Country Full Name: Republic of Iceland.
Location: Iceland is an island between the Greenland Sea and the North Atlantic Ocean, northwest of the United Kingdom.
Country Climate: Temperate; moderated by North Atlantic Current; mild, windy winters; damp, cool summers.
Country Terrain: Mostly plateau interspersed with mountain peaks, icefields; coast deeply indented by bays and fiords.
Major Languages: Icelandic.
Major Religions: Christianity.
Country Population: 0.316 million (2008 est.) 0.319 million (2009 est.).
Country Economy: The economy of Iceland is a small mixed economy with high levels of free trade and government intervention and subject to high volatility.
Currency: Iceland Krona (ISK).
Country Inflation: 12.4% (2008 est.) 11.7% (2009 est.).
City: Reykjavík is the capital and largest city of Iceland.
City Economy: Reykjavík is is the only metropolitan area in Iceland. As a highly modernized capital of one of the most developed countries in the world, its inhabitants enjoy a first-class welfare system and city infrastructure.
Cost of Living: Reykjavik has an overall cost of living index which equates it with high cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Reykjavik is currently ranked 58 overall, most expensive place in the world for expatriates to live, out of 282 international locations.
For more cost of living information on Iceland, Reykjavik
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Showing posts with label Reykjavik Cost of Living. Show all posts
Showing posts with label Reykjavik Cost of Living. Show all posts
Friday, June 25, 2010
Wednesday, March 3, 2010
Iceland, Reykjavik Cost of Living January 2010
LOCATION: Iceland is an island between the Greenland Sea and the North Atlantic Ocean, northwest of the UK.
CAPITAL CITY: Reykjavík
LARGEST CITY: Reykjavík
CURRENCY: Iceland Krona (ISK)
ECONOMY: Iceland's Scandinavian-type economy is basically capitalistic, however it has an extensive welfare system (including generous housing subsidies), low unemployment, and a remarkably even distribution of income. Approximately 70 percent of export earnings comes from the fishing industry which also employs 6% of the work force. Exports consist of fish and fish products, aluminum, and ferrosilicon. Borgartún is the financial centre in Reykjavík, hosting a large number of companies and three investment banks.
Reykjavik has an overall cost of living index which equates it with high cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Reykjavik is currently ranked 59 overall, most expensive place in the world for expatriates to live, out of 276 international locations. The cost of living overview for each of the 13 Basket Groups is as follows:
Alcohol & Tobacco costs for alcoholic beverages such as alcohol at bar, beer, locally produced spirit, whiskey, and wine as well as tobacco products such as cigarettes is relatively more expensive compared to other cities with a rank of 39 out of 276.
Clothing costs for clothing and footwear products such as business suits, casual clothing, childrens clothing and footwear, coats and hats, evening wear, shoe repairs, and underwear is equally expensive on average compared to other cities with a rank of 121 out of 276.
Communication costs for various communication costs such as home telephone rental and call charges, internet connection and service provider fees, mobile / cellular phone contract and calls is relatively more expensive compared to other cities with a rank of 78 out of 276.
Education costs such as creche / pre-school fees, high school / college fees, primary school fees, and tertiary study fees is equally expensive on average compared to other cities with a rank of 133 out of 276.
Furniture & Appliance costs for furniture, household equipment and household appliances such as dvd player, fridge freezer, iron, kettle, toaster, microwave, light bulbs, television, vacuum cleaner, and washing machine is equally expensive on average compared to other cities with a rank of 108 out of 276.
Grocery costs for food, non-alcoholic beverages and cleaning material items such as baby consumables, baked goods, baking, canned foods, cheese, cleaning products, dairy, fresh fruits, fresh vegetables, fruit juices, meat, oil & vinegars, pet food, pre-prepared meals, sauces, seafood, snacks, soft drinks, spices & herbs is relatively more expensive compared to other cities with a rank of 70 out of 276.
Healthcare costs for general healthcare, medical and medical insurance such as general practitioner consultation rates, hospital private ward daily rate, non-prescription medicine, and private medical insurance / medical aid contributions is equally expensive on average compared to other cities with a rank of 115 out of 276.
Household costs for housing, water, electricity, household gas, household fuels, local rates and residential taxes such as house / flat mortgage, house / flat rental, household electricity consumption, household gas / fuel consumption, household water consumption, and local property rates / taxes / levies is equally expensive on average compared to other cities with a rank of 105 out of 276.
Miscellaneous costs related to stationary, linen and general goods and services such as domestic help, dry cleaning, linen, office supplies, newspapers and magazines, and postage stamps is relatively more expensive compared to other cities with a rank of 14 out of 276.
Personal Care costs for personal care products and services such as cosmetics, hair care, moisturizer / sun block, nappies, pain relief tablets, toilet paper, toothpaste, and soap / shampoo / conditioner is equally expensive on average compared to other cities with a rank of 151 out of 276.
Recreation and Culture costs such as books, camera film, cinema ticket, DVD and CDs, sports goods, and theatre tickets is relatively more expensive compared to other cities with a rank of 84 out of 276.
