Iceland Chamber of Commerce

An oversized piggy bank: the scale and agency problem of the pension system

Tue, 18 Aug 2026 06:00:00 GMT

The Icelandic pension system is one of the strongest in the world. Through foresight, Icelanders have managed to build a nearly fully funded system. The sheer scale of the system does, however, bring certain challenges with it. Mandatory saving is higher here than anywhere else, and the pension funds hold large stakes in many of the country's largest companies. Analysis by Viðskiptaráð shows that an agency problem exists, that risk is too heavily concentrated domestically, and that members have limited influence over the funds' decisions. Viðskiptaráð proposes lower mandatory contributions, member democracy, greater risk diversification, and more discipline and transparency around costs.

Minister Delegated Power to Ban Entire Product Categories

Wed, 12 Aug 2026 12:44:00 GMT

The Iceland Chamber of Commerce opposes adoption of the bill on nicotine and tobacco protection in its current form. The Chamber considers the draft to entail an excessive restriction of commercial freedom, a sweeping delegation of power to the minister, an ill-targeted ban on online sales and conflicts of interest at ÁTVR — and criticises that the impact assessment remains incomplete for the second year in a row.

R&D support system must be simple and predictable

Mon, 10 Aug 2026 13:05:00 GMT

The Iceland Chamber of Commerce has reviewed the plans for amending the act on support for innovation companies. The Chamber supports, among other things, the plans for a longer validity period for confirmation of research and development projects and for granting Rannís the power to approve applications in part. It warns, however, of the steadily falling approval rate for applications, and emphasises that the support system must rest on clear rules, predictable administration, and consistent implementation that companies can rely on.

The Icelandic Economy 2026

Thu, 06 Aug 2026 05:00:00 GMT

Moderate economic growth can be expected over the coming quarters despite persistent inflation and rising unemployment. Export diversification continues to increase and tourism stands on a firm footing despite various challenges. This emerges from The Icelandic Economy, a newly published Iceland Chamber of Commerce report on economic developments in Iceland.

The Icelandic Economy 2026

Thu, 06 Aug 2026 05:00:00 GMT

Moderate growth is expected despite persistent inflation and rising unemployment. Export diversification continues to increase, and tourism remains resilient though faced with multiple challenges. This is according to The Icelandic Economy, a newly published report by the Chamber of Commerce on economic developments in Iceland.

Equal operating conditions in primary care a prerequisite for better services

Wed, 05 Aug 2026 15:15:00 GMT

The Iceland Chamber of Commerce reviewed the draft regulation on primary healthcare and supports its objective of levelling the playing field between publicly and privately operated primary care. The Chamber emphasises that the regulation should form part of broader reforms to the operating environment of primary care centres — covering funding, diagnostic services, and oversight — so that competition can contribute to better access and higher quality.

Stuck in a long queue: the trunk road network around the capital region

Thu, 16 Jul 2026 05:00:00 GMT

Traffic on trunk roads out of the capital region has grown far beyond the pace at which those roads have been developed. On long 1+1 stretches the slowest vehicle sets the pace, and the delays cost society billions of krónur every year. Benefits could be maximised through 2+2 roads and a 110 km/h speed limit on certain routes, and projects should be prioritised accordingly.

DORA criteria must be clear and predictable

Wed, 15 Jul 2026 15:43:00 GMT

The Iceland Chamber of Commerce raises no objections to the implementation of the EU rules on digital operational resilience in the financial market (DORA). The Chamber emphasises, however, that the designation criteria must be clear and predictable, and that implementation should go no further than the minimum requirements provide for.

Competition is about more than numbers

Thu, 09 Jul 2026 14:59:00 GMT

Lísbet Sigurðardóttir, legal counsel at the Iceland Chamber of Commerce, examines simplistic characterisations of oligopoly and argues that it is important to distinguish between oligopoly and a lack of competition. She also argues that the authorities should look to what they themselves control when it comes to the cost of goods. The objective should not be to maximise the number of companies, but consumer benefit in the form of lower prices, better service, and greater choice.

