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Iceland
Lydveldid Island
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EconomyIceland
Field = Fields World Record = World Records  = Dictionary Bar Graph = Bar graph Distribution Maps = Distribution map Field History = Fields History Definitions = Definitions

Economy - overview:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

Iceland's Scandinavian-type social-market economy combines a capitalist structure and free-market principles with an extensive welfare system, including generous housing subsidies. Prior to the 2008 crisis, Iceland had achieved high growth, low unemployment, and a remarkably even distribution of income. Government economic priorities have included stabilizing the krona, reducing the current account deficit, containing inflation, restructuring the financial sector, and diversifying the economy. The economy depends heavily on the fishing industry, which provides 40% of export earnings and employs 5% of the work force. It 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. Iceland's economy has been diversifying into manufacturing and service industries in the last decade, with new developments in software production, biotechnology, and tourism. Abundant geothermal power has attracted substantial foreign investment in the aluminum and hydropower sectors and boosted economic growth, although the financial crisis has put several investment projects on hold. Much of Iceland's economic growth in recent years came as the result of a boom in domestic demand following the rapid expansion of the country's financial sector. Domestic banks expanded aggressively in foreign markets, and consumers and businesses borrowed heavily in foreign-currency loans, following the privatization of the sector in the early 2000s. Worsening global financial conditions throughout 2008 resulted in a sharp depreciation of the krona vis-a-vis other major currencies. The foreign exposure of Icelandic banks, whose loans and other assets totaled more than 10 times the country's GDP, became unsustainable. Iceland's three largest banks collapsed in late 2008. The country negotiated over $10 billion in loans from the IMF and other countries to stabilize its currency and financial sector, and to guarantee foreign deposits in Icelandic banks. A protracted recession is expected in 2009 and 2010 with GDP likely to contract and unemployment likely to surpass 10%. The collapse of the financial system has led to a major shift in opinion in favor of joining the EU and adopting the euro. Previous opposition to this move stemmed from Icelanders' concern about losing control of their fishing resources. Iceland's coalition government collapsed in January 2009 following protests over growing joblessness and losses to personal savings.

GDP (purchasing power parity):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$12.15 billion (2008 est.)
$12.59 billion (2007)
$12.01 billion (2006)
note: data are in 2008 US dollars

GDP - per capita (PPP):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$39,900 (2008 est.)
$41,700 (2007 est.)
$40,100 (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$19.02 billion (2008 est.)

GDP - real growth rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

-3.5% (2008 est.)
4.9% (2007 est.)
4.4% (2006 est.)

GDP - composition by sector:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

agriculture: 5%
industry: 26.5%
services: 68.5% (2008 est.)

Investment (gross fixed):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

21.9% of GDP (2008 est.)

Population below poverty line:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

NA%

Household income or consumption by percentage share:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

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

Distribution of family income - Gini index:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

25 (2005)

Inflation rate (consumer prices):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

13.4% (2008 est.)

Central bank discount rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

15.25% (31 December 2007)

Commercial bank prime lending rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

19.29% (31 December 2007)

Stock of money:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$6.64 billion (31 December 2007)

Stock of money - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

21,651 USD per capita

Stock of quasi money:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$15.05 billion (31 December 2006)

Stock of quasi money - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

49,072 USD per capita

Stock of domestic credit:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$49.67 billion (31 December 2006)

Stock of domestic credit - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

161,953 USD per capita

Labor force:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

166,000 (2008 est.)

Labor force participation rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

54.13 % of population

Labor force - by occupation:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

agriculture: 3%
industry: 19%
services: 78% (2007)

Unemployment rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

1.6%
note: this figure climbed to 9.4% as of February 2009 (2008 est.)

Budget:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

revenues: $7.582 billion
expenditures: $7.159 billion (2008 est.)

Budget revenues per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

24,722 USD per capita

Public debt:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

23% of GDP (2008 est.)

Industries:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

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

Industrial production growth rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

5.5% (2008 est.)

Electricity - production:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

11.71 billion kWh (2007 est.)

Electricity - production per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

38,182 kWh per capita

Electricity - consumption:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

9.312 billion kWh (2006 est.)

Electricity - consumption - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

30,363 kWh per capita

Electricity - exports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 kWh (2007 est.)

Electricity - imports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 kWh (2007 est.)

Oil - production:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 bbl/day (2007 est.)

Oil - production per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

void

Oil - consumption:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

21,120 bbl/day (2007 est.)

Oil - consumption - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

25.14 bbl/year per capita

Oil - exports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

860.8 bbl/day (2005)

Oil - imports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

17,450 bbl/day (2005)

Oil - proved reserves:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 bbl (1 January 2006 est.)

Natural gas - production:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 cu m (2007 est.)

Natural gas - production per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

void

Natural gas - consumption:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 cu m (2007 est.)

Natural gas - consumption - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

void

Natural gas - exports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 cu m (2007 est.)

Natural gas - imports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 cu m (2007 est.)

Natural gas - proved reserves:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 cu m (1 January 2006 est.)

Agriculture - products:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

potatoes, green vegetables; mutton, dairy products; fish

Current account balance:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

-$3.257 billion (2008 est.)

Current account balance - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

-10,619 USD per capita

Exports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$6.846 billion f.o.b. (2008 est.)

Exports per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

22,322 USD per capita

Exports - commodities:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

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

Exports - partners:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

Netherlands 21.3%, Germany 13.3%, UK 13.2%, Ireland 7.7%, US 7.3%, Spain 4.6%, Japan 4.3% (2007)

Imports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$6.543 billion f.o.b. (2008 est.)

Imports per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

21,334 USD per capita

Imports - commodities:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

machinery and equipment, petroleum products, foodstuffs, textiles

Imports - partners:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

US 13.7%, Germany 12.2%, Sweden 10.2%, Denmark 7.5%, Netherlands 5.7%, UK 5.4%, China 5.1%, Norway 4.6% (2007)

Reserves of foreign exchange and gold:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$2.5 billion (31 December 2008 est.)

Reserves of foreign exchange and gold - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

8,152 USD per capita

Debt - external:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$3.073 billion (2002)

Debt - external - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

10,020 USD per capita

Stock of direct foreign investment - at home:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$NA

Stock of direct foreign investment - at home - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

void

Stock of direct foreign investment - abroad:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$NA

Stock of direct foreign investment - abroad - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

void

Market value of publicly traded shares:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$40.56 billion (31 December 2007)

Market value of publicly traded shares - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

132,250 USD per capita

Economic aid - donor:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$6.7 million (2004)

Economic aid - recipient:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

void

Economic aid - recipient per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

void

Currency (code):
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

Icelandic krona (ISK)

Exchange rates:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

Icelandic kronur (ISK) per US dollar - 85.619 (2008 est.), 63.391 (2007), 70.195 (2006), 62.982 (2005), 70.192 (2004)

Fiscal year:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

calendar year
Field = Fields World Record = World Records  = Dictionary Bar Graph = Bar graph Distribution Maps = Distribution map Field History = Fields History Definitions = Definitions


This page was last updated on 29 June, 2009

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