Unemployment in Iceland in December was just 2.6%, Statistics Iceland reports. Just 5,100 people were without work in December, an increase from the same time in 2015 when the unemployment rate was 1.9% and 3,600 people were out of work. However, the labour participation rate has also increased, from 81% to 83%, which is extremely high in international comparison. The employment rate has risen from 79.4% to 80.8% between December 2015 and 206.
Read more: Icelandic GDP per capita 10th highest in Europe in 2015: 23% above the EU average
Low levels of unemployment and high labour participation means that the Icelandic labour force has trouble keeping up with a growing economy. Icelandic businesses have therefore had to look outside of Iceland to fill jobs. Recently Business Iceland estimated that Iceland will need to import somewhere between 2,500 and 4,000 foreign workers annually for the foreseeable future.
Read more: Up to 4,000 foreign workers needed annually for the foreseeable future
Unemployment in Iceland in December was just 2.6%, Statistics Iceland reports. Just 5,100 people were without work in December, an increase from the same time in 2015 when the unemployment rate was 1.9% and 3,600 people were out of work. However, the labour participation rate has also increased, from 81% to 83%, which is extremely high in international comparison. The employment rate has risen from 79.4% to 80.8% between December 2015 and 206.
Read more: Icelandic GDP per capita 10th highest in Europe in 2015: 23% above the EU average
Low levels of unemployment and high labour participation means that the Icelandic labour force has trouble keeping up with a growing economy. Icelandic businesses have therefore had to look outside of Iceland to fill jobs. Recently Business Iceland estimated that Iceland will need to import somewhere between 2,500 and 4,000 foreign workers annually for the foreseeable future.
Read more: Up to 4,000 foreign workers needed annually for the foreseeable future
