Country Overview & Comparison to U.S.:
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Icelandic GDP: $13.81 billion (2014 est.)
United States' GDP: $17.46 trillion (2014 est.) The unemployment rate in Iceland is at 4.5% Circa 2014, .9% lower since 2013. The unemployment rate in the United States 6.2% Circa 2014, 1.2% lower since 2013. Percentage of the population in Iceland below the poverty line is unavailable, however in the United States 15.1% of the population lives below the poverty line. The literacy rate of both the United States and Iceland is 99%. Iceland is a Scandinavian-type social-market implements capitalist and free market principles into their economy and run a complex and extensive welfare system. Preceding the 2008 catastrophe, Iceland's economy boomed; high growth, low unemployment, and exceptional distribution of wealth throughout the populations. Iceland's recent advances in biotechnology, software production, and tourism increases have resulted in major economic growth. Iceland is also known for its geothermal energy production and has gained major recognition from other countries and boosted the aluminum market. As of now, Iceland's economy is rising and there have been extensive growth in the economy resulting in the expansion of banks and a better economic stability. Opposed to the financial crisis that happened throughout the early 2000s, that culminated the depreciation of the Icelandic Króna. Iceland's economy is mainly based off of fishing. |
Future Trends
Iceland's trends and Economic goals right now:
(Arctic ocean and oil drilling)
After the financial collapse in Iceland, the government has been trying to raise the stability of the krona, implement capital controls, reduce Iceland's high budget deficit, contain and decrease inflation, address high household debt, restructure the financial sector, and diversify the economy.
Iceland's trends and Economic goals right now:
(Arctic ocean and oil drilling)
After the financial collapse in Iceland, the government has been trying to raise the stability of the krona, implement capital controls, reduce Iceland's high budget deficit, contain and decrease inflation, address high household debt, restructure the financial sector, and diversify the economy.