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An estimate of the Genuine Progress Indicator for Iceland, 2000–2019

An estimate of the Genuine Progress Indicator for Iceland, 2000–2019


Title: An estimate of the Genuine Progress Indicator for Iceland, 2000–2019
Author: Cook, David   orcid.org/0000-0001-9200-0515
Davíðsdóttir, Brynhildur
Date: 2021-11
Language: English
Scope: 107154
University/Institute: Háskóli Íslands
University of Iceland
School: Verkfræði- og náttúruvísindasvið (HÍ)
School of Engineering and Natural Sciences (UI)
Department: Umhverfis- og auðlindafræði (HÍ)
Environment and Natural Resources (UI)
Series: Ecological Economics;189
ISSN: 0921-8009
DOI: 10.1016/j.ecolecon.2021.107154
Subject: Economics and Econometrics; General Environmental Science; Sjálfbærni; Hagmælingar
URI: https://hdl.handle.net/20.500.11815/3158

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Citation:

David Cook, Brynhildur Davíðsdóttir, An estimate of the Genuine Progress Indicator for Iceland, 2000–2019, Ecological Economics, Volume 189, 2021, 107154, https://doi.org/10.1016/j.ecolecon.2021.107154.

Abstract:

Target 19 of the United Nations' Sustainable Development Goal 17 calls for the use of alternative measures of economic welfare in addition to Gross Domestic Product (GDP). The Genuine Progress Indicator (GPI) is an example of such a measure, including various non-market benefits and environmental and social costs unaccounted for in GDP. This study presents the results from the first estimate of the GPI for Iceland over the period 2000–2019. Iceland represents an interesting case study given its remoteness, environmental vulnerability, natural resource dependency, and fluctuating economic performance in recent years, which has featured a banking collapse and tourism-fuelled resurgence. The study finds that Iceland's GPI was equal to between 2.41 and 3.05 times the value of national GDP. Statistics for both GDP and the GPI peaked in 2019 at 2,970,076 (USD M 24,237) and 7,163,300 million ISK (USD M 58,443), respectively. Mean annual rates of per capita expansion for both GDP and the GPI were 2.1% and 0.6%, respectively. Despite the scale of the Icelandic GPI, the study also revealed non-negligible values for environmental and social costs which, in aggregate, were equal to between 17.8% and 25.4% of the value of consumption.

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