|
|
How is Iceland's economy?
Home » Iceland » Iceland - History and Overview » How is Iceland's economy?One of the 10 richest countries in the world, Iceland has always leaned heavily on its fishing industry. Even now, the industry provides 40% of their export earning and 8% of the country’s jobs. Unfortunately, this means that their economy is highly vulnerable to any changes in world fish prices, declining sock, or other factors in the fish business. Fortunately, the country is beginning to rely more on the travel industry, technology, energy industries (because of their geothermal power), and other money-makers.
Currently, the economic policies are under careful inspection by the government as the country hopes to reduce the budget deficits, limit the amount of money they have to borrow, diversify their resources, etc. However, one of the primary reasons that Iceland is still not a part of the European Union is because of their desire to protect their fishing resources.
Iceland’s economy has grown by 10.5% in two recent years, and they have one of the lowest unemployment rates in the European Economic area – 1.8%.
Related Iceland - History and Overview Articles
- Iceland - History and Overview
- Where is Iceland?
- What's Iceland's history?
- What are Icelanders like?
- How does Iceland handle their politics?
- How is Iceland's economy?