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Therefore, spending on health, education, social security and welfare amounted to one fourth of the GDP. Almost 40% of the GDP is the total tax burden in Iceland. All of these factors make Iceland the fifth-richest nation according to IMF, and the first according to the Human Development Index.
Iceland registered a healthy growth rate of 3% in 2003-2005 while in 2005 the economy boomed with 5.8%. In 2006, the growth rate was 4.2% while it declined to 4% in 2007. It is expected to decline further in 2008. The population of Iceland is 312,872 which grew at 2.6% annually. It has a workforce of 176,300 people...
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