Iceland is a Nordic island country with an open economy and a high standard of living. After the 2008 financial crisis, which severely affected the economy, Iceland is currently in the eighth year of robust economic growth, with low unemployment and inequality rates compared to OECD standards. Over the last decade it has diversified towards knowledge services and manufacturing to complement its resource‑based sectors, notably fisheries and metallurgy. In 2015, the service sector accounted for more than 70% of GDP, while industry, including the emergence of software production and biotechnology applications, accounted for 21%. Recent years have also seen a tourism boom, underpinned by significant wage increases in 2015 and the resulting boost in private demand. Labour productivity is above the OECD average, but recently declined slightly. A Science and Technology Policy and Action Plan (2014‑2016) was issued with a focus on: human resources and recruitment; boosting the share of competitive funding; co‑operation and efficiency; and the impacts and follow‑up of public research. A new Science and Technology Policy and Action Plan (2017‑2019) will be issued in May 2017. The new Science and Technology Policy and Action Plan (2017-2019) will be issued in May 2017. In January 2014, Iceland became the first non‑EU country (together with Norway) to be associated with the EU Research and Innovation programme Horizon 2020.