Iceland may face the same problems as ten years ago, when the country was caught up by financial crisis, Bloomberg reports.

Then tourism along with foreign money that it brings into the country helped to get out of crisis. Today the sector is slowing down, while airline faced growing problems after years of rapid expansion.

Arion Bank warns that the number of tourists next year will be reduced after it grew four times in last decade. Tourism is the largest export for Iceland and accounts for 12% of GDP and 20% of business-investments.

Tourism decline may influence the whole economy, including demand for labor, investments into hotels, krona’s exchange rate and other.

Airlines already feel the consequences of such influence. Icelandair Group is going to use help of bondholders this week after it warned about profitability decline. Hopes of air carrier for raising air fares in Europe did not come true. Besides, increasing fuel costs also put pressure on the sector.

Such lowcosters as Wow Air Ehf, Norwegian Air Shuttle ASA also faced problems as they had to cancel some routes. Primera Air went bankrupt this week..

Krona lost 1% on Wednesday.

Number of people visiting Iceland grew by almost 40% in 2016. However, in 2017 this growth was just 24%, and it is going to be 15% this year. Iceland’s economy growth was 7,4% and 4% in 2016 and 2017 respectively.