The unemployment rate remains low in Iceland a new Icelandic Labour Force Survey by Statistics Iceland (SI). It was 3% in September and has decreased by 0.7 points in the last 12 months.
SI reports that the number of persons in Iceland’s labour force was 195,000 in September. Of those 189,300 persons were employed and 5,800 persons were unemployed. The activity rate was 82.3%, and the employment rate was 79.9%.
Comparison between September 2015 and 2016 shows increase in activity by 0.9% points of the total population.
The employment rate has increased by 0.4 points in the last six months and by 1.8 points in the last 12 months.
A key driver for the economic growth in Iceland is the strong expansion of the tourism industry. This year 1.7 million visitors are expected and that number is anticipated to reach 2.2 million in 2017.
As we have reported previously this growth is placing growing strains on the Icelandic labour market.
Read more: Immigration necessary for economic growth Business Iceland argues
Read more: Employment rate of immigrants highest in Iceland in the OECD
Around quarter of the 400 largest business in Iceland report they are facing a shortage of qualified workers. The demand is greatest in tourism and catering services, transportation and construction. Workers have been hired from abroad and the demand remains strong.
The unemployment rate remains low in Iceland a new Icelandic Labour Force Survey by Statistics Iceland (SI). It was 3% in September and has decreased by 0.7 points in the last 12 months.
SI reports that the number of persons in Iceland’s labour force was 195,000 in September. Of those 189,300 persons were employed and 5,800 persons were unemployed. The activity rate was 82.3%, and the employment rate was 79.9%.
Comparison between September 2015 and 2016 shows increase in activity by 0.9% points of the total population.
The employment rate has increased by 0.4 points in the last six months and by 1.8 points in the last 12 months.
A key driver for the economic growth in Iceland is the strong expansion of the tourism industry. This year 1.7 million visitors are expected and that number is anticipated to reach 2.2 million in 2017.
As we have reported previously this growth is placing growing strains on the Icelandic labour market.
Read more: Immigration necessary for economic growth Business Iceland argues
Read more: Employment rate of immigrants highest in Iceland in the OECD
Around quarter of the 400 largest business in Iceland report they are facing a shortage of qualified workers. The demand is greatest in tourism and catering services, transportation and construction. Workers have been hired from abroad and the demand remains strong.
