Indicator 1.14 - Income Levels
Average income level is a useful indicator of an area's comparative financial welfare and prosperity. The development of the Karahnjukar and Fjardaal projects is likely to have an impact on per capita income levels for the area.
The development will provide direct income effects to employees and their families as well as supporting indirect income effects through firms supplying goods and services and the additional employees in the region.
Performance
a) Average annual salary in East Iceland compared to national average
The average income in Iceland as a whole, and in East-Iceland, increased considerably in the period 2000-2009. It has, however, increased at a faster rate in East Iceland as compared to 2000-2005.
The image below shows the development of income levels since base year 2000. Please keep in mind that the inflation rate is quite high in Iceland, and therefore, the figures for 2006-2008 are calculated according to the income level index in Iceland as a whole. Therefore, this period does not correctly reflect the development in East-Iceland, but may give some clues.
Translation of header: Average income for main job in thousands of kronas.
Figures newer than 2009 are not available from Statistics Iceland.
b. Average salary for Alcoa and Landsvirkjun employees compared with other sources of employment in East Iceland and nationally.
Information about the average income in specific trades are not available at the moment and therefore, there is only an overall comparison. The image below shows the trend in average income for the past few years.
Last updated 4 April 2012
Metrics, Targets and Monitoring Protocol
Metrics
- Average annual salary in East Iceland compared to national average. (Project effect: induced).
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Average salary for Alcoa and Landsvirkjun employees compared with other sources of employment in East Iceland and nationally. (Project effect: induced).
Targets
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Equal to or greater than the national average.
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Equal to or greater than average income in other sources of employment in East Iceland.
Monitoring Protocol
- Statistics Iceland publishes information regularly for Iceland as a whole as well as divided by regions.
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The human resource division of Landsvirkjun and the financial department of Fjardaal provide this information.
Rationale for Indicator Selection
Average income level is a useful indicator of an area's comparative financial welfare and prosperity. The development of the Karahnjukar and Fjardaal projects is likely to have an impact on per capita income levels for the area.
The development will provide direct income effects to employees and their families as well as supporting indirect income effects through firms supplying goods and services and the additional employees in the region.
