According to a forecast from the Analysis Department of Arion Bank in Iceland, there will be a demand for foreign workers to fill around 5,000 jobs over the next four years. Economic growth has been steadily on the rise, with a predicted increase of 5.4 percent in 2015, the largest increase since 2007. However, in spite of this increase currently, the growth rate is expected to fall to 2.5 percent by 2018.
One sector of the Icelandic economy that is experiencing higher growth than other sectors is the tourism industry, due to the ever-increasing influx of tourists into Iceland each year. Other areas of economic expansion in 2015 include private consumption and investment–such as that into hotels and silicon smelters– as well as the importation of aircraft and ships from abroad.
Hrafn Steinarsson, a specialist at the Analysis Department of Arion Bank, stated that the need for foreign workers to fill the labor demand due to increasing economic growth in Iceland is already evident. This was corroborated by another specialist in the same department, Anna Hrefna Ingimundardóttir. She pointed to a poll showing that employers found that the call for workers in September was higher than it had been in May of this year. And where will these workers come from? All signs point to outside Iceland.