| Iceland can more be called a volcanic island | | | | resources. The huge availability of |
| rather than a country and it lies in the | | | | hydro-electric and geothermal electricity |
| northern direction in Atlantic ocean, eastern | | | | allows more than 90 percent of population to |
| direction of Greenland and just south of the | | | | get electricity and heating to get some |
| arctic circle. Its distance from New York is | | | | relieve in cold and chilly weather of |
| about 4200 kilometers [2600 miles] and 830 | | | | Iceland. The Karahnjukar hydroelectric power |
| kilometers [520 miles] from Scotland. About | | | | station is the biggest power station in |
| 79 percent of total land in Iceland is | | | | Iceland supplying more than 690 megawatts. |
| covered by glaciers, lakes, mountainous lave | | | | The other power stations are station at |
| deserts and other wastelands. Despite of all | | | | Burfell [capacity of 270 megawatts], |
| these unsettling facts standard of living in | | | | Hrauneyjarfoss [capacity of 210 megawatts], |
| Iceland is one among the highest of the | | | | Sigalda and Blanda [150 megawatts]. They are |
| world. For many decades, the economy of | | | | also in search of supplying electricity to |
| Iceland totally depended on fishing and other | | | | mainland Europe through marine cable. |
| jobs related to it. It is still the major | | | | Similarly, aluminum industry is also on the |
| proportion of the exports of Iceland; it is | | | | rise in Iceland. Nordural aluminum plant is |
| around only 10 percent of gross domestic | | | | the largest aluminum plant which is owned by |
| product. The economy of Iceland is growing | | | | Century Aluminum Company of California. This |
| all because of growth of sectors like I.T | | | | plant gives employment to more than 450 |
| sector, tourism and banking and finance. | | | | people and its production has reached to |
| | | | 220000 tons per year. |
| As told earlier, Fishing products are the | | | | |
| major exported items of Iceland. Other | | | | Iceland does not have railway tracks. The |
| important exported things include aluminum, | | | | process of constructing roads formally began |
| ferrosilicon alloys, equipments and | | | | in 1900 A.D and got speeded up in past ten |
| electronic items for fishing and the process | | | | years or so. The total length of roads in |
| of fishing and pharmaceuticals. Services and | | | | Iceland is 13000 kilometers [8125 miles] and |
| areas related to information technology and | | | | paved roads are 4330 kilometers [2706 miles]. |
| life sciences are the fastest growing sectors | | | | These roads connect most of the populated |
| of Icelandic economy. Major part of things | | | | centers which are around coastal areas. |
| exported from Iceland goes to EU [European | | | | Regular flights and ships and ferries connect |
| Union] and EFTA [European Free Trade | | | | all the main cities with the capital |
| Association]. These two European associations | | | | Reykjavik. |
| are followed by America and Japan. Note, that | | | | |
| till now, America is the largest foreign | | | | The national airline of Iceland, Icelandair |
| investor in Iceland and is also the biggest | | | | connects this country to all major European |
| supplier of services like financial and | | | | cities and also to North America. This |
| franchise services, movies/ TV programs, | | | | company is also one of the country biggest |
| music, tourism etc. The agricultural sector | | | | employers. Iceland became the member of EFTA |
| of Iceland is very subsidized and kept very | | | | [European Free Trade Association] in 1970 and |
| personal. | | | | signed an agreement with European Union in |
| | | | 1973 which stated that Iceland is also a |
| Iceland has very less mineral power | | | | member of free trade in European community. |