licon. 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. Since 2000
growth has varied from a -1% in 2002 to 8% in 2004.

GDP (purchasing power parity):
$11.4 billion (2006 est.)

GDP (official exchange rate):
$13.85 billion (2006 est.)

GDP - real growth rate:
3.7% (2006 est.)

GDP - per capita (PPP):
$38,100 (2006 est.)

GDP - composition by sector:
agriculture: 8.4%
industry: 15.6%
services: 76% (2006 est.)

Labor force:
173,000 (2006 est.)

Labor force - by occupation:
agriculture: 5.1%
industry: 23%
services: 71.4% (2005)

Unemployment rate:
1.3% (2006 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
6.8% (2006 est.)

Investment (gross fixed):
31.4% of GDP (2006 est.)

Budget:
revenues: $7.345 billion
expenditures: $6.655 billion; including capital expenditures of $467
million (2006 est.)

Public debt:
23.5% of GDP (2006 est.)

Agriculture - products:
potatoes, green vegetables; mutton, dairy products; fish

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

Industrial production growth rate:
5% (2006 est.)

Electricity - production:
8.474 billion kWh (2004)

Electricity - production by source:
fossil fuel: 0.1%
hydro: 82.5%
nuclear: 0%
other: 17.5% (geothermal) (2001)

Electricity - consumption:
7.881 billion kWh (2004)

Electricity - exports:
0 kWh (2004)

Electricity - imports:
0 kWh (2004)

Oil - production:
0 bbl/day (2004 est.)

Oil - consumption:
20,560 bbl/day (2004 est.)

Oil - exports:
0 bbl/day (2001)

Oil - imports:
15,470 bbl/day (2001)

Natural gas - production:
0 cu m (2004 est.)

Natural gas - consumption:
0