Economy of Iceland
Economy of Iceland
Currency
Icelandic króna (ISK)
Fiscal year
calendar year
Trade
organisations
WTO, EFTA, OECD, EEA
Statistics
GDP
$12.144 billion (2007 est.)
GDP per capita $63,830 (2007 nom.) (4th)
Inflation (CPI)
17.1% (Nov. 2008)
Population
below poverty
line
10% (below 60% of the median
equivalised disposable income;
2005)
Labour force
181,500 (2007)
Labour force
by occupation
agriculture 5.9%, industry 20.6%,
services 73.1% (2007)
Unemployment ~7% (Jan. 2009)
Main
industries
fishing; aluminum smelting,
ferrosilicon production; geothermal
power, tourism
External
Exports
$4.766 billion f.o.b. (2007)
Export goods
fish and fish products 40%,
aluminum and alloys 40%, animal
products.
Main export
partners
Eurozone 58.9%, UK 14.0%, US
5.6%, Denmark 4.6%, Japan 4.5%
(2007)
Imports
$6.173 billion f.o.b. (2007)
Import goods
machinery and equipment,
petroleum products, foodstuffs,
textiles
Main import
partners
Eurozone 32.7%, US 14.4%, Sweden
10.7%, Denmark 8.4%, UK 5.7%,
China 5.4%, Japan 5.0%, Norway
4.9% (2007)
Public finances
Public Debt
$10.941 billion (2007)
Revenues
$9.744 billion (2007)
Expenses
$8.640 billion; including capital
acquisitions of $1.103 billion (2007)
Economic aid
~$20 million (0.24% GDP, 2009
budget)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars
The economy of Iceland is small and sub-
ject to high volatility. In 2007, gross domestic
product was US $ $12.144bn in total and
$38,400 per capita, based on purchasing
power parity (PPP) estimates.[1] The financial
crisis of 2007–2009 has produced a decline in
GDP and employment, although the mag-
nitude of
this decline
remains
to be
determined.
Iceland has a mixed economy with high
levels of free trade and government interven-
tion. However, government consumption is
less than in other Nordic countries.
In 1990s, Iceland commenced extensive
free market reforms, which initially produced
strong economic growth. As a result, Iceland
was rated as having some of the world’s
highest levels