Icelandic news translated into English

November 3, 2008

National productivity deteriorates by 116 billions

Filed under: economy,Uncategorized — newsfrettir @ 8:47 pm

Common sight in stores these days.
National productivity will deteriorate by 116 billions because of the crash of the banks. For that money it would be possible to pay off the whole National Insurance system and even more. (national assistance)

The bank crash has enormous affect on the national productivity, that is: The valuables made in the country. Last years productivity was worth 1300 billions krónur, but now the national cake will shrink by four percent because of the many jobs lost and income loss in the financial area and another five percent because of bankruptcy of companies and loss of jobs in other job areas.

This means that in total 116 billions will be lost, but the amount would be able to cover the whole national insurance (assistance) system in whole and the health care system. Also 116 billions would cover a purchase of 4600 3 room apartments in the capital and 6 million flights between Reykjavík and Akureyri, just as an example.

(News Article by *noname*)
Original Article in Icelandic

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