Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
Strong economies
Economy

Strong economies: development and prospects for Iceland

01.07.2020
2 min read

Scandinavia is a strong economy with a strong focus on all segments. A striking example is Iceland, whose indicators show steady growth and the reforms adopted improve the standard of living.

Strong economies: review of Iceland’s performance

The unemployment rate in Iceland was 7.6%, which is a good indicator due to the recent crisis. Weakness in the economy can be considered inflation, which was 10%, and in recent years has fallen to 3-4%.
GDP per capita is $12.2 billion, analysts predict that it will increase by 2.3% next year.
It was only after World War II that Iceland began to pay attention to the industrial sector. Now it employs about 30% of the population. The mining industry is underdeveloped and represented by small volumes of production of brown coal, feldspar and pumice. To produce aluminium, other countries buy aluminium dioxide and then export the metal.
The basis of the manufacturing industry is the production of fish – canned food, supplies of freshly frozen fish and other products. There are ship repair enterprises for servicing the fishing fleet.
Besides these industries, residents are involved in a textile industry, metallurgy. Various electrical equipment and construction materials are produced.
Iceland has great potential for developing alternative energy sources. Hydropower generation volumes are estimated at 80 billion kWh per year. Currently only 6% of this resource is involved.

Strong economies

Geothermal energy is used for public utilities and greenhouse services.
Most of the imports are from the UK and Norway. Despite quite large local reserves of raw materials, production is only 70% financially and technologically sound. The amount of electricity produced for the year was 5 billion kW, where 95% is hydroelectric power.
Iceland is a small country with limited natural resources. Therefore, foreign trade is not well represented here, although in recent years this segment has received attention and introduced various measures for development. This has yielded results and the share of exports is gradually increasing. The main product that Iceland sells is fish and its products. In addition, the country sells aluminium, ferro silicon and agricultural products.

In Iceland, only 1% of the territory is suitable for the needs of an agricultural complex. 4,500 farms raise cattle, pigs, hens, Icelandic horses, sheep and other animals and birds. Attention is paid to crop production, and the wheat harvest has increased 20 times in 20 years.
There is no railway in Iceland, instead there is a well developed network of highways, sea transport, air travel.

Tags: Global Economy
0
Previous Post Inventor and businessman Isaac Singer: a success story Next Post Spanish financials: securities market characteristics

You Might Also Like

Swedish authorities
Economy
Swedish authorities intend to develop a digital equivalent of the krone
15.08.2021
investment in saving the planet
Economy
EU urges private companies to invest in saving the planet
23.03.2022
China's economic growth
Economy
China’s growth will be among the lowest
15.11.2022
Australia's ore exports
Economy
Australia’s ore exports to rise, profits to fall
19.12.2024
LNG terminals
Economy
Germany leases LNG terminals to supply the country with gas
15.03.2023
Japan's exports
Economy
Japan’s exports continue to grow for 19 consecutive months
09.12.2022

Popular Posts

  • Analysts: Egypt’s economy to continue falling in 2023
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Spain’s economy performs best in the EU

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Spokesperson
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Spokesperson
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Spokesperson
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Spokesperson
16.05.2020

Popular Posts

  • Analysts: Egypt’s economy to continue falling in 2023
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Spain’s economy performs best in the EU
  • Li Ka Shing: How can success be achieved without money and education?
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram

© 2024 CHASLAU KONIUKH. ALL RIGHTS RESERVED. Expert in marketing and project management, international investments, financial analyst.

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics