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The Icelandic travel and tourism sector’s review-period (2008−2012) performance was adversely affected by the country’s slip into recession in 2008. However, despite the volcanic eruption at Eyjafjallajökull in 2010, international and domestic tourism activity increased overall. Domestic tourist volumes rose at a review-period CAGR of 1.89% while international arrivals increased at a CAGR of 7.60%. According to the World Travel and Tourism Council (WTTC), in 2012, the sector accounted for 19.5% of Icelandic GDP and 20.9% of total employment.