Foreign Residents Increase By 16%, Despite Slowing Economy
The number of foreign residents has increased to 43,726 in Iceland in early November despite the slowing economy, according to new data from the National Registry. This marks a 15.6% increase from December last year. The growth in tourist numbers is levelling off, sending tremors through the industry, particularly airlines. However, the Central Bank of Iceland is expecting strong growth for the year. The construction industry has grown considerably, and those companies are still building the large hotels needed to meet existing demand, in addition to thousands of apartments. Immigrants from Europe make up a large majority of the total due to Iceland’s membership in the European Economic Area. Citizens of EU/EEA states have freedom of movement and labour and companies find it much easier to hire Europeans than persons from somewhere else.
- The Reykjavík Grapewine -