Warning over added burdens on companies from the energy efficiency directive

Wed, 08 Jul 2026 08:47:00 GMT

The Iceland Chamber of Commerce has reviewed the plans for implementing the EU energy efficiency directive and warns that the legislation will place additional burdens on Icelandic companies. Iceland's particular circumstances — a high share of energy-intensive industry and of renewable energy — mean the directive must not be implemented more onerously than EEA obligations require.

Tariff protection explains high grocery prices

Wed, 01 Jul 2026 05:00:00 GMT

The Iceland Chamber of Commerce has reviewed the Icelandic Competition Authority's discussion paper on grocery prices. High import tariffs — particularly on meat, dairy products, and eggs — play a substantial part in higher prices in Iceland. To bring food prices down, attention must turn to the domestic decisions that shape price formation, including tariff protection, taxes, and operating costs.

Pay Day is today

Sun, 28 Jun 2026 05:00:00 GMT

Pay Day 2026 is today, 28 June. From today, an employee starts working for their take-home pay, whereas from the beginning of the year until now they have been working for taxes, pension rights, and pension savings.

On a Yellow Card

Wed, 24 Jun 2026 15:44:00 GMT

Birta Karen Tryggvadóttir, economist at the Iceland Chamber of Commerce policy division, and Jakob Lars Kristmannsson, specialist at the Iceland Chamber of Commerce policy division, discuss the results of the new IMD competitiveness survey in which Iceland falls seven places year-on-year and now sits in 22nd place out of 70 countries.

A call for clearer metrics in the education system

Wed, 24 Jun 2026 09:00:00 GMT

“The future of Icelandic society depends to a great extent on whether we succeed in building an education system that combines ambition, transparency, and clear metrics for performance.”
This was among the remarks made by Andri Þór Guðmundsson, chairman of the Iceland Chamber of Commerce, in an address at the Reykjavík University graduation ceremony on Saturday, 20 June 2026.

How did the government perform this winter?

Wed, 24 Jun 2026 05:00:00 GMT

The Iceland Chamber of Commerce has reviewed the economic impact of the government's legislative bills during the parliamentary session that has just ended. In total, 52 bills had significant economic effects, and their overall impact is somewhat negative. The impact varied by ministry, but the bills introduced by Jóhanns Páll Jóhannsson, Minister for the Environment, Energy and Climate, and Þorbjörg Sigríður Gunnlaugsdóttir, Minister of Justice, produced the most positive effects.

Iceland falls seven places in competitiveness year-on-year

Thu, 18 Jun 2026 06:00:00 GMT

Iceland falls seven places year-on-year in competitiveness and now sits in 22nd place out of 70 countries in 2026. Iceland's competitiveness declines across every main factor of the assessment by the IMD business school in Switzerland, which carries out an annual review of national competitiveness.

Is a new fiscal plan on track?

Tue, 16 Jun 2026 11:01:00 GMT

Birta Karen Tryggvadóttir, economist in the Iceland Chamber of Commerce's policy division, discusses the newly approved fiscal plan and why the target of a balanced budget in 2027 will not be met without changes.

A numerical scale is a step in the right direction

Mon, 15 Jun 2026 12:00:00 GMT

Viðskiptaráð welcomes the plans of the Minister of Education and Children's Affairs to move final grades in compulsory schools from letters to numbers, but emphasises that a change in the presentation of grades should be part of a larger transformation that ensures grades and assessment criteria are comparable between schools.

One year since ESA complaint over unlawful state aid in the housing market

Thu, 11 Jun 2026 14:01:00 GMT

One year has now passed since the Iceland Chamber of Commerce submitted a complaint to the EFTA Surveillance Authority (ESA) concerning unlawful state aid in the housing market. The Authority still has the case under review.

Streamlining in arrears

Thu, 04 Jun 2026 06:00:00 GMT

A government-appointed working group proposed 57 streamlining measures in spring 2025, after the government invited efficiency proposals from the public. Of the 57 proposed measures, 5 have been implemented, 20 are in progress, 6 are planned, and work has not begun on 26. It is important that the government continues to review state operations and puts the streamlining measures into action.