fish stocks as well as to drops in world prices for its main exports:
fish and fish products, aluminum, and ferrosilicon. The center-right
government plans to continue its policies of reducing the budget and
current account deficits, limiting foreign borrowing, containing
inflation, revising agricultural and fishing policies, diversifying
the economy, and privatizing state-owned industries. The government
remains opposed to EU membership, primarily because of Icelanders'
concern about losing control over their fishing resources.

GDP: purchasing power parity - $5.3 billion (1996 est.)

GDP - real growth rate: 3.3% (1996 est.)

GDP - per capita: purchasing power parity - $19,800 (1996 est.)

GDP - composition by sector:
agriculture: 9.6%
industry: 22.1%
services: 68.3% (1991)

Inflation rate - consumer price index: 2.5% (1996 est.)

Labor force:
total: 145,000 (1994)
by occupation: commerce, transportation, and services 60.0%,
manufacturing 12.5%, fishing and fish processing 11.8%, construction
10.8%, agriculture 4.0%, other 0.9% (1990)

Unemployment rate: 5% (1996)

Budget:
revenues: $1.9 billion
expenditures: $2.1 billion, including capital expenditures of $297
million (1994 est.)

Industries: fish processing; aluminum smelting, ferrosilicon
production, geothermal power; tourism

Industrial production growth rate: 1.75% (1991 est.)

Electricity - capacity: 1.1 million kW (1994)

Electricity - production: 5 billion kWh (1995)

Electricity - consumption per capita: 17,181 kWh (1995 est.)

Agriculture - products: potatoes, turnips; cattle, sheep; fish catch
of about 1.1 million metric tons in 1992

Exports:
total value: $1.67 billion (f.o.b., 1995)
commodities: fish and fish products 75%, animal products, aluminum,
ferrosilicon, diatomite
partners: UK 19%, Germany 14%, US 12%, Japan 11%, Denmark 8%, France
7% (1995)

Imports:
total value: $1.62 billion (f.o.b., 1995)
commodities: machinery and transportation equipment, petroleum
products, foodstuffs, textiles
partners: Germany 11%, Norway 10%, UK 10%, Denmark 9%, US 8%, Sweden
7% (1995)

Debt - external: $2.5 billion (1993 est.)

Economic aid: $NA

Currency: 1 Icelandic krona (IKr) = 100 aurar

Exchange rates: Icelandic kronur (IKr) per US$1 - 68.330 (January
1997), 66.500 (1996), 64.692 (1995), 69.944 (1994), 67.603 (1993),
57.546 (1992)

Fiscal year: calendar year

@Iceland:Communications

Telephones: 143,600 (1993 est.)

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