Iceland

Iceland's economy is built on the Scandinavian model and is one of the most developed in the modern world. It is characterized by a low unemployment rate, an even distribution of income and a fairly high rate of economic growth.

In Iceland, all the land that can be used for agricultural purposes is cultivated, which occupies only 1% of the country's territory. At the same time, only 5% of the population is engaged in agriculture, and the gross agricultural output is only 1.4% of GDP.

In recent years, areas of agriculture that were not traditional for this country have begun to develop. So over the past 20 years, the wheat harvest has grown more than 20 times, amounting to 11 thousand tons.

The share of fish products in the country's exports is 63%, and the average annual catch reaches 1.3 million tons. Iceland has adopted a number of measures to restrict fishing activities based on an individual rolling quota system, which, together with the total allowable catch indicator, is the cornerstone of the Icelandic fisheries management system.

There are no reserves of recoverable natural energy resources in the country. At the same time, the overall energy dependence is very low: 88% of imports in 2019 were crude oil and petroleum products. There is no use of natural gas.

Iceland is a unique country with one of the highest use of renewable energy sources in the world. So, during 2010-2019, this use was from 80 to 87 percent of primary energy carriers. An important feature of the country's energy economy is the high share of production and consumption of geothermal energy.