Within the 2018-2023 timeframe, our forecast models predict growth from 6.0% p.a. in a low scenario to 6.7% p.a. in a high scenario. Accordingly, the industry in Iceland is expected to achieve revenues of between $24m to $25m by 2023.
The commercial industrial gas market generated revenues of approximately $18m in 2018. This is up from $10m in 2008, indicating an average annual growth rate of 6.7% p.a.
Between 2008 and 2018 GDP grew by an average of 6.7% p.a. This economic growth has been largely dependent upon the significant oil (and increasingly gas) sector(s) that the country enjoys. In the run up to the global financial crisis, Iceland had enjoyed impressive growth and low unemployment, but was hit hard by the onset of the crash and its banks suffered greatly.
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