This is a best prospect industry sector for this country. Includes a market overview and trade data.
Last Published: 2/18/2019

Overview

The booming tourism industry has grown by double digits in each of the last seven years. From 2010 to 2017, the number of tourists visiting Iceland increased by more than 470%. However, growth in the industry is expected to slow down in 2018 to 7%, with the projected number of tourists reaching 2.5 million. U.S.-based Carpenter & Company is currently constructing the first 5-star hotel in Reykjavik, which will be operated by the Marriott chain.  There are additional investment opportunities in sectors that cater to tourists, as well as in the restaurant sector.  A new consumer market is emerging along with the fast growing tourism sector, as the number of tourists in Iceland far exceeds the local population of 350,000.  The number of U.S. tourists in Iceland grew by almost 380% between 2014 and 2017, and Americans are now the largest tourist population in Iceland, generating more demand for U.S. products.
 2014201520162017 (Estimated)
Total Local Production    
Total Exports    
Total Imports    
Imports from the US
 		    
Total Market Size    
Exchange Rates    
(total market size = (total local production + imports) - exports)

Leading Sub-Sectors

Hotel construction.

Opportunities

Hotel construction, mainly in the southern part of Iceland outside of the capital area, and in the northern part of Iceland around Akureyri. There is also demand for other infrastructure in the tourism industry.

Web Resources

Icelandic Tourist Board (https://www.ferdamalastofa.is/en/about-us/icelandic-tourist-board)
Invest in Iceland (https://www.invest.is/)
Promote Iceland (https://www.islandsstofa.is/en)

 

Prepared by the International Trade Administration. With its network of more than 100 offices across the United States and in more than 75 markets, the International Trade Administration of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.