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Iceland's Scandinavian-type social-market economy combines a capitalist structure and free-market principles with an extensive welfare system. Prior to the 2008 crisis, Iceland had achieved high growth, low unemployment, and a remarkably even distribution of income. The economy depends heavily on the fishing industry, which provides 40% of export earnings, more than 12% of GDP, and employs 7% 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 in...  More..

Economy of Iceland
SOURCE: CIA - The World Factbook
Currency Icelandic Krona
Fiscal Year 01 January - 31 December
GDP (PPP) $12.15 billion (2009 est.)
GDP (per capita) $39,600 (2009 est.)
Exports $4.218 billion (2009 est.)
Imports $2.826 billion (2009 est.)
Main Industries Fish Processing; Aluminum Smelting, Ferrosilicon Production; Geothermal Power, Hydropower, Tourism
Exports - Commodities Fish and Fish Products 70%, Aluminum, Animal Products, Ferrosilicon, Diatomite
Imports - Commodities Machinery and Equipment, Petroleum Products, Foodstuffs, Textiles
Exports Partners Netherlands 33.8%, UK 11.7%, Germany 11.5%, US 5.8%, Japan 4.9%, Norway 4.1% (2008)
Imports Partners Norway 10.9%, Germany 10.4%, Sweden 9%, US 8%, Denmark 7.4%, China 6.8%, Netherlands 5.9%, UK 4.4%, Japan 4% (2008)

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