Iceland banking
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Information
Economy—overview: Iceland's Scandinavian-type economy is basically capitalistic yet with an extensive welfare system low unemployment and remarkably even distribution of income. The economy depends heavily on the fishing industry which provides 75% of export earnings and employs 12% of the work force. In the absence of other natural resources—except energy—Iceland's economy is vulnerable to changing world fish prices. The economy remains sensitive to declining fish stocks as well as to drops in world prices for its main exports: fish and fish products aluminum and ferrosilicon. The center-right government plans to continue its policies of reducing the budget and current account deficits limiting foreign borrowing containing inflation revising agricultural and fishing policies diversifying the economy and privatizing state-owned industries. The government remains opposed to EU membership primarily because of Icelanders' concern about losing control over their fishing resources. Growth is likely to slow in 1998 to a still respectable 3.9%.
GDP: purchasing power parity—$5.71 billion (1997 est.)
GDP—real growth rate: 4.9% (1997 est.)
GDP—per capita: purchasing power parity—$21 000 (1997 est.)
GDP—composition by
agriculture: 9.6%
industry: 22.1%
services: 68.3% (1991)
Inflation rate—consumer price index: 2.3% (1996)
Labor force:
total: 131 000 (1996 est.)
by occupation: manufacturing 12.9% fishing and fish processing 11.8% construction 10.7% other services 59.5% agriculture 5.1% (1996 est.)
Unemployment rate: 3.8% (1997 est.)
Budget:
revenues: $1.9 billion
expenditures: $2.1 billion including capital expenditures of $146 million (1996 est.)
Industries: fish processing; aluminum smelting ferrosilicon production geothermal power; tourism
Industrial production growth rate: NA%
Electricity—capacity: 1.083 million kW (1995)
Electricity—production: 4.916 billion kWh (1995)
Electricity—consumption per capita: 18 481 kWh (1995)
Agriculture—products: potatoes turnips; cattle sheep; fish catch of about 1.1 million metric tons in 1992
Exports:
total value: $1.8 billion (f.o.b. 1996)
commodities: fish and fish products 75% animal products aluminum ferrosilicon diatomite
partners: UK 19% Germany 14% US 12% Japan 11% Denmark 8% France 7% (1995)
Imports:
total value: $2 billion (f.o.b. 1996)
commodities: machinery and transportation equipment petroleum products foodstuffs textiles
partners: Germany 11% Norway 10% UK 10% Denmark 9% US 8% Sweden 7% (1995)
Debt—external: $2.2 billion (1996 est.)
Economic aid: $NA
Currency: 1 Icelandic krona (IKr) = 100 aurar
Exchange rates: Icelandic kronur (IKr) per US$1—72.707 (January 1998) 70.904 (1997) 66.500 (1996) 64.692 (1995) 69.944 (1994) 67.603 (1993)
Fiscal year: calendar year
Source - world66.com
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