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The Economy of Iceland
The Economy of Iceland
Who runs the country?
-President Ólafur Ragnar Grímsson
-Prime Minister Johann Sigurdardottir
-Minister of Economic Affairs,
Katrin Jakobsdottir
-Mixed Economy with high levels of free trade and government intervention
Unemployment Rate:
Jan, 2008: 2.4%
Jan, 2010: 7.4%
Jan, 2012: 6.5%
Apr, 2015: 4.3%
Population Size (2013):
323,002
Why is Iceland's economy strong?
-Iceland's social market economy utilizes both a capitalist structure and free market principles with extensive social welfare programs.
- Would you be able to live in iceland ? why or why not?
- How does icelands economy compare to other european countries you know about?
Works Cited:
-https://www.cia.gov/library/publications/the-world-factbook/geos/ic.html
-http://country-facts.findthedata.com/compare/1-165/United-States-vs-Iceland
-http://www.government.is/how-iceland-is-governed/
-http://www.infoplease.com/world/leaders/iceland.html
How is the country governed?
-Iceland is a constitutional republic with a multiparty system.
-Arguably the world' oldest parliamentary government (Parliament, "Althingi" established in 930 A.D.
Quick Facts!
CIA World Factbook Ranking:
153
Gross Domestic Product (Standard US Dollars)
2000: 8.95 Billion
2005: 16.8 Billion
2010: 13.26 Billion
2015: 15.01 Billon
(118,579,000 Icelandic Króna)
Other Strengths:
-Very low unemployment
-Remarkably even distribution of wealth
-Limits government
Dear Iceland, what kind of economy do you have?
Social market economy:
"an economic system based on a free market operated in conjunction with state provision for those unable to sell their labor, such as people who are elderly or unemployed."
How is the country governed?
-Iceland is a constitutional republic with a multiparty system.
-Arguably the world' oldest parliamentary government (Parliament, "Althingi" established in 930 A.D.
-Economic crash in 2008
-Still recovering
-Only recently began diversifying into industry and manufacturing
-High budget deficit (when expenditures greatly exceed revenue)
Weaknesses?
How is Iceland different than the United States?
Questions for the class?
- Social welfare programs are more extensive
-GDP is significantly lower
-Social Market Economy versus Free Market Economy
-GDP Growth Rate of 1.83% to 2.39%
-Lower Unemployment Rate (US: 5.5%)