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Introduction - Iceland:
Location - Iceland:
People - Iceland:
Government - Iceland:
Economy - Iceland:

Economy overview

Icelands 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 nearly 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. 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. Icelands 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. Since 2000 growth has varied from -1% in 2002 to 8% in 2004. The 2006 closure of the US military base at Keflavik had very little impact on the national economy; Icelands low unemployment rate aided former base employees in finding alternate employment.

Gdp purchasing power parity

$11.38 billion (2006 est.)

Gdp official exchange rate

$13.71 billion (2006 est.)

Gdp real growth rate

2.6% (2006 est.)

Gdp per capita ppp

$38,000 (2006 est.)

Gdp composition by sector

agriculture: 8.4%
industry: 15.6%
services: 76% (2006 est.)

Labor force

173,000 (2006 est.)

Labor force by occupation

agriculture: 5.1%
industry: 23%
services: 71.4% (2005)

Unemployment rate

1.3% (2006 est.)

Population below poverty line


Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate consumer prices

6.8% (2006 est.)

Investment gross fixed

31.4% of GDP (2006 est.)


revenues: $7.345 billion
expenditures: $6.655 billion; including capital expenditures of $467 million (2006 est.)

Public debt

23.5% of GDP (2006 est.)

Agriculture products

potatoes, green vegetables; mutton, dairy products; fish


fish processing; aluminum smelting, ferrosilicon production; geothermal power, tourism

Industrial production growth rate

5% (2006 est.)

Electricity production

8.474 billion kWh (2004)

Electricity consumption

7.881 billion kWh (2004)

Electricity exports

0 kWh (2004)

Electricity imports

0 kWh (2004)

Oil production

0 bbl/day (2004 est.)

Oil consumption

20,560 bbl/day (2004 est.)

Oil exports

0 bbl/day (2004)

Oil imports

17,450 bbl/day (2004)

Oil proved reserves

0 bbl

Natural gas production

0 cu m (2004 est.)

Natural gas consumption

0 cu m (2004 est.)

Current account balance

-$2.932 billion (2006 est.)


$3.587 billion f.o.b. (2006 est.)

Exports commodities

fish and fish products 70%, aluminum, animal products, ferrosilicon, diatomite

Exports partners

Netherlands 17.6%, UK 16.4%, Germany 15.9%, Spain 6.8%, US 6.6%, Norway 4.2% (2006)


$5.189 billion (2006 est.)

Imports commodities

machinery and equipment, petroleum products, foodstuffs, textiles

Imports partners

Germany 13%, US 9%, Norway 7.6%, Sweden 7.6%, Denmark 6.6%, UK 5.6%, Netherlands 5.2%, China 4.9%, Japan 4.4%, France 4.2% (2006)

Reserves of foreign exchange and gold

$1.018 billion (August 2006 est.)

Economic aid donor

$6.7 million (2004)

Debt external

$3.073 billion (2002)

Currency code

Icelandic krona (ISK)

Exchange rates

Icelandic kronur per US dollar - 70.195 (2006), 62.982 (2005), 70.192 (2004), 76.709 (2003), 91.662 (2002)

Communications - Iceland:
Transportation - Iceland:
Military - Iceland:
This page was last updated on 16 September, 2007
Source: CIA >>>

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