Iceland, depth PESTLE insights: Ken Research
Iceland: In-depth PESTLE insights

Iceland: In-depth PESTLE insights

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  • Pages: 75
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Executive Summary

Iceland: In-depth PESTLE 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.


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?

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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 21

Future prospects 23

Future risks 23

Social analysis 25

Overview 25

Current strengths 25

Gender equality 25

Current challenges 26

Future prospects 27

Future risks 28

Technological analysis 30

Overview 30

Current strengths 30

Current challenges 30

Future prospects 31

Future risks 31

Legal analysis 33

Overview 33

Current strengths 33

Current challenges 33

Future prospects 35

Future risks 35

Environmental analysis 36

Overview 36

Current strengths 36

Current challenges 37

Future prospects 37

Future risks 38

Political Landscape 40

Summary 40

Evolution 41

Structure and policies 42

Key political figures 42

Structure of government 42

Key political parties 43

Composition of government 43

Key policies 44

Economic 44

Social 44

Foreign and defense policies 45

Performance 45

Governance indicators 45

Outlook 46

Economic Landscape 47

Summary 47

Evolution 47

Structure and policies 48

Financial system overview 48

Financial authorities and regulators 48

Stock exchange 49

Insurance 49

Performance 50

GDP and growth rate 50

GDP composition by sector 50

Fiscal situation 54

Current account 54

Foreign trade 54

External debt 55

International investment position 55

Credit rating 56

Monetary situation: key monetary indicators 56

Employment 57

Outlook 57

Social Landscape 59

Summary 59

Evolution 59

Structure and policies 60

Demographic composition 60

Education 61

Healthcare 61

Social welfare 62

Performance 62

Healthcare 62

Income distribution 63

Education 63

Outlook 64

Technological Landscape 65

Summary 65

Evolution 65

Structure and policies 65

Intellectual property 65

Research and development 66

Performance 66

Opportunity sectors 66

Research and development 67

Outlook 67

Legal Landscape 68

Summary 68

Evolution 68

Structure and policies 68

Tax regulations 68

VAT 69

Performance 69

Effectiveness of the legal system 69

Outlook 69

Environmental Landscape 70

Summary 70

Evolution 70

Structure and policies 70

Environmental regulations 70

Natural resources management and pollution reduction 71

International co-operation 71

Performance 71

Environmental impact 71

Outlook 72

Appendix 73

ISO codes of selected countries 73

Ask the analyst 74

About MarketLine 74

Disclaimer 74

List of Figures

Figure 1: Map of Iceland 14

Figure 2: Regulatory Quality, 2015 18

Figure 3: Growth performance among select countries, 2009-16 21

Figure 4: Labor productivity, 2007-15 22

Figure 5: Real wage change (Annual) 24

Figure 6: Female labor participation rate, 2016 26

Figure 7: Public social expenditure a percentage of GDP, 2016 27

Figure 8: Poverty rates (ratio of the number of people who fall below the poverty line and the total population), 2013 28

Figure 9: Ratio of the inactive elderly population aged 65 and over to the labor force 29

Figure 10: Ratio of the inactive elderly population aged 65 and over to the labor force in Iceland 29

Figure 11: The quantity of scientific production, 2003-12 31

Figure 12: Business enterprise expenditure on R&D, 2003 and 2013 32

Figure 13: Product market regulation, 2013 34

Figure 14: Barriers to entrepreneurship, 2013 34

Figure 15: Greenhouse gas emissions per capita 38

Figure 16: Energy intensity, 2014 38

Figure 17: Change in energy intensity, since 2000 39

Figure 18: Iceland-key political events timeline 41

Figure 19: Iceland-key political figures 42

Figure 20: Distribution of seats by political parties in the October 2016 elections 44

Figure 21: Iceland's historical GDP growth, 2005-16 48

Figure 22: Organizational chart of the FME 49

Figure 23: GDP and growth rate in Iceland, 2010-20f 50

Figure 24: Sector-specific GDP in Iceland, 2016 51

Figure 25: Agricultural output in Iceland, 2010-16 52

Figure 26: Industrial output in Iceland, 2010-16 53

Figure 27: Services output in Iceland, 2010-16 54

Figure 28: Iceland's external trade position, 2011-16 55

Figure 29: Consumer price index and CPI-based inflation in Iceland, 2010-20 56

Figure 30: Unemployment rate in Iceland, 2010-20f 57

Figure 31: Major religions in Iceland, 2017 61

Figure 32: Total healthcare expenditure in Iceland, 2008-15 62

Figure 33: Government expenditure on education in Iceland, 2010-15 63

Figure 34: Internet users in Iceland, 2010-15 67

Figure 35: Carbon dioxide emissions in Iceland, 2008-15 72

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 25

Table 6: Analysis of Iceland's technology landscape 30

Table 7: Analysis of Iceland's legal landscape 33

Table 8: Analysis of Iceland's environmental landscape 36

Table 9: Mid-year population by age (as a percentage of population, by gender), 2016 60

Table 10: Patents granted by the USPTO, 2009-15 65

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