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The economy of Iceland is considered a mixed economy with both elements of free trade and influence by the government. [35], United States-based aluminium manufacturer Alcoa runs a plant near the town of Reyðarfjörður. During that time, cold winters, ashfall from volcanic eruptions, and plagues decreased the population several times. Statistics Iceland. Iceland's GDP growth rate peaked at a robust 6.6 percent in 2016. That's much faster than the healthy 2 to 3 percent growth rate. The government remains opposed to European Union membership, primarily because of Icelanders' concern about losing control over their fishing resources. A variety of firms across all sectors of the Icelandic economy are listed on the ICEX. But she also kept social services and provided debt relief to mortgage holders. It is also ranked second on the 2005 United Nations Human Development Index. Phone: 00354 – 5195570. The minority party insisted that one of its members fill the position. Rio Tinto Alcan operates Iceland's first aluminium smelter (plant name: ISAL), in Straumsvík, near the town of Hafnarfjörður. Iceland became a full European Free Trade Association member in 1970 and entered into a free trade agreement with the European Community in 1973. Low cost products can be exported to Iceland to gain substantial mark-ups. Large-scale construction projects in the east of Iceland (see Kárahnjúkar Hydropower Project) have also brought in many people whose stay is expected to be temporary.

It has 130 volcanic mountains, of which 18 have erupted since its settlement. foreign investment in the aluminum sector, boosted economic growth, and sparked some interest from high-tech firms looking to establish data centers using cheap green energy. From 2010 to 2017, the number of tourists visiting Iceland increased by nearly 400%. There are currently three plants in operation with a total capacity of over 800,000 mtpy in 2013,[33] putting Iceland at 11th place among aluminium-producing nations worldwide. The foreign exposure of Icelandic banks, whose loans and other assets totaled nearly nine times the country's GDP, became unsustainable. It has a 4,790 kilometer coastline and a 200 nautical mile (370.4 km) exclusive economic zone extending over 758,000 square kilometers of water. 4.6 percent members of the Free Lutheran Churches of Reykjavík and Hafnarfjörður. Power-intensive products' share of merchandise exports is 21%, compared to 12% in 1997.[32]. This article abides by terms of the Creative Commons CC-by-sa 3.0 License (CC-by-sa), which may be used and disseminated with proper attribution. Since the government was unable to maintain the value of the krona, many suggested Iceland join the European Union and adopt the euro as its currency. Regardless of the industry or area, we are prepared to solve all your inquiries. Tourism became a large contributor to the economy after the 2010 eruption of the Eyjafjallajökull volcano. However, government consumption is less than other Nordic countries. Social expenditure is, however, below that of mainland Scandinavia and most of western Europe. See Wikipedia Here's how Iceland's banks created the crisis.

Ingólfur Arnarson was said to be the first settler. Under the agreement on a European Economic Area, effective January 1, 1994, there is basically free cross-border movement of capital, labor, goods, and services between Iceland, Norway, and the EU countries.

Military equipment inventories and acquisitions: the Icelandic Coast Guard's inventory consists of equipment from European suppliers, Iceland is the only NATO member that has no standing military force; defense of Iceland remains a NATO commitment and NATO maintains an air policing presence in Icelandic airspace; Iceland participates in international peacekeeping missions with the civilian-manned Icelandic Crisis Response Unit (ICRU).

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