U.S. Department of State

Openness to Foreign Investment
The Icelandic Government encourages foreign investment in most sectors. The majority of investment is in energy-intensive industries such as aluminum smelting that take advantage of the country‘s abundant renewable energy resources. Icelandic laws regulating and protecting foreign investments are consistent with OECD and European Union (EU) standards. As Iceland is a member of the European Economic Area (EEA), most EU commercial legislation and directives take effect in Iceland. The major law governing foreign investment is the 1996 Act on Investment by Non-residents in Business Enterprises, which grants national treatment to non-residents of the EEA (including U.S. citizens). The law dictates that foreign ownership of businesses is generally unrestricted, but with limitations in fishing, energy and aviation sectors. Non-residents cannot own more than five percent in fishing and fish processing companies; cannot hold hydro and geothermal power harnessing rights and cannot manufacture or distribute energy; and cannot own more than 49% in aviation companies. However, according to the Ministry of Industry, the restrictions on manufacturing energy can be avoided by establishing a holding company somewhere in the EU that operates the power plant. Icelandic law also restricts the ability of non EEA-citizens to own land, but this may be waived by the Ministry of Justice. Icelandic courts uphold the sanctity of contracts as a matter of course. The Competition Authority is responsible for upholding the competition law and obligations under international agreements.

There is no automatic screening of investors, although bidders in privatization sales may have to go through a pre-qualification process. Potential U.S. bidders in privatization auctions need to follow the process closely, since the procedures are often ad hoc and deadlines can be short. The U.S. does not have a bilateral investment treaty (BIT) with Iceland. A Trade and Investment Framework Agreement was signed on January 15, 2009.

The Icelandic economy experienced high volatility in 2008, due partly to the size of the economy, the currency and the global liquidity crisis. The 12-month inflation in December 2008 measured at 18.1%. Over the course of 2008 the stock market index OMX 15, which consisted of the 15 companies listed on the OMX Iceland Stock Exchange with the highest market capitalization, went from 6318.02 to 352.16. At present only ten companies make up the index. In the same time period the krona devalued 100 percent against the dollar, from 62 ISK to USD to 120.87 ISK to USD as measured by the Central Bank of Iceland. Both the OMX 15 and the exchange value of the ISK had been appreciating rapidly in previous years. In October 2008 the government took over control of the three big Icelandic commercial banks.

Conversion and Transfer Policies

Until recently, Icelandic law provided for full convertibility and transferability of dividends, profits, interest on loans, debentures, mortgages, lease payments and invested capital. However, following the financial turmoil in fall 2008, movements of capital to and from Iceland were restricted by the Rules on Foreign Exchange issued by the Central Bank in November 2008 and amended in December 2008. These rules are supposed to be temporary measures to strengthen and stabilize the exchange rate of the ISK and are scheduled to be revised no later than March 1, 2009.

The rules restrict the outflow of foreign currencies from Iceland unless the currency is used to import goods or services or to travel. This means at the present time that foreign investors in Iceland cannot remove their capital. The rules allow for purchasing foreign currencies to pay on interest, indexation, dividends, capital gains, contractual installment payments and salaries. It is prohibited to settle transactions of transferable financial instruments denominated in ISK in foreign currencies, and to conduct cross-border prepayment of financial instruments. Sales proceeds from transactions in financial instruments that take place in Iceland must be deposited in to the seller’s account in Iceland. Purchasing of foreign currencies by means of withdrawals from ISK-denominated bank accounts at domestic financial institutions or the Central Bank is not allowed, as is withdrawing foreign currencies in cash from foreign currency-accounts in Iceland without demonstrating that it will be used to pay for goods and services. Borrowing and lending between domestic and foreign parties for purposes other than cross-border transactions with goods and services is not allowed if the amount exceeds 10,000,000 ISK.

Expropriation and Compensation

As far as the U.S. Embassy is aware, the Icelandic government has never expropriated a foreign investment. Some actions of the Icelandic government immediately before and during the financial crisis in October 2008, including the Central Bank takeover of 75% of Glitnir Bank (thereby causing the value of the bank’s shares to plummet in value) and the subsequent takeover of the three major banks with significant foreign investment interests, have been described by private investors as an expropriation of sorts. However, the assets and claims against the banks are still being evaluated (see dispute settlement). The Constitution of Iceland proclaims that no one may be obliged to surrender his property unless required by public interests and that such a measure shall be provided for by law and full compensation be paid. A special committee is appointed every five years to review and proclaim the legality of expropriation cases. If the committee proclaims a case to be legal it will negotiate an amount of compensation with the appropriate parties. If an amount cannot be agreed upon, the committee determines a fair value after hearing the case of all parties. Cases of expropriations are fairly rare and in most cases involve real estate and land being expropriated because of water and power facilitation, road construction, city planning or things of similar nature.

