Country Report Iceland July 1998 Main report

Economic structure.

Economic structure Latest available figures Economic indicators 1993 1994 1995 1996 1997 GDP at current prices (Ikr bn) 401.7 421.6 439.1 473.5 511.4 Real GDP growth (%) 0.9 3.8 1.4 5.5 5.0 Consumer price inflation (av; %) 4.1 1.5 1.7 2.3 1.8 Population (mid-year; '000) 265 267 268 269 269 Exports fob ($ m) 1,400 1,611 1,803 1,890 1,850 Imports fob ($ m) 1,351 1,466 1,756 2,045 2,020 Current-account balance ($ m) 47.3 124.9 57.5 -133.7 -114.8 Reserves excl gold ($ m) 426 293 308 454 379 Gross public debt (% of GDP) 53.5 52.6 56.0 56.3 53.3 Exchange rate (av; Ikr:$) 67.60 69.94 64.69 66.50 70.90 June 26th 1998 Ikr71.86:$1; Ikr119.51:o1; Ikr39.71:DM1 Origins of gross domestic product 1997(a) % of total Agriculture 2.0 Fish & fish-processing 14.2 Manufacturing excl fish-processing 12.0 Electricity, gas & water 3.8 Building & construction 7.7 Market-sector services 46.9 Government services 16.1 Other -2.7 Total at factor cost 100.0 Components of gross domestic product 1997 % of total Private consumption 62.1 Government consumption 21.0 Fixed investment 20.3 Stockbuilding(b) 0.0 Exports of goods & services 36.0 Imports of goods & services -37.4 Total at market prices 100.0 Principal exports (fob) 1997 $ m Marine products 1,321 Aluminium & alloys 214 Diatomite & ferro-silicon 60 Agricultural products 30 Principal imports (cif) 1997 $ m Industrial supplies & capital goods 1,021 Consumer goods 390 Transport equipment 274 Food & beverages 181 Main destinations of exports % of Main origins of imports % of 1997 total 1997 total UK 18.9 Germany 11.8 US 13.9 Norway 11.5 Germany 13.1 UK 10.1 Japan 6.6 US 9.4 France 6.3 Denmark 8.6 Denmark 5.6 Sweden 6.7 EU 60.1 EU 58.1 EFTA 8.6 EFTA 13.8 (a) National Economic Institute estimates. (b) Includes statistical discrepancy.

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