Restaurants, Meals Out and Hotel costs such as business dinner, dinner at a restaurant (non fast food), hotel rates, take away drinks and snacks (fast food) is relatively more expensive compared to other cities with a rank of 44 out of 276.
Transport costs for public transport, vehicle costs, vehicle fuel, vehicle insurance and vehicle maintenance such as hire purchase / lease of vehicle, petrol / diesel, public transport service maintenance, tires, vehicle Insurance, and vehicle purchase is relatively more expensive compared to other cities with a rank of 29 out of 276.
Your exact customized cost of living index for Reykjavik is based on which of the above basket groups as well as the comparison location you select in the Calculators.
In terms of the hardship people are likely to experience, assessed in global terms, Reykjavik is ranked as a high degree of hardship location with a hardship index of 30%.
Your exact customized hardship index premium for Reykjavik is based on the comparison location that you select in the Calculators.
CAPITAL CITY: Reykjavík
LARGEST CITY: Reykjavík
CURRENCY: Iceland Krona (ISK)
ECONOMY: Iceland's Scandinavian-type economy is basically capitalistic, however it has an extensive welfare system (including generous housing subsidies), low unemployment, and a remarkably even distribution of income. Approximately 70 percent of export earnings comes from the fishing industry which also employs 6% of the work force. Exports consist of fish and fish products, aluminum, and ferrosilicon. Borgartún is the financial centre in Reykjavík, hosting a large number of companies and three investment banks.
Reykjavik has an overall cost of living index which equates it with high cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Reykjavik is currently ranked 59 overall, most expensive place in the world for expatriates to live, out of 276 international locations. The cost of living overview for each of the 13 Basket Groups is as follows:
Alcohol & Tobacco costs for alcoholic beverages such as alcohol at bar, beer, locally produced spirit, whiskey, and wine as well as tobacco products such as cigarettes is relatively more expensive compared to other cities with a rank of 39 out of 276.
Clothing costs for clothing and footwear products such as business suits, casual clothing, childrens clothing and footwear, coats and hats, evening wear, shoe repairs, and underwear is equally expensive on average compared to other cities with a rank of 121 out of 276.
Communication costs for various communication costs such as home telephone rental and call charges, internet connection and service provider fees, mobile / cellular phone contract and calls is relatively more expensive compared to other cities with a rank of 78 out of 276.
Education costs such as creche / pre-school fees, high school / college fees, primary school fees, and tertiary study fees is equally expensive on average compared to other cities with a rank of 133 out of 276.
Furniture & Appliance costs for furniture, household equipment and household appliances such as dvd player, fridge freezer, iron, kettle, toaster, microwave, light bulbs, television, vacuum cleaner, and washing machine is equally expensive on average compared to other cities with a rank of 108 out of 276.
Grocery costs for food, non-alcoholic beverages and cleaning material items such as baby consumables, baked goods, baking, canned foods, cheese, cleaning products, dairy, fresh fruits, fresh vegetables, fruit juices, meat, oil & vinegars, pet food, pre-prepared meals, sauces, seafood, snacks, soft drinks, spices & herbs is relatively more expensive compared to other cities with a rank of 70 out of 276.
Healthcare costs for general healthcare, medical and medical insurance such as general practitioner consultation rates, hospital private ward daily rate, non-prescription medicine, and private medical insurance / medical aid contributions is equally expensive on average compared to other cities with a rank of 115 out of 276.
Household costs for housing, water, electricity, household gas, household fuels, local rates and residential taxes such as house / flat mortgage, house / flat rental, household electricity consumption, household gas / fuel consumption, household water consumption, and local property rates / taxes / levies is equally expensive on average compared to other cities with a rank of 105 out of 276.
Miscellaneous costs related to stationary, linen and general goods and services such as domestic help, dry cleaning, linen, office supplies, newspapers and magazines, and postage stamps is relatively more expensive compared to other cities with a rank of 14 out of 276.
Personal Care costs for personal care products and services such as cosmetics, hair care, moisturizer / sun block, nappies, pain relief tablets, toilet paper, toothpaste, and soap / shampoo / conditioner is equally expensive on average compared to other cities with a rank of 151 out of 276.
Recreation and Culture costs such as books, camera film, cinema ticket, DVD and CDs, sports goods, and theatre tickets is relatively more expensive compared to other cities with a rank of 84 out of 276.
Restaurants, Meals Out and Hotel costs such as business dinner, dinner at a restaurant (non fast food), hotel rates, take away drinks and snacks (fast food) is relatively more expensive compared to other cities with a rank of 44 out of 276.
Transport costs for public transport, vehicle costs, vehicle fuel, vehicle insurance and vehicle maintenance such as hire purchase / lease of vehicle, petrol / diesel, public transport service maintenance, tires, vehicle Insurance, and vehicle purchase is relatively more expensive compared to other cities with a rank of 29 out of 276.
Your exact customized cost of living index for Reykjavik is based on which of the above basket groups as well as the comparison location you select in the Calculators.
In terms of the hardship people are likely to experience, assessed in global terms, Reykjavik is ranked as a high degree of hardship location with a hardship index of 30%.
Your exact customized hardship index premium for Reykjavik is based on the comparison location that you select in the Calculators.
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