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.
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