Dispute Settlement

Iceland has ratified the major international conventions governing arbitration and the settlement of investment disputes. Iceland accepts binding arbitration of investment disputes.

After the Government took over control of the three big Icelandic commercial banks in October 2008, it separated the bank’s domestic operations from their foreign operations and passed a bill that places the claims of depositors as top priority. Currently debtors, some of whom are American, are negotiating with the government on how to their settle claims on the banks. As of now it is not clear how they will be compensated. There are no other recent cases of major investment disputes involving foreign investors in Iceland and the Icelandic system has been considered well equipped to handle any trade and investment dispute.

The Icelandic civil law system enforces property rights, contractual rights and the means to protect these rights. The Icelandic court system is independent from the parliament and government. Foreign parties must abide by the same rules as Icelandic parties, and they enjoy the same privileges in court; there is no discrimination against foreign parties in the Icelandic court system. When trade or investment disputes are settled, the settlement is usually remitted in the local currency.

Under the Constitution, sentences may be passed by the courts only. The courts are divided into two classes: the Lower Courts, where most cases are heard, and the Supreme Court, which hears appeals from the lower courts.

There are eight lower courts and one Supreme Court, all hearing private and public cases. A special court called the Labor Court is concerned with labor disputes.
Iceland has been a member of the International Center for Settlement of Investment Disputes (ICSID) since 1966.

Performance Requirements and Incentives
Broadly speaking, Iceland does not offer direct subsidies for business investment. Its prime incentives lie in providing for a favorable environment for businesses, including low corporate tax rates and low energy prices. Industrial sites are available around Iceland at competitive cost. Local communities may offer certain additional incentives.

As a member of the EEA, Iceland has access to EU research funds for R&D programs and joint ventures can be undertaken with companies from at least one other EEA country. Grants are issued for specific projects on a case-by-case basis by bodies including the New Business Venture Fund and Science Fund.

Film and TV production in Iceland are subsidized by the government in the form of a rebate of a portion of production costs. To qualify, the production company must be incorporated in Iceland. An Icelandic branch or a representative office of a corporation registered in one of the EEA countries is considered as incorporated for these purposes. There are no requirements as to the production budget, but the film should promote Icelandic culture as well as introduce Iceland's history and natural beauty. The film and TV production cost rebate rate is currently 14 percent.

Right to Private Ownership and Establishment

Other than in fishing, energy, and airlines, foreign entities are free to establish and own any type of business enterprise and engage in all forms of legal remunerative activity. If a foreign citizen from outside the EEA wishes to purchase land or real estate in Iceland, a permit is required from the Ministry of Justice. Icelandic law treats private and public enterprises with equality when it comes to market access and other business operations. Foreign investors are permitted to participate in the privatization of government-owned businesses, subject to restrictions imposed by the government.

A foreign party must solicit an identity number (kennitala) before establishing a bank account. The process typically takes less than a week.

Protection of Property Rights

Iceland adheres to key international agreements on property rights (e.g., Paris Union Convention for the Protection of Industrial Property). Trademarks, copyrights, trade secrets and industrial designs are all protected under Icelandic law. As with many other issues, Iceland is following the European lead in protection of property rights and adheres to the European Patent Convention of 1973. In 2005, Iceland signed the Patent Cooperation Treaty (PCT)

Iceland is a member of the EEA and therefore accepts jurisdiction of the EEA Court. Property Rights are recognized and protected in the Constitution of Iceland. Secured interests in property are bound by law and enforced as such and there is a very reliable system which records such security interests.

The Icelandic Patent Office -- a governmental agency under supervision of the Ministry of Industry and Commerce -- handles all patent disputes in Iceland. The legal framework concerning intellectual property rights (IPR) in Iceland is in all respects equivalent to that of other industrialized countries in Europe. Iceland is a World Trade Organization (WTO) member, and Icelandic legislation complies with WTO TRIPS requirements.

