure 16: Product market regulation, 2013 37

Figure 17: Barriers to entrepreneurship, 2013 38

Figure 18: Greenhouse gas emissions per capita, 2005 and 2015 41

Figure 19: Iceland – key political events timeline 43

Figure 20: Iceland – key political figures 44

Figure 21: Distribution of seats by political parties in the October 2017 elections 46

Figure 22: Iceland's historical GDP growth, 2007–17 50

Figure 23: Organizational chart of the FME 51

Figure 24: GDP and growth rate in Iceland, 2012-22f 52

Figure 25: Sector-specific GDP in Iceland, 2017 53

Figure 26: Agricultural output in Iceland, 2012–17 54

Figure 27: Industrial output in Iceland, 2012–17 55

Figure 28: Services output in Iceland, 2012–17 56

Figure 29: Iceland’s external trade position, 2013–17 57

Figure 30: Consumer price index and CPI-based inflation in Iceland, 2012–22 59

Figure 31: Unemployment rate in Iceland, 2012-22f 60

Figure 32: Major religions in Iceland, 2017 63

Figure 33: Total healthcare expenditure in Iceland, 2011–17 65

Figure 34: Government expenditure on education in Iceland, 2011–16 66

Figure 35: Internet users in Iceland, 2010–15 69

Figure 36: Carbon dioxide emissions in Iceland, 2008–15 74

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