The latest figures on unemployment from Statistics Iceland show that the Icelandic economy continues to show strong signs of economic recovery. The unemployment rate in November was 3.5%. Although the figure is o.4% higher than in November of last year, the labour participation rate has increased, indicating a strongly improving economy as more people enter the labour force. In November 2014 the unemployment rate was 3.1%, while the labour participation rate was 80.8%. In November 2015 the unemployment rate was 3.8% and the labour participation rate 83.2%.
Other economic indicators tell the same story of a strong and improving economy. According to Statistics Iceland inflation in the last 12 months was only 2%, which is well within the inflation target of the Central Bank, which is 2.5%. As the Icelandic National Broadcasting Service reports the inflation rate is also well within expectations, which had been as high as 2.4%-3.4%.
The state of government finances is also extremely strong. The local news site visir.is reports that in November the net debt of the state was 63.2% of GDP in November. According to Bjarni Benediktsson, the minister of finance government debt would continue to shrink in the next year. “In my opinion, and I will continue to advocate that positon, is that within a decade Iceland has a very realistic chance of having no debts, zero,” Bjarni told visir.is.
The latest figures on unemployment from Statistics Iceland show that the Icelandic economy continues to show strong signs of economic recovery. The unemployment rate in November was 3.5%. Although the figure is o.4% higher than in November of last year, the labour participation rate has increased, indicating a strongly improving economy as more people enter the labour force. In November 2014 the unemployment rate was 3.1%, while the labour participation rate was 80.8%. In November 2015 the unemployment rate was 3.8% and the labour participation rate 83.2%.
Other economic indicators tell the same story of a strong and improving economy. According to Statistics Iceland inflation in the last 12 months was only 2%, which is well within the inflation target of the Central Bank, which is 2.5%. As the Icelandic National Broadcasting Service reports the inflation rate is also well within expectations, which had been as high as 2.4%-3.4%.
The state of government finances is also extremely strong. The local news site visir.is reports that in November the net debt of the state was 63.2% of GDP in November. According to Bjarni Benediktsson, the minister of finance government debt would continue to shrink in the next year. “In my opinion, and I will continue to advocate that positon, is that within a decade Iceland has a very realistic chance of having no debts, zero,” Bjarni told visir.is.
