The economic importance of the Icelandic fisheries cluster—Understanding the role of fisheries in a small economy

• Main Authors: Sigfusson, Thor, Arnason, Ragnar, Morrissey, Karyn
• Format: Article in Journal/Newspaper
• Language: unknown
• Subjects: Iceland
• Online Access: http://www.sciencedirect.com/science/article/pii/S0308597X1200214X

Expansion and development of the fisheries sector was the driving force behind Iceland’s economic transformation during the 20th century. However, the role of fisheries in national and regional economies is neither well documented nor understood. National accounts do not fully reflect the significant part played by the fisheries as they do not take into consideration the various ways economic activity in the fisheries sector affects other branches of the economy. The fisheries sector, which includes fishing and fish processing, has been established as a base industry within the Icelandic economy. Using data collected during 2010 and 2011 and cluster analysis techniques, this paper seeks to establish the economic importance of the fishing industry in Iceland. As a base industry, this paper finds that a wide range of companies have gradually developed to service the sector and through these interlinkages, the fisheries sector and its related operations can be viewed as an industry cluster. Fisheries cluster; Economic mapping; Micro-level; Direct and indirect economic contribution; Iceland;