Educational levels in Iceland are rising. According to OECD (2001) approximately 37% of students in each annual class complete the final examinations, 40% have the equivalent of a high school degree and 23% of Icelanders between the ages of 24-65 have completed university examinations or a specialized course at university level. Nine years later (2010) about 67% of Icelanders have finished a high school degree and about 33% have completed university examination. More and more students are now attending universities and according to OECD, Iceland has today one of the highest percentages of students studying at university level.
In recent years, knowledge and research has increasingly formed the basis of the nation’s capital gain. Instead of relying almost exclusively on natural resources, such as the generous fishing grounds and plentiful power which can be produced from geothermal and hydro-electric energy, Icelanders are now directing their attention to the new opportunities in biotechnology, software, computer processing, and pharmaceuticals.
In recent years, Icelandic enterprises have made a niche for themselves in various kinds of hi-tech industry. An example of such enterprise is in the production of software and enterprises which produce software for use in the fishing industry.