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Arctic Region > Iceland > Economy
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Agriculture > products potatoes, green vegetables, mutton, dairy products, fish |
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Big Mac Index
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$6.67 |
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[1st of 65]
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Business efficiency
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85.349 |
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[4th of 51]
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Debt > External
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$3,073,000,000.00 |
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[65th of 136]
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Distribution of family income > Gini index
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25 |
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[40th of 43]
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Economic aid > Donor
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$6,700,000.00 |
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[25th of 26]
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Economic freedom
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3.1 |
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[14th of 156]
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Economy > Overview Iceland's Scandinavian-type economy is basically capitalistic, yet with an extensive welfare system (including generous housing subsidies), low unemployment, and remarkably even distribution of income. In the absence of other natural resources (except for abundant geothermal power), the economy depends heavily on the fishing industry, which provides 70% of export earnings and employs 6% of the work force. The economy remains sensitive to declining fish stocks as well as to fluctuations in world prices for its main exports: fish and fish products, aluminum, and ferrosilicon. Substantial foreign investment in the aluminum and hydropower sectors has boosted economic growth which, nevertheless, has been volatile and characterized by recurrent imbalances. Government policies include reducing the current account deficit, limiting foreign borrowing, containing inflation, revising agricultural and fishing policies, and diversifying the economy. The government remains opposed to EU membership, primarily because of Icelanders' concern about losing control over their fishing resources. Iceland's economy has been diversifying into manufacturing and service industries in the last decade, and new developments in software production, biotechnology, and financial services are taking place. The tourism sector is also expanding, with the recent trends in ecotourism and whale watching. The 2006 closure of the US military base at Keflavik had very little impact on the national economy; Iceland's low unemployment rate aided former base employees in finding alternate employment. |
Exchange rates Icelandic kronur per US dollar - 70.192 (2004), 76.709 (2003), 91.662 (2002), 97.425 (2001), 78.616 (2000) |
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Exports
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$4,793,000,000.00 |
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[100th of 189]
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GDP
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$15,853,990,000.00 |
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[86th of 203]
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GDP > PPP
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$9,596,000,000.00 |
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[126th of 163]
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GDP > Real growth rate
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3.8% |
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[128th of 198]
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GDP growth > annual %
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5.53 annual %
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[62nd of 187]
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Gross National Income
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$8,152,480,000.00 |
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[83rd of 172]
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Human Development Index
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0.956 |
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[2nd of 178]
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Inflation rate (consumer prices)
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5.1% |
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[93rd of 192]
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Public debt
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27.6 % of GDP |
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[77th of 121]
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Research and development spending
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2.1% |
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[11th of 69]
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Tourist arrivals
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202,000 |
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[100th of 152]
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... View all Economy stats
SOURCES: CIA World Factbook, 28 July 2005; The Economist.; IMD International, 2005; All CIA World Factbooks 18 December 2003 to 18 December 2008; The Heritage Foundation; World Development Indicators database and CIA World Factbook; World Bank. 2005. World Development Indicators 2005.; World Development Indicators database; ; Human Development Report 2006, United Nations Development Programme; World Bank. 2002. World Development Indicators 2002. CD-ROM. Washington, DC; aggregates calculated for the Human Development Report Office by the World Bank; United Nations World Statistics Pocketbook and Statistical Yearbook
ALTERNATIVE NAMES:
Iceland, Republic of Iceland, Lydhveldidh Island, Island
Interesting facts on Icelandic Economy
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More facts and figures on Iceland
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