Economic Health of Iceland
Aside from being the seventh most productive country in the world, based on GDP (gross domestic product), Iceland is also the fifth most productive by GDP at purchasing power parity. The nation relies heavily on its fishing industry, but there is a recent growth seen in the travel industry and other services as well. Additionally, even as it is considered a highly developed country, it is still one of the most newly industrialised in Europe. Furthermore, its strong economic growth in recent decades has allowed the modernisation of infrastructure.
Its recent financial development is the diversification of its economy into manufacturing and service industries over the last decade. This has made improvements in software production, biotechnology and financial services possible. In addition, it has ranked fifth in the Index of Economic Freedom in 2006, and fourteenth in 2008.
