of reducing the
budget and current account deficits, limiting foreign borrowing,
containing inflation, revising agricultural and fishing policies,
diversifying the economy, and privatizing state-owned industries. The
government, however, remains divided on the issue of EU membership,
primarily because of Icelanders' concern about losing control over
their fishing resources.

National product: GDP - purchasing power parity - $4.5 billion (1994
est.)

National product real growth rate: 2.4% (1994 est.)

National product per capita: $17,250 (1994 est.)

Inflation rate (consumer prices): 1.3% (1994 est.)

Unemployment rate: 7% (1994 est.)

Budget:
revenues: $1.9 billion
expenditures: $2.1 billion, including capital expenditures of $NA
(1994 est.)

Exports: $1.4 billion (f.o.b., 1993)
commodities: fish and fish products, animal products, aluminum,
ferrosilicon, diatomite
partners: EC 68% (UK 25%, Germany 12%), US 11%, Japan 8% (1992)

Imports: $1.3 billion (c.i.f., 1993)
commodities: machinery and transportation equipment, petroleum
products, foodstuffs, textiles
partners: EC 53% (Germany 14%, Denmark 10%, UK 9%), Norway 14%, US 9%
(1992)

External debt: $2.5 billion (1993 est.)

Industrial production: growth rate 1.75% (1991 est.)

Electricity:
capacity: 1,070,000 kW
production: 4.7 billion kWh
consumption per capita: 16,458 kWh (1993)

Industries: fish processing, aluminum smelting, ferro-silicon
production, geothermal power

Agriculture: accounts for about 15% of GDP; fishing is most important
economic activity, contributing nearly 75% to export earnings;
principal crops - potatoes, turnips; livestock - cattle, sheep; fish
catch of about 1.1 million metric tons in 1992

Economic aid:
recipient: US commitments, including Ex-Im (FY70-81), $19.1 million

Currency: 1 Icelandic krona (IKr) = 100 aurar

Exchange rates: Icelandic kronur (IKr) per US$1 - 67.760 (January
1995), 69.944 (1994), 67.603 (1993), 57.546 (1992), 58.996 (1991),
58.284 (1990)

Fiscal year: calendar year

@Iceland:Transportation

Railroads: 0 km

Highways:
total: 11,373 km
paved: 2,513 km
unpaved: gravel, earth 8,860 km (1992)

Ports: Akureyri, Hornafjordur, Isafjordur, Keflavik, Raufarhofn,
Reykjavik, Seydhisfjordhur, Straumsvik, Vestmannaeyjar

Merchant marine:
total: 6 ships (1,000 GRT or over) totaling 30,025 GRT/40,410 DWT
ships by type: cargo 1, chemical tank