IMF............................................WB...............................................CIA
rank/measure.........................rank/measure...................................rank/measure
4/64,548............................3/62,733............................................5/66,240
| Economy of Iceland | |
|---|---|
A satellite image of Iceland.
| |
| Rank | 123rd (nominal) / 139th (PPP) |
| Currency | Icelandic króna (ISK) |
| Fiscal year | Calendar year |
| Trade organisations | EFTA, OECD, WTO |
| Statistics | |
| GDP |  $14.6 billion (2012 est.)[1] |
| GDP growth | 1.4% (2012 est.)[2] |
| GDP per capita | $42,351 (2012 est.)[3] |
| GDP by sector | Services: 70.1%, industry: 24.4%, agriculture: 5.3% (2012 est.) |
| Inflation (CPI) | 4.2% (December 2013)[4] |
| Population below poverty line | 10% (below 60% of the median equivalised disposable income; 2005) |
| Gini coefficient | .28 (2006) |
| Labour force | 184,900 (2013)[5] |
| Labour force by occupation | Services: 73%, industry: 22%, agriculture: 4.8% (2008) |
| Unemployment |  4.4% (December 2013)[6] |
| Main industries | Fish processing, aluminum smelting, ferrosilicon production, geothermal power, hydropower, tourism |
| Ease of doing business rank | 13th (2014) |
| External | |
| Exports | $5.1 billion (2012 est.) |
| Export goods | Fish and fish products: 40%, aluminum, animal products, ferrosilicon, diatomite |
| Main export partners |  Netherlands 30.18% Germany 12.59% United Kingdom 9.37% United States 4.63% Norway 4.57% France 4.35%other 34.30%[7] |
| Imports | $4.609 billion (2013 est.) |
| Import goods | Machinery and equipment, petroleum products, foodstuffs, textiles |
| Main import partners | Norway 15.78% United States 9.59% Germany 8.46% China 8.20% Brazil 7.66% Denmark 6.39% Netherlands 5.12% United Kingdom 4.57% Sweden 4.19%other 30.05%[8] |
The economy of Iceland is small and subject to high volatility. In 2011, gross domestic product wasUS$12.3bn. With a population of 321,000, this is $38,000 per capita, based on purchasing power parity(PPP) estimates. The financial crisis of 2007–2010produced a decline in GDP and employment, although the magnitude of this decline remains to be determined.
Iceland has a mixed economy with high levels of free trade and government intervention. However, government consumption is less than in other Nordic countries. Geothermal power in Iceland is the primary source of home and industrial energy in Iceland.
In the 1990s Iceland undertook extensive free market reforms, which initially produced strong economic growth. As a result, Iceland was rated as having one of the world's highest levels of economic freedom as well as civil freedoms. In 2007, Iceland topped the list of nations ranked by Human Development Index and was one of the most egalitarian, according to the calculation provided by the Gini coefficient.
From 2006 onwards, the economy faced problems of growing inflation and current account deficits. Partly in response, and partly as a result of earlier reforms, the financial system expanded rapidly before collapsing entirely in a sweeping financial crisis. Iceland had to obtain emergency funding from the International Monetary Fund and a range of European countries in November 2008.
