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Renewable Energy Resources In Island And Their Influence On Economic Development In The Country

Author

Listed:
  • Katarína Hovorková

    (Fakulta medzinárodných vzťahov, Ekonomická univerzita v Bratislave)

Abstract

After independence in the mid-20th century, Iceland was one of Europe's poorest countries. However, the transformation of the economy and the emergence of its own energy resources on the island have brought the country into immediate economic growth and today, on the contrary, Iceland belongs to the most developed countries of Europe and is the leader in the consumption of renewable energy. The aim of this paper is to analyze renewable energy sources in Iceland, especially geothermal energy sources and their impact on economic development in the country. We used the methods of analysis, synthesis, abstraction, comparison and deduction. As a result, Iceland has been able to restructure the national economy even in times of economic crises, due to almost unilateral use of renewable energy in the country, as households did not have to rely on heating imported from financially demanding gas.

Suggested Citation

  • Katarína Hovorková, 2018. "Renewable Energy Resources In Island And Their Influence On Economic Development In The Country," Almanach (Actual Issues in World Economics and Politics), Ekonomická univerzita, Fakulta medzinárodných vzťahov, vol. 13(2), pages 14-20.
    • Handle: RePEc:brv:almnch:v:10:y:2018:i:2:p:14-20
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    More about this item

    Keywords

    Iceland; renewable energy sources; geothermal energy; national economy;
    All these keywords.

    JEL classification:

    • Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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