| The backbone of any country is its economy. And | | | | extent. But Iceland has learnt to survive well. Fishing |
| besides the geographical factors, what makes a | | | | is also the industry, which engages the highest |
| country known to the world is its economy. The | | | | manpower in Iceland, thus making it very critical to its |
| stronger the economy, the more attention you draw | | | | economy and to the general well being of the |
| from the world. So let us move a step ahead and | | | | Icelanders. |
| know the money matters concerning Iceland and its | | | | The other industries that affect the economy here |
| trade and industries better. | | | | are the manufacturing and service sectors. But the |
| Iceland is known to all of us as a small and beautiful | | | | manufacturing sector too concentrates heavily on the |
| country. But though it is so, it is definitely not small in | | | | equipment needed for the fishing industry and its |
| terms of its development and progress. It is indeed | | | | products. The other sector includes the agricultural |
| quite a developed country. The proof for this is its | | | | sector, especially vegetables. Grazing lands, aluminum |
| per capita GDP of $38,100. This GDP is amongst one | | | | smelting and ferrisilicon production are also some of |
| of the highest in the world. The economy of Iceland | | | | the other notable areas. Even biotechnology has fast |
| is a mixed economy i.e. though it is chiefly capitalist, it | | | | started gaining ground here. |
| supports the concept of a welfare state too. | | | | The Icelanders benefit largely from and have learnt |
| The standard of living in Iceland is very high and is | | | | to use cleverly, their natural resources to the hilt. |
| comparable to most of the European nations. You will | | | | Especially the fish and energy production has made |
| generally not come across too much of unevenness | | | | them pretty self-sufficient in these respective areas |
| in the Icelandic economy. People are generally well | | | | and has been a driving force for the economy. |
| off and well to do and unemployment is certainly not | | | | Energy production includes hydroelectricity and |
| a major concern here. | | | | geothermal energy, thanks to the abundance of |
| Privatization is quite rampant in Iceland, with only a | | | | geysers in this region. |
| few commercial banks and energy production units, | | | | And Iceland being so blessed naturally, how can we |
| still under the government control. The 3 big banks of | | | | forget the impact of tourism on its economy? |
| Iceland include Glitnir, Landsbanki and Kaupþing | | | | Tourism off late has been growing rapidly and |
| Bank. The Icelandic stock exchange is called as | | | | contributing a lot to the Icelandic economy. |
| Kauphöll Íslands and its currency the | | | | Iceland exports medical products other than the |
| Icelandic Krona (ISK). | | | | expected fish and fish products. Otherwise, Iceland |
| The most significant industry in Iceland is that of | | | | depends on imports for the other goods. Trade with |
| fishing. A major part of the Icelandic income is | | | | the European nations, Scandinavian nations, Germany |
| generated from the fishing industry and the export | | | | and the US is common. |
| of fish products. As a result, Iceland is greatly | | | | Iceland is thus not only physically inviting but also |
| affected by any kind of fluctuations in the fish | | | | boasts of a formidable economy. All these factors |
| markets all over the world. A decline in the number | | | | surely make it a place worth visiting! |
| of fishes in the Atlantic does affect it to a large | | | | |