Names: conventional long form: Republic of Iceland conventional short form: Iceland local long form: Lydveldid Island local short form: Island

Capital City: Reykjavik

Population: 299,388 (July 2006 est.)

GDP Per Capita: $38,100 (2006 est.)

Currency: Icelandic krona (ISK)

Languages: Icelandic, English, Nordic languages, German widely spoken

Total Area: total: 103,000 sq km land: 100,250 sq km water: 2,750 sq km slightly smaller than Kentucky

Region: Europe

Industries: fish processing; aluminum smelting, ferrosilicon production; geothermal power, tourism

Agriculture: potatoes, green vegetables; mutton, dairy products; fish

Resources: fish, hydropower, geothermal power, diatomite

Labor Force: 173,000 (2006 est.)
agriculture: 5.1% industry: 23% services: 71.4% (2005)

Exports: $3.587 billion f.o.b. (2006 est.)
fish and fish products 70%, aluminum, animal products, ferrosilicon, diatomite

Imports: $5.189 billion (2006 est.)
machinery and equipment, petroleum products, foodstuffs, textiles

Overview: Iceland's Scandinavian-type economy is basically capitalistic, yet with an extensive welfare system (including generous housing subsidies), low unemployment, and remarkably even distribution of income. In the absence of other natural resources (except for abundant geothermal power), the economy depends heavily on the fishing industry, which provides nearly 60% of export earnings and employs 6% of the work force. The economy remains sensitive to declining fish stocks as well as to fluctuations in world prices for its main exports: fish and fish products, aluminum, and ferrosilicon. Government policies include reducing the current account deficit, limiting foreign borrowing, containing inflation, revising agricultural and fishing policies, and diversifying the economy. 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. Since 2000 growth has varied from a -1% in 2002 to 8% in 2004.

_{CIA World Book}

In 2007 Missouri exported $2,694,551 in goods to Iceland. This ranks Iceland 84^th among the 223 international buyers of Missouri goods. Missouri exports to Iceland decreased from the previous year by $427,276 a change of -13.69%. State exports to Iceland have increased over the last 5 years by $2,344,174 a change of 669.04%. Missouri exports account for .02%. of all 2007 US exports to Iceland.