As an EFTA state and member of the EEA, Iceland has implemented all relevant EU regulations and directives in the field of IPR. Furthermore, Iceland is bound by bilateral EFTA free-trade agreements which include provisions on IPR.

Iceland is a member of the European Patent Organization. Iceland is a member of WIPO and a party to most WIPO-administered agreements.

Transparency of Regulatory System
Icelandic laws regulating business practices are consistent with those of most OECD member states, and are increasingly based on European Union directives as a result of Iceland's EEA membership. Much of Iceland's financial regulatory system was put in place only in the 1990s, thus transparency is occasionally a concern (i.e. in public procurement, and in privatization sales where the process is established by the government on an ad hoc basis).
The Competition Authority is responsible for the enforcement of anti-monopoly regulations and promotion of effective competition in business activities. This includes eliminating unreasonable barriers and restrictions on freedom in business operations, preventing harmful oligopoly and restriction of competition and facilitating the access of new competitors to the market.

The Consumer Agency holds primary responsibility for market surveillance of business operators, transparency of the markets with respect to safety and consumers' legal rights, and enforcement of legislation concerning protection of consumers' health, legal and economical rights.

The system as a whole is transparent, though bureaucratic delays can occur. All proposed laws and regulations are published in draft forms for the public record and are open for comment.

Legislative Process: The Icelandic parliament (Althingi) consists of a single chamber of 63 members and a simple majority is required for ordinary bills to become law. All bills that are introduced in the parliament are in draft form. Drafts are open to the public and are published on the parliament's web page. Interested parties can comment on proposed law and regulations. All NGOs involved are summoned to comment on proposed laws that affect them.

Efficient Capital Markets and Portfolio Investment

The financial sector is currently in great turmoil. In October 2008 the banking system collapsed and the Financial Supervisory Authority of Iceland took control over the three big Icelandic commercial banks. Resolution Committees were appointed that split each bank into two entities, a domestic one and an international one, and subsequently appointed new CEO’s over the domestic entities. The banking system is being restructured and the banks’ assets are being reevaluated. The supply of capital is limited as the banks were recapitalized by the Government as funding on the international wholesale capital markets was difficult to obtain. It is likely that Iceland will see a flood of personal and business bankruptcies in early 2009 across all sectors, including investment banks and other financial institutions.
The OMX Nordic Exchange operates the market for securities in Iceland and trades various products. The prices of companies listed on the OMX have fallen greatly in the recent past.

Political Violence

At the time of this report’s drafting in January 2009, Iceland experienced intense political protests stemming from the October 2008 financial crisis. Public protests spurred the government to dissolve and a new coalition to form prior to early elections in spring 2009 (originally scheduled for spring 2011.) Although this is presently an uncertain time, most expect political stability to return. There has been no politically motivated violence towards foreign holdings.

Corruption

Isolated cases of corruption occur but are not an obstacle to foreign investment. In a 2008 survey by Transparency International, Iceland tied for the seventh out of 180 countries for the least corrupt. In 2007, Iceland was ranked sixth and in 2006, Iceland tied for the first place.

Bilateral Investment Agreements

The U.S. does not have a bilateral investment treaty (BIT) with Iceland nor an FTA with the U.S. There is a U.S.-Iceland bilateral taxation treaty and a Trade and Investment Cooperation Forum Agreement (TIFA).

OPIC and Other Investment Insurance Programs

Political risk insurance and project financing were readily available at competitive rates on the local and international markets. With the financial collapse in fall 2008 and the current rebuilding in the banking sector, project financing may be temporarily limited. Iceland is a member of Multilateral Investment Guarantee Agency.

Labor

Until the financial collapse in fall 2008, demand for labor exceeded supply. According to Statistics Iceland the unemployment rate of the workforce, which consisted of more than 80% of the population, was less than 3% over the period 2005-2007. Many large construction projects, requiring a large number of skilled and unskilled workers, were built during that period. The Icelandic workforce is highly skilled. Foreign labor moved to Iceland to fill the majority of unskilled service and semi-skilled construction jobs; the number of foreign citizens residing in Iceland doubled. With the EEA agreement, free movement of labor from the EU quickly became the norm, and was embraced by local firms as a solution for their manpower shortage at times of extremely low unemployment.

