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• GDP: US$15.8 billion (2005).
• Main exports: Fish and fish products, aluminium, animal products, ferrosilicon and diatomite.
• Main imports: Machinery and equipment, petroleum products, food and textiles.
• Main trade partners: UK, Germany, Netherlands, Sweden and USA.
• Main exports: Fish and fish products, aluminium, animal products, ferrosilicon and diatomite.
• Main imports: Machinery and equipment, petroleum products, food and textiles.
• Main trade partners: UK, Germany, Netherlands, Sweden and USA.
Economy
Icelanders enjoy a per capita income that is amongst the highest in the world at US$35,700. The country is in a positive economic period; in 2005 economic growth was at 5.5% and unemployment at 2.1%.
Iceland is short of raw materials and so relies heavily on foreign trade; exports of goods and services account for more than one-third of GNP. The largest proportion of these derives from fishing. The economy is therefore particularly susceptible to fluctuating world prices in this commodity and maintains a broad fisheries exclusion zone (320km/200 miles) to protect its earnings. The government remains opposed to EU membership, primarily because of concern about losing control over their fishing resources.
There are developments in software and biotechnology, and financial services, while tourism, particularly whale watching, is now a major earner.
Iceland is short of raw materials and so relies heavily on foreign trade; exports of goods and services account for more than one-third of GNP. The largest proportion of these derives from fishing. The economy is therefore particularly susceptible to fluctuating world prices in this commodity and maintains a broad fisheries exclusion zone (320km/200 miles) to protect its earnings. The government remains opposed to EU membership, primarily because of concern about losing control over their fishing resources.
There are developments in software and biotechnology, and financial services, while tourism, particularly whale watching, is now a major earner.
Business Etiquette
Businesspeople are expected to dress smartly. Local businesspeople are conservative but very friendly and most speak English. Previous appointments are not generally necessary, but visits between May and September should be planned in advance as many local businesspeople travel abroad at this time. The telephone directory is listed by first name.
Office hours: Mon-Fri 0800-1600 (summer) and 0900-1700 (winter).
Office hours: Mon-Fri 0800-1600 (summer) and 0900-1700 (winter).
Conferences & Conventions
There are several large hotels in Reykjavík equipped for conferences and business meetings, while smaller conferences may be held at venues outside the capital. The new Icelandic National Concert and Conference Centre is due to open in autumn 2009 in Reykjavik. The complex will be located by the harbour and will include a cluster of conference and meeting halls (the largest of which will accommodate up to 750 delegates), as well as a luxury hotel and state-of-the-art concert hall.
Business Contacts
Iceland Chamber of Commerce
House of Commerce, 7th floor, Kringlan 7, IS-103 Reykjavík, Iceland
Tel: 510 7100.
Website: www.chamber.is
Iceland Convention and Incentive Bureau
Lækjargötu 3, IS-101 Reykjavík, Iceland
Tel: 562 6070.
Website: www.icelandconvention.com
House of Commerce, 7th floor, Kringlan 7, IS-103 Reykjavík, Iceland
Tel: 510 7100.
Website: www.chamber.is
Iceland Convention and Incentive Bureau
Lækjargötu 3, IS-101 Reykjavík, Iceland
Tel: 562 6070.
Website: www.icelandconvention.com