Place Credit Reports Iceland Order
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Economy 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 geothermal power), the
economy depends heavily on the fishing industry, which provides 70% of
export earnings and employs 4% 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 current account
deficit, limiting foreign borrowing, containing inflation, revising
agricultural and fishing policies, and diversifying the economy. 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. Growth resumed in 2003, and estimates call for strong growth
until 2007, slowly dropping until the end of the decade.
GCS and Graydon International
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