The labor market conditions changed dramatically following the fall 2008 economic crisis. The unemployment rate rose rapidly, from under 2 % to 6.5% in three months. Unemployment is expected to rise, with foreign and domestic labor leaving Iceland for better job prospects.

The Icelandic labor market is highly unionized with more than 85 percent of employees belonging to unions. A joint negotiating committee with representatives from national and local governments, Iceland's largest banks, and several other large employers negotiates an annual collective wage agreement with the unions representing workers in the public sector and some parts of the private sector. Iceland has ratified around 20 ILO conventions, including those that protect the basic worker rights.

The government has imposed mandatory mediation when strikes have threatened key sectors in the economy such as the fishing industry.

Foreign Direct Investment Statistics
Foreign investment statistics: The following tables reflect data available as of January 2008. Figures on investment position refer to book value. These figures are limited to companies in which a single foreign investor holds 10 percent or more of the equity capital and do not include foreign ownership interests via third party investment. Investment flow statistics are based on market value.

Major foreign investors: Under Icelandic law, investment statistics gathered by the Central Bank and Icelandic Bureau of Statistics cannot be released on a company- or project-specific basis. Major U.S. investors in Iceland include: Century Aluminum, Alcoa (aluminum), and deCODE Genetics (biotech). Many U.S. companies are represented through Icelandic agents.

Information in this chapter was primarily obtained from the Central Bank of Iceland.

Table 0: Average exchange rate ISK/$1

Year:	2002	2003	2004	2005	2006	2007	2008
	91.81	76.94	70.29	63.01	69.94	64.17	74.04

Table 1: FDI stocks in Iceland by country (millions of USD)

Year:	2002	2003	2004	2005	2006	2007
Total FDI	700.27	1,100.97	1,813.13	4,706.40	7,815.73	11,672.12
U.S.	201.07	170.12	358.93	482.69	531.61	714.52
Europe	484.16	920.31	1,434.43	4,172.07	7,206.72	10,952.89
Netherlands	3.51	3.11	5.39	1,858.86	3,167.01	5,029.11
Belgium/Luxembourg	109.36	333.30	764.77	1,121.36	2,533.70	4,608.23
United Kingdom	14.57	1.90	1.65	120.19	200.67	405.05
Guernsey	61.01	150.71	180.74	660.70	612.87	150.35
Cyprus	-	46.22	92.33	-	193.42	150.35
Switzerland	143.59	137.96	129.08	149.55	159.71	149.91
Denmark	53.75	57.62	65.76	84.29	86.32	146.27
Sweden	20.42	16.96	23.50	61.24	68.66	90.79
Germany	0.83	70.91	62.17	1.11	54.92	43.88

Table 2: FDI stocks in Iceland by industry (millions of USD)

Year:	2002	2003	2004	2005	2006	2007
Total FDI	700.27	1,100.97	1,813.13	4,706.40	7,815.73	11,672.12
Metal and mechanical products	201.07	170.12	358.93	482.69	531.61	714.52
Financial activities	484.16	920.31	1,434.43	4,172.07	7,206.72	10,952.89
Trade & repairs	3.51	3.11	5.39	1,858.86	3,167.01	5,029.11
Software, research, etc.	109.36	333.30	764.77	1,121.36	2,533.70	4,608.23
Food Products	14.57	1.90	1.65	120.19	200.67	405.05
Telecommunications	61.01	150.71	180.74	660.70	612.87	150.35

Table 3: FDI flows in Iceland by country (millions of USD)

Year:	2002	2003	2004	2005	2006	2007
Total FDI flows	86.99	331.10	735.58	3,079.86	3,979.01	3,638.04
U.S.	-60.47	-42.12	226.42	86.57	-92.18	-52.17
Europe	122.08	383.81	494.59	2,989.14	4,063.58	3,690.77
Netherlands	0.15	-1.57	2.70	2,317.08	1,841.58	3,339.86
Belgium/Luxembourg	67.62	219.57	453.41	376.78	1,682.23	3,598.66
United Kingdom	-2.20	-24.86	-0.26	190.95	200.30	100.84
Guernsey	8.62	116.61	12.18	164.10	142.82	-3,309.51
Cyprus	0.00	45.41	41.74	0.00	94.41	-52.53
Switzerland	7.82	-18.44	-8.41	6.36	13.51	7.28
Denmark	9.85	-22.63	17.07	11.78	2.04	22.00
Sweden	28.89	-4.69	29.31	8.24	3.19	3.23
Germany	-0.09	69.92	-27.66	-87.30	76.19	-9.65

