Iceland Mag

-2 Reykjavik

Iceland Mag

Economy

Unemployment in June just 2.3%

By Staff

  • power of nature The raw power of nature draws in foreign travellers and generates electricity for industry, thus creating jobs for Icelanders. Photo/Vilhelm Gunnarsson.

In a testament to the continued strength of the Icelandic economy the latest labour market figures from Statistics Iceland reveal that the unemployment rate in June was just 2.3%. At the same time the labour participation rate, which measures the share of the population which is active in the labour pool, either by being gainfully employed or by searching for employment, was 85.5%, rising by 0.3% over June 2016.

The unemployment rate in Iceland is very low in international comparison. The unemployment rate in the European Union during the first quarter of 2017 was 8%, and the average unemployment rate in the OECD was 6%. The labour participation rate in Iceland is also very high in international comparison.

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