Published on : Thursday, December 14, 2017
The credit card turnover in November in the initial eight months of the year was close to 188 billion Isk that averages out to about 23.5 billion per month.
This actually represents a rise of approximately 63% as compared to the year 2015 and comes out to 542,000 per Icelander.
Andrés Magnússon who is the director of the Federation of Trade & Services feels that the shops downtown are majorly dependent on foreign travellers.
Moreover he went on to add that deals should be made permitting direct flights between Iceland and Asia as has already been proposed as they might be experiencing an ‘explosion’ in tourist spending.
The rise in domestic demand has implied that economic growth this year is ready to be higher than it was previously thought and therefore it is clear that tourists accumulating large amounts of debts have been making them richer.