Table 4: FDI flows in Iceland by industry (millions of USD)

Year:	2002	2003	2004	2005	2006	2007
Total FDI flows	86.99	331.10	735.58	3,079.86	3,979.01	3,638.04
Metal and mechanical products	19.31	13.92	288.21	653.36	894.32	119.95
Financial activities	7.47	-10.02	1.32	2,331.34	2,517.43	2,921.35
Trade & repairs	66.37	-86.63	3.93	0.33	194.77	6.72
Software, research, etc.	-57.01	376.44	400.01	9.84	54.99	-184.35
Food Products	4.61	7.19	6.76	17.17	237.02	155.48
Telecommunications	-14.36	-0.68	-72.91	27.84	-22.53	20.99

Table 5: Iceland’s FDI stock abroad by country (millions of ISK)

Year:	2002	2003	2004	2005	2006	2007
Total FDI	101,316	123,056	246,585	635,559	981,950	1,732,026
U.S.	12,315	11,307	11,119	96,021	84,372	188,311
Europe	84,709	104,976	221,294	518,681	864,370	1,502,029
Netherlands	5,191	6,391	10,138	152,947	201,466	482,818
Belgium/Luxembourg	33,690	36,463	34,685	39,521	110,524	130,790
United Kingdom	16,789	25,297	64,656	166,666	229,743	258,053
Denmark	1,947	3,226	63,850	80,509	158,504	181,751
Sweden	8,893	9,358	12,580	14,737	31,197	98,987
Finland	593	3,585	4,826	12,018	22,441	171,421
Norway	2,104	1,995	5,197	29,141	67,572	110,775
Cyprus	847	1,005	8,169	10,334	15,904	18,460
Isle of Man	164	248	218	248	4,170	13,347

Table 6: Iceland’s FDI stock abroad by country (millions of USD)

Year:	2002	2003	2004	2005	2006	2007
Total FDI	1,103.54	1,599.38	3,508.11	10,086.64	14,039.89	26,991.21
U.S.	134.14	146.96	158.19	1,523.90	1,206.35	2,934.56
Europe	922.66	1,364.39	3,148.30	8,231.73	12,358.74	23,407.03
Netherlands	56.54	83.06	144.23	2,427.34	2,880.55	7,524.05
Belgium/Luxembourg	366.95	473.91	493.46	627.22	1,580.27	2,038.18
United Kingdom	182.87	328.79	919.85	2,645.07	3,284.86	4,021.40
Denmark	21.21	41.93	908.38	1,277.72	2,266.29	2,832.34
Sweden	96.86	121.63	178.97	233.88	446.05	1,542.57
Finland	6.46	46.59	68.66	190.73	320.86	2,671.36
Norway	22.92	25.93	73.94	462.48	966.14	1,726.27
Cyprus	9.23	13.06	116.22	164.01	227.39	287.67
Isle of Man	1.79	3.22	3.10	3.94	59.62	207.99

Table 7: Iceland’s FDI stock abroad by industry (millions of ISK)

Year:	2002	2003	2004	2005	2006	2007
Total FDI	101,316	123,056	246,585	635,559	981,950	1,732,026
Real estate & business activities	39,708	39,378	46,101	231,853	369,823	635,944
Food Products	21,464	23,412	38,846	47,431	67,265	71,932
Petroleum, chemical, rubber and plastic products	8,684	12,234	17,410	102,331	153,368	248,256
Trade & repairs	9,142	17,590	30,471	62,436	82,780	103,206
Transport & communication	4,274	4,589	8,441	38,191	53,367	56,183
Financial activities	12,878	19,465	97,472	144,976	241,023	580,768

Table 8: Iceland’s FDI stock abroad by industry (millions of USD)

Year:	2002	2003	2004	2005	2006	2007
Total FDI	1,103.54	1,599.38	3,508.11	10,086.64	14,039.89	26,991.21
Real estate & business activities	432.50	511.80	655.87	3,679.62	5,287.72	9,910.30
Food Products	233.79	304.29	552.65	752.75	961.75	1,120.96
Petroleum, chemical, rubber and plastic products	94.59	159.01	247.69	1,624.04	2,192.85	3,868.72
Trade & repairs	99.58	228.62	433.50	990.89	1,183.59	1,608.32
Transport & communication	46.55	59.64	120.09	606.11	763.04	875.53
Financial activities	140.27	252.99	1,386.71	2,300.84	3,446.14	9,050.46

