Current account balance (% of GDP) in Iceland

The Current account balance (% of GDP) in Iceland was last reported at -11.27 in 2010, according to a World Bank report released in 2011. The Current account balance (% of GDP) in Iceland was -11.85 in 2009, according to a World Bank report, published in 2010. The Current account balance (% of GDP) in Iceland was reported at -26.54 in 2008, according to the World Bank. Current account balance is the sum of net exports of goods, services, net income, and net current transfers.This page includes a historical data chart, news and forecasts for Current account balance (% of GDP) in Iceland. Iceland's Scandinavian-type social-market economy combines a capitalist structure and free-market principles with an extensive welfare system, including generous housing subsidies. Prior to the 2008 crisis, Iceland had achieved high growth, low unemployment, and a remarkably even distribution of income. The economy depends heavily on the fishing industry, which provides 40% of export earnings and employs 5% of the work force. Iceland's economy has been diversifying into manufacturing and service industries in the last decade, with new developments in software production, biotechnology, and tourism.

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