Tourism Sector Overview for Iceland Research Paper

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Business Finance


·Tourism Sector Overview for Iceland

Sector performance

Contribution to the Economy

Tourism Offer ( what tyip of tourisum do they offer?)

Institutional Framework (The term “institutional framework” refers to a set of formal organisational structures, rules and informal norms for service provision. Such a framework is the precondition for the successful implementation of other sanitation and water management intervention tools and therefore needs to be considered in particular.)

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Explanation & Answer

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Tourism sector overview for Iceland

Tourism sector overview for Iceland
Iceland presents an interesting case because of its tourism sector, small specialized
economy, fragile ecosystems, and geographical position. Iceland’s largely unspoiled and unique
nature is the key reason why the tourism sector has been so successful. Tourists are drawn to the
country because of its endless series of mountains, snow-covered volcanoes, and ice fields among
other attractions. Interestingly, tourism is mostly concentrated around the western and southern
parts of the country.
Sector Performance
Since the 2008 financial crisis, tourism has been a growing force behind Iceland’s rapid
economic growth. Several investments have been made in high-end tourism, including luxury
hotels and resorts. The sector has been performing well, such that the number of visitors in the
country increased by more than 400% from 2010 – 2018, reaching at least 2.3 visitors in 2018
(U.S. Department of State, 2021). However, the sector declined in 2019 owing to the effects of the
COVID-19 pandemic (U.S. Department of State, 2021...

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