nkruptcies and
mergers. Inflation has continued to drop sharply from 20% in 1989 to about
7.5% in 1991 and possibly 3% in 1992, while unemployment is expected to
increase to 2.5%. GDP is expected to contract by nearly 4% in 1992.
GDP:
purchasing power equivalent - $4.2 billion, per capita $16,200; real growth
rate 0.3% (1991)
Inflation rate (consumer prices):
7.5% (1991)
Unemployment rate:
1.8% (1991)
Budget:
revenues $1.7 billion; expenditures $1.9 billion, including capital
expenditures of $NA million (1991 est.)
Exports:
$1.6 billion (f.o.b., 1991)
commodities:
fish and fish products, animal products, aluminum, diatomite
partners:
EC 67.7% (UK 25.3%, FRG 12.7%), US 9.9%, Japan 6% (1990)
Imports:
$1.7 billion (c.i.f., 1991)
commodities:
machinery and transportation equipment, petroleum, foodstuffs, textiles
partners:
EC 49.8% (FRG 12.4%, Denmark 8.6%, UK 8.1%), US 14.4%, Japan 5.6% (1990)
External debt:
$3 billion (1990)
Industrial production:
growth rate 1.75% (1991 est.)
Electricity:
1,063,000 kW capacity; 5,165 million kWh produced, 20,780 kWh per capita
(1991)
Industries:
fish processing, aluminum smelting, ferro-silicon production, hydropower
Agriculture:
accounts for about 25% of GDP (including fishing); fishing is most important
economic activity, contributing nearly 75% to export earnings; principal
crops - potatoes and turnips; livestock - cattle, sheep; self-sufficient in
crops; fish catch of about 1.4 million metric tons in 1989
Economic aid:
US commitments, including Ex-Im (FY70-81), $19.1 million
Currency:
krona (plural - kronur); 1 Icelandic krona (IKr) = 100 aurar

:Iceland Economy

Exchange rates:
Icelandic kronur (IKr) per US$1 - 57.277 (January 1992), 58.996 (1991),
58.284 (1990), 57.042 (1989), 43.014 (1988), 38.677 (1987)
Fiscal year:
calendar year

:Iceland Communications

Highways:
12,343 km total; 166 km bitumen and concrete; 1,284 km bituminous treated
and gravel; 10,893 km earth
Ports:
Reykjavik, Akureyri, Hafnarfjordhur, Keflavik, Seydhisfjordhur,
Siglufjordhur, Vestmannaeyjar
Merchant marine:
12 ships (1,000 GRT or over) totaling 37,969 GRT/57,060 DWT; includes 5
cargo, 3 refrigerated cargo, 2 roll-on/roll-off cargo, 1 petroleum tanker, 1
chemical tanker
Civil air:
20 major transport aircraft
Airports:
9