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Description:The Icelandic economy is highly dependent on its fisheries. In 1970, for example, 14 percent of the labor force (6 percent in fish production and 8 percent in fish processing) was employed in the fisheries sector which, in all, contributed 23 percent to the Gross National Product. In 1971, exports of marine products accounted for 84 percent of Icelandic exports. Thus, any change in the fish catch and consequently in exports has direct and multiplier effects on the economy. The United States has become increasingly important in recent years as a market for Icelandic fish products, taking 43 percent of their fish exports in 1971.
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Rights Information:CC0 Public Domain
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