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1
Economic Overview
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General facts about the Icelandic economy
Key facts about Iceland
GDP Composition 2003
Population: 293,000 Currency: Icelandic Kronur (ISK) FX Rate ( per US$): 64 ISK (Des. 04) GDP growth in 2004 (est.): 5.4% GDP per Capita (2003): $36,500 Inflation in 2004 (est.): 3.9% Unemployment (est.´ 04): 3.0%
GDP per capita in selected countries
Long term trends
The nation is relatively young and the labor market is expanding a relatively fast speed. Private savings rates are low but most people (mandatory) set aside 10-20% of their income into private pension funds, wich are growing fast. Early retirement is almost unknown. There is no pension crisis looming due to both young age of the nation and the well funded pension system Very flexible labour market. The base wage rate in the private sector is set in concencus wage bargening 3-4 years ahead in time. A significant proportion of the overall wage is freely determined by supply and demand on the market. The importance of fishing has been decreasing in the last 15 years. In the early 90's the economy was liberalized, privatized and inflation brought down to single digits.
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A Diverse Economy
GDP Composition
Agriculture Government services 21% 2%
Fishing and fish processing 12% Manufacturing, industries 11%
As in other developed economies services, which to a significant degree are non-tradeable, form the bulk of economic activity The share of manufacturing and electricity supply has risen. These developments reflect a transformation in the utilization of natural and human resources Scope for expanding the harvesting of Iceland´ s coastal fishing grounds has been limited in recent years Utilization of hydroelectric and geothermal power potential has intensified The advent of service industries, such as tourism, has continued unabated Significant progress has been made in humancapital intensive activities such as information technology, software, financial activities and biotechnology
The Icelandic Economy
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Contents
1 2 3 4 5 6 7
Economic Overview
Growth and Investment
Internal Balance External Balance Monetary Policy and Interest Rates Summary of 2004 ; Expectations 2005 and beyond Appendix: Aluminum projects
Labour Particip. (est.´04,15-65 years): 85.9%
Current Account 2004, % of GDP: -6.5% Public Debt 2004, % of GDP: 39.0% Public Balance 2004, % of GDP: 0.1% Rating: Aaa (Moody’s) / A+ (S&P) / AA- (Fitch) Members: EEA, EFTA, OECD, WTO, UN, NATO etc.
Otheห้องสมุดไป่ตู้ services 24%
Agriculture Transport 1% 8%
Fishing & fish processing 10% Manufacturing industry 10%
Government services 22%
Construction, electricity & Commerce w ater supply 12% 13%
Construction, Electricity and water supply 11% Other private services 23% Transport and communication 7% Commerce 13%
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GDP per capita and long term trends
