Published on : Saturday, May 13, 2017
Iceland is the 5th place globally, when calculating how countries depend on tourism and the travel industry. Only Malta, Croatia, Thailand and Jamaica have a greater dependency on tourists and the tourism industry.
Iceland’s economy is highly dependent on tourism now, but before the financial crash of 2008, the situation wasn’t like that. Traditionally, the number one source of income came from Iceland’s fishing industry. The countries least dependent on tourism contributing to their economy are Ukraine, Russia, Poland, Canada and South Korea.
Most countries that are reliant on tourism are poor or have a relatively small population and economy. Hong Kong and Iceland have a large percentage of their gross domestic production (GDP) from tourism, but both countries are very small in population.