Table 9: Iceland’s FDI flow abroad by country (millions of ISK)

Year:	2002	2003	2004	2005	2006	2007
Total FDI flows	29,678	28,888	180,560	444,567	366,909	872,972
U.S.	1,977	412	463	85,267	26,097	111,627
Europe	27,107	26,721	177,187	355,745	330,231	679,357
Netherlands	-434	1,112	4,188	131,022	47,619	125,472
Belgium/Luxembourg	17,140	3,703	747	22,106	77,226	13,198
United Kingdom	5,210	12,922	39,301	118,232	30,910	70,317
Denmark	739	990	91,911	18,978	59,632	56,242
Sweden	6,842	675	12,287	8,086	18,057	57,105
Finland	154	3,029	1,614	10,011	18,714	271,004
Norway	-205	-14	3,445	36,911	41,488	60,489
Cyprus	197	186	2,091	1,553	4,322	3,459
Isle of Man	-3,332	-117	-45	49	3,705	9,750

Table 10: Iceland’s FDI flow abroad by country (millions of USD)

Year:	2002	2003	2004	2005	2006	2007
Total FDI flows	323.25	375.46	2,568.79	7,055.50	5,246.05	13,604.05
U.S.	21.53	5.35	6.59	1,353.23	373.13	1,739.55
Europe	295.25	347.30	2,520.80	5,645.85	4,721.63	10,586.83
Netherlands	-4.73	14.45	59.58	2,079.38	680.86	1,955.31
Belgium/Luxembourg	186.69	48.13	10.63	350.83	1,104.18	205.67
United Kingdom	56.75	167.95	559.13	1,876.40	441.95	1,095.79
Denmark	8.05	12.87	1,307.60	301.19	852.62	876.45
Sweden	74.52	8.77	174.80	128.33	258.18	889.90
Finland	1.68	39.37	22.96	158.88	267.57	4,223.22
Norway	-2.23	-0.18	49.01	585.80	593.19	942.64
Cyprus	2.15	2.42	29.75	24.65	61.80	53.90
Isle of Man	-36.29	-1.52	-0.64	0.78	52.97	151.94

Table 11: Iceland’s FDI flow abroad by industry (millions of ISK)

Year:	2002	2003	2004	2005	2006	2007
Total FDI flow	29,678	28,888	180,560	444,567	366,909	872,972
Real estate & business activities	17,237	2,317	9,864	177,984	139,674	240,908
Food Products	2,632	2,215	15,014	10,243	21,085	7,264
Petroleum, chemical, rubber and plastic products	2,777	4,740	10,783	96,102	84,889	35,555
Trade & repairs	-448	10,333	22,654	22,491	31,775	4,012
Transport & communication	-920	-103	4,212	42,719	533	101,715
Financial activities	7,850	5,841	115,727	94,196	85,919	477,072

Table 12: Iceland’s FDI flow abroad by industry (millions of USD)

Year:	2002	2003	2004	2005	2006	2007
Total FDI flow	323.25	375.46	2,568.79	7,055.50	5,246.05	13,604.05
Real estate & business activities	187.75	30.11	140.33	2,824.69	1,997.05	3,754.22
Food Products	28.67	28.79	213.60	162.56	301.47	113.20
Petroleum, chemical, rubber and plastic products	30.25	61.61	153.41	1,525.19	1,213.74	554.08
Trade & repairs	-4.88	134.30	322.29	356.94	454.32	62.52
Transport & communication	-10.02	-1.34	59.92	677.97	7.62	1,585.09
Financial activities	85.50	75.92	1,646.42	1,494.94	1,228.47	7,434.50

Table 12: FDI as part of GDP

Year:	2002	2003	2004	2005	2006	2007
FDI stocks in Iceland/GDP (%)	7.87%	10.07%	13.72%	28.89%	46.81%	57.92%
FDI flows in Iceland/GDP (%)	0.98%	3.03%	5.57%	18.91%	23.83%	18.05%
Icelandic FDI stock abroad/GDP (%)	12.41%	14.63%	26.55%	61.92%	84.08%	133.94%
Icelandic FDI flow abroad/GDP (%)	3.64%	3.43%	19.44%	43.31%	31.42%	67.51%