Covid-19 has hit the export-dependent economy

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MEDIUM RISK for entreprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

The country risk assessments are your North Star metrics to make the right decision for your business and understand the risks in international trade. We have always the best solution for your needs

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GDP USD24.188bn (World ranking 108, World Bank 2019)
Population 0.36mn (World ranking 175, World Bank 2019)
Form of state Parliamentary Republic
Head of government Katrin JAKOBSDOTTIR (Prime Minister)
Next elections 2021, parliamentary elections
  • Highly developed advanced economy with a per capita income of more than USD70,000
  • Prudent macroeconomic policies
  • Sufficient foreign exchange reserves
  • Strong structural business environment
  • Government instability after the 2008-2009 financial crisis
  • Unfavorable economic structure; export concentration in fish and aluminum
  • Vulnerability to economic overheating and large financial shocks
  • Still elevated level of external debt
  • Exchange rate volatility

Trade structure by destination/origin

(% of total)

Exports Rank Imports
Netherlands 26.3%
1
11.4% Norway
United Kingdom 10.3%
2
8.5% United States
Spain 9.5%
3
8.3% Germany
United States 7.3%
4
7.4% China
France 7.1%
5
6.9% Netherlands

Trade structure by product

(% of total)

Exports Rank Imports
Fish, crustaceans, molluscs and preparations thereof 38.82%
1
12.11% Mineral fuels, mineral oils and related products
Non-ferrous metals 34.45%
2
11% Electrical machinery and equipment
Aircraft, Spacecraft, and related products 3%
3
10.93% Machinery and mechanical appliances
Iron and steel 2.74%
4
10.19% Inorganic chemicals, compounds of precious metals
Machinery and mechanical appliances 2.63%
5
8.13% Motor vehicles
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