Iceland
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| Country | Iceland |
| Width | 250 |
| Caption | Iceland |
| Currency | Icelandic króna (ISK) |
| Year | calendar year |
| Organs | WTO, EFTA, OECD, EEA |
| Rank | 129th |
| Gdp | $12.144 billion (2007 est.) |
| Per Capita | $39,600 (2009 est.) (20th) |
| Gini | 28 (2006) |
| Inflation | 2.8% (May 2011) |
| Poverty | 10% (below 60% of the median equivalised disposable income; 2005) |
| Labor | 181,500 (2007) |
| Edbr | 15th |
| Occupations | agriculture 5.9%, industry 20.6%, services 73.1% (2007) |
| Unemployment | 7.1% (Oct. 2010) |
| Industries | fishing; aluminum smelting, ferrosilicon production; geothermal power, tourism |
| Exports | $4.766 billion f.o.b. (2007) |
| Export-goods | fish and fish products 40%, aluminum and alloys 40%, animal products. |
| Export-partners | Eurozone 58.9%, UK 14.0%, US 5.6%, Denmark 4.6%, Japan 4.5% (2007) |
| Imports | $6.175 billion f.o.b. (2007) |
| Import-goods | machinery and equipment, petroleum products, foodstuffs, textiles |
| Import-partners | Eurozone 32.7%, US 14.4%, Sweden 10.7%, Denmark 8.4%, UK 5.7%, China 5.4%, Japan 5.0%, Norway 4.9% (2007) |
| Debt | $10.941 billion (2007) |
| Revenue | $9.744 billion (2007) |
| Expenses | $8.640 billion; including capital acquisitions of $1.103 billion (2007) |
| Aid | ~$20 million (0.24% GDP, 2009 budget) |
| Reserves | US$6.862 billion (April 2011) |
| Credit | Standard & Poor's:
BBB- (Domestic)
BBB- (Foreign)
BBB- (T&C Assessment)
Outlook: Negative
Moody's:
Baa3
Outlook: Negative
Fitch:
BB+
Outlook: Negative |
| Cianame | ic |
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The economy of Iceland is small and subject to high volatility. In 2007, gross domestic product was US$12.144bn in total and $38,400 per capita, based on purchasing power parity (PPP) estimates. The financial crisis of 2007 � 2010 has produced 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.
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. As of 2007, Iceland tops the list of nations ranked by Human Development Index and 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.
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