‘Denmark granted limited home rule in 1874 and complete independence in 1944. The second half of the 20th century saw substantial economic growth driven primarily by the fishing industry. The economy diversified greatly after the country joined the European Economic Area in 1994, but Iceland was especially hard hit by the global financial crisis in the years following 2008. The economy is now on an upward trajectory, fueled primarily by a tourism and construction boom. Literacy, longevity, and social cohesion are first rate by world standards’. (CIA)
Natural resources
fish, hydropower, geothermal power, diatomite
Economy
‘Iceland is a high-income European economy; frozen EU accession application but Schengen Area member; major tourism, fishing, and aluminium industries; complex regulatory environment; large FDI recipient; highly educated workforce’ (CIA)
Currency: Icelandic Króna (free floating). Ease of doing business index: 26th
