Growth Iceland's economy had been diversifying into manufacturing and service industries in the 1990s, and new developments in software production, biotechnology, and financial services were taking place. The tourism sector was also expanding, with the recent trends in ecotourism and whale watching. However, in 2008, the Icelandic economy entered a deep recession during the Great Recession. Although Iceland's economy grew 3.3% during the last quarter of 2009, the overall contraction in GDP over 2009 was 6.5%, less than the 10% originally forecasted by the IMF.Iceland scowls at UK after crisis, BBC, December 16, 2008.Iceland set to vote on debt repayment after talks fail, BBC, March 5, 2010.
Growth Iceland's economy had been diversifying into manufacturing and service industries in the 1990s, and new developments in software production, biotechnology, and financial services were taking place. The tourism sector was also expanding, with the recent trends in ecotourism and whale watching. However in 2008, the Icelandic economy entered a deep recession during the Great Recession. Although Iceland's economy grew 3.3% during the last quarter of 2009, the overall contraction in GDP over 2009 was 6.5%, less than the 10% originally forecasted by the IMF.Iceland scowls at UK after crisis, BBC, December 16, 2008.Iceland set to vote on debt repayment after talks fail, BBC, March 5, 2010.