Iceland’s cultural sectors contribute 150 billion krónur to national economy in 2023

In 2023, the direct contribution of Iceland’s cultural and creative sectors to the national economy reached 150 billion krónur, accounting for 3.5% of the country’s GDP. This figure is slightly less than that of the fisheries sector, which contributed 4% to the GDP.

A recent report from the Ministry of Culture and Business highlights that every króna invested by the government in culture and creative industries translates to three krónur in economic value. When including indirect contributions, the sector’s overall impact rises to 4.5% of the GDP. Approximately 33,000 individuals in Iceland are employed in creative jobs, making it the leading European country in terms of the workforce proportion devoted to cultural activities.

The report also outlines recommendations to further enhance the cultural and creative industries and increase their economic output. It suggests that these fields should be recognized as fundamental industries within the national economy and viewed as investments for the future rather than simply as current expenses. The emphasis should also be placed on improving data collection, research, and policy formation in these areas.

This focus on cultural investment reflects a broader understanding of its importance, emphasizing the need for strategic development to bolster Iceland’s economy through its vibrant cultural heritage and creative potential.