Iceland鈥檚 economy is outperforming most European peers after the nationwide introduction of a shorter working week with no loss in pay, according to research released Friday.
Between 2020 and 2022, 51 per cent of workers in the country had accepted the offer of shorter working hours, including a four-day week, two think tanks found, saying the figure is likely to be even higher today.
Last year, Iceland logged faster economic growth than most European countries and its unemployment rate is one of the lowest in Europe, noted the Autonomy Institute in the United Kingdom and Iceland鈥檚 Association for Sustainability and Democracy (Alda).
鈥淭his study shows a real success story: shorter working hours have become widespread in Iceland鈥 and the economy is strong across a number of indicators,鈥 Gudmundur D. Haraldsson, a researcher at Alda, said in a statement.
In two large trials between 2015 and 2019, public sector employees in Iceland worked 35-36 hours per week, with no reduction in pay. Many participants had previously worked 40 hours a week.
The trials involved 2,500 people 鈥 more than 1 per cent of Iceland鈥檚 working population at the time 鈥 and were aimed at maintaining or increasing productivity while improving work-life balance. Researchers found that productivity stayed the same or improved in most workplaces, while workers鈥 wellbeing increased 鈥渄ramatically鈥 on a range of measures, from perceived stress and burnout to health and work-life balance.
Following the trials, Icelandic trade unions negotiated reductions in working hours for tens of thousands of their members across the country.
In 2023, Iceland鈥檚 economy expanded by 5 per cent, a growth rate second only to Malta among rich European economies, according to the International Monetary Fund鈥檚 latest World Economic Outlook, published earlier this week. That is much higher than the country鈥檚 average growth rate of almost 2 per cent in the decade between 2006 and 2015.
However, the IMF forecasts considerably slower growth in Iceland this year and next.
鈥淕rowth is expected to decline 鈥 in 2024 on further softening domestic demand and decelerating growth in tourism spending,鈥 the agency said of the tourism-dependent economy in an assessment in July.
Iceland鈥檚 low unemployment rate is 鈥渁 strong indicator of the economy鈥檚 vitality,鈥 the Autonomy Institute and Alda also said.
According to the IMF鈥檚 World Economic Outlook, that rate stood at 3.4 per cent last year, just over half the average for advanced European economies. The agency expects it to tick up slightly to 3.8 per cent this year and next.
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