Tourism, fish processing, aluminium smelting, ferrosilicon production, geothermal power, hydropower. GDP and employment that nace salary survey 2016 pdf since been reversed entirely by a recovery aided by a tourism boom starting in 2010. In the 1990s Iceland undertook extensive free market reforms, which initially produced strong economic growth.
European countries in November 2008. Iceland occupies a land area of 103,000 square kilometers. 758,000 square kilometers of water. However, today most sulphur is obtained in the refining of oil. That plant has now been closed for environmental reasons. Iceland has explored the feasibility of exporting hydroelectric energy via submarine cable to mainland Europe and also actively seeks to expand its power-intensive industries, including aluminium and ferro-silicon smelting plants.
Iceland is the world’s largest electricity producer per capita. The presence of abundant electrical power due to Iceland’s geothermal and hydroelectric energy sources has led to the growth of the manufacturing sector. Power-intensive industries, which are the largest components of the manufacturing sector, produce mainly for export. The plant has been in operation since 1969. The second plant started production in 1998 and is operated by Norðurál, a wholly owned subsidiary of U. Its former capacity was 220,000 mtpy but an expansion to 260,000 mtpy has already finished. In 2012 the plant produced 280,000 metric tons which was valued at 610 million dollars or 76 billion krónur.
4,300 gigawatts hours were used in the production that year, amounting to nearly one-fourth of all electrical energy produced in the country. In October 2013, Norðurál announced the start of a five-year project aimed at increasing its production by a further 50,000 mtpy. 346,000 mtpy and was put into operation in April 2008. The project was enormous in the context of the Icelandic economy, increasing total installed electric power capacity from under 1,600 MW to around 2,300 MW. Alcoa to abandon the plan to build Fjardaál.
Several other aluminium smelter projects have been planned. In October 2011, Alcoa announced its decision to cancel the Bakki project. The power supplied will initially support aluminium production of 150,000 mtpy, which will eventually grow to support 250,000 mtpy. Fisheries and related sectors—in recent years labelled “the ocean cluster”—are the single most important part of the Icelandic economy, representing an overall contribution to GDP of 27. Many of these jobs are provided by technological companies that manufacture equipment for fisheries firms and by companies engaged in the advanced processing of marine products or in biotechnical production. By contrast, aquaculture remains a very small industry in Iceland, employing only around 250 people for a production of 5,000 tonnes. Iceland is the second biggest fisheries nation in the North East Atlantic behind Norway, having overtaken the United Kingdom in the early 1990s.
Since 2006, Icelandic fishing waters have yielded a total catch of between 1. 4m tonnes of fish annually, although this is down from a peak of over 2m tonnes in 2003. 2003 to 2009, although this trend appears to have been halted or reversed lately. Icelandic fisheries, with a total catch of 178,516 tonnes in 2010. The Icelandic catch of this previously insignificant fish increased from a negligible 369 tonnes in 1995 to a peak of 501,505 tonnes in 2003.
Subsequently, the stock showed signs of instability and quotas were reduced, leading to a decline in the catch to 87,121 tonnes in 2010. 21st century as the Atlantic Ocean has slightly warmed. The Icelandic banking system has been completely overhauled in the wake of its collapse in 2008. Landsbanki and Byr being taken over by Islandsbanki. Arion Bank and Islandsbanki are mostly owned by foreign creditors while Landsbanki is now majority owned by the State.