The
economy of Iceland, though small, is extremely well-developed and growing rapidly, with one of the highest
Gross Domestic Product per capital in the world. Its rapid growth and
development has attracted the attention of the whole world.
'Iceland' has very few mineral 'resources', and a small area of arable land, so mining and agriculture are not major parts of its 'economy'. But, due to the volcanic nature of the region, and the abundance of glaciers, a large number of hydro electrical and geothermal sources of energy are gradually being used. Also its location in the unpolluted waters of the North Atlantic Ocean means that fishing is a prime contribution to its 'economy'.
Fishing is the largest 'industry' in 'Iceland', which accounts for about 70% of 'Iceland's' total 'export income'. It is therefore the most important part of 'Iceland's economy'.
The monetary policy of 'Iceland' is targeted towards prevention of inflation. The 'economy' is mainly 'export'-driven. The 'export' of marine products bring the maximum 'revenue' in 'Iceland'.
The 'economy' is rapidly diversifying and beginning to exploit myriad fields like 'manufacturing' and service 'industries', software 'development' and financial 'services'. 'Tourism' is also gradually becoming popular, which the abundance of exotic locations in 'Iceland'.
