Information

Life here is good...so good that there's pretty much nothing to write about. Or maybe I'm just still being a little lazy. Anyway, I'm posting an informative piece from Wikipedia about the economy of Iceland. It was probably written by Einar Kvaran, a 56 year-old Icelander living in Dixon, New Mexico who actively contributes to the very cool online encyclopedia (here's an article on Wikipedia from March's Wired magazine). So read on and be informed:

"Economy of Iceland

The economy depends heavily on the fishing industry, which provides over 60% of export earnings and employs 8% of the work force. In the absence of other natural resources (except for abundant hydro-electric and geothermal power), Iceland's economy is vulnerable to changing world fish prices. The economy remains sensitive to declining fish stocks as well as to drops in world prices for its main exports: fish and fish products, aluminum, and ferrosilicon. Although the Icelandic economy is heavily dependant on fishing it is constantly becoming less important as the travel industry, the technology industry and various other industries grow.

The only natural resource conversion is the manufacture of cement. Most buildings are concrete with expensive imported wood used only sparingly and where necessary.

The center-right government plans to continue its policies 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 remains opposed to EU membership, primarily because of Icelanders' concern about losing control over their fishing resources.

Iceland's economy has been diversifying into manufacturing and service industries in the last decade, and new developments in software production, biotechnology, and financial services are taking place. The tourism sector is also expanding, with the recent trends in ecotourism and whale-watching. Growth slowed between 2000 and 2002, but the economy expanded by 4.3% in 2003 and grew by 5.2% in 2004. The unemployment-rate of 2.5% (4th quarter 2004) is the second lowest in the European Economic Area after Liechtenstein."

Oh, and by the way, according to Wikipedia Iceland is the 18th largest island in the world.

2 comments:

digdug said...

sometimes, no news is good news. personally, i've had it up to HERE with the news i hear in texas. it's all about cutting social services, corporate and political greed, and what a rotten state we are when it comes to just about everything. i love the land and hate the insensitive, corporate fascist regime that is currently in power. sure could use a shot of brennivin or two right now...

Lovewine said...

Hooray Maria...all is well! Good news. Fabulous photos and informative tidbits. Is that the 18th largest island/country or just island?