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| Government Type |
constitutional republic |
| Legal System |
civil law system based on Danish law; has not accepted compulsory ICJ jurisdiction |
| Currency |
Icelandic krona (ISK) |
| Economic 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 hydrothermal and geothermal power), the economy depends heavily on the fishing industry, which provides 70% of export earnings and employs 12% 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 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. 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. Growth had been remarkably steady in 1996-2001 at 3%-5%, but could not be sustained in 2002 in an environment of global recession. |
| Natural Resources |
fish, hydropower, geothermal power, diatomite |
| Primary Industries |
fish processing; aluminum smelting, ferrosilicon production, geothermal power; tourism |
| Agricultural Products |
potatoes, green vegetables, chicken, pork, mutton; fish |
| Import Commodities |
machinery and equipment, petroleum products; foodstuffs, textiles |
| Export Commodities |
fish and fish products 70%, animal products, aluminum, diatomite, ferrosilicon |
| Export Partners |
UK 18.2%, Germany 14.9%, Netherlands 10.9%, US 10.3%, Portugal 5.5%, Spain 5.4%, Norway 5.3% (2001) |
| AIRPORTS of Iceland |
| Keflavik Airport |
International, Heliport, Reykjavik 50km (31miles), Position 63°59´06"N, 022°36´20"W, Elevation 52m (170ft) |
Detals |
| Reykjavik Airport |
International, Heliport, Reykjavik 1km (½mile), Position 64°07´48"N, 021°56´26"W, Elevation 15m (49ft) |
Detals |
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