Arctic Region > Iceland > Economy

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Agriculture > products potatoes, green vegetables, mutton, dairy products, fish
Big Mac Index	$6.67		[1st of 65]
Definition: Economy > Big Mac Index
Source: CIA World Factbook, 28 July 2005
Business efficiency	85.349		[4th of 51]
Definition: Economy > Business efficiency
Source: The Economist.
Debt > External	$3,073,000,000.00		[65th of 136]
Definition: Economy > Debt > External
Source: IMD International, 2005
Distribution of family income > Gini index	25		[40th of 43]
Definition: Economy > Distribution of family income > Gini index
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008
Economic aid > Donor	$6,700,000.00		[25th of 26]
Definition: Economy > Economic aid > Donor
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008
Economic freedom	3.1		[14th of 156]
Definition: Economy > Economic freedom
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008
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.
Definition: Economy > Economy > Overview
Source: The Heritage Foundation
Exchange rates Icelandic kronur per US dollar - 70.192 (2004), 76.709 (2003), 91.662 (2002), 97.425 (2001), 78.616 (2000)
Definition: Economy > Exchange rates
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008
Exports	$4,793,000,000.00		[100th of 189]
Definition: Economy > Exports
Source: CIA World Factbook, 28 July 2005
GDP	$15,853,990,000.00		[86th of 203]
Definition: Economy > GDP
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008
GDP > PPP	$9,596,000,000.00		[126th of 163]
Definition: Economy > GDP > PPP
Source: World Development Indicators database and CIA World Factbook
GDP > Real growth rate	3.8%		[128th of 198]
Definition: Economy > GDP > Real growth rate
Source: World Bank. 2005. World Development Indicators 2005.
GDP growth > annual %	5.53 annual %		[62nd of 187]
Definition: Economy > GDP growth > annual %
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008
Gross National Income	$8,152,480,000.00		[83rd of 172]
Definition: Economy > Gross National Income
Source: World Development Indicators database
Human Development Index	0.956		[2nd of 178]
Definition: Economy > Human Development Index
Inflation rate (consumer prices)	5.1%		[93rd of 192]
Definition: Economy > Inflation rate (consumer prices)
Source: Human Development Report 2006, United Nations Development Programme
Public debt	27.6 % of GDP		[77th of 121]
Definition: Economy > Public debt
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008
Research and development spending	2.1%		[11th of 69]
Definition: Economy > Research and development spending
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008
Tourist arrivals	202,000		[100th of 152]
Definition: Economy > Tourist arrivals
Source: World Bank. 2002. World Development Indicators 2002. CD-ROM. Washington, DC; aggregates calculated for the Human Development Report Office by the World Bank

Interesting facts on Icelandic Economy

• Three of the top ten countries for GDP per capita are island nations: Bermuda, Cayman Islands, and Iceland.

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