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Iceland: Economic and Political Outline

Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline

Economic Indicators

After a period of continuous growth between the second half of the 1990s and 2007, Iceland was badly hit by the global international crisis since October 2008. The rapid expansion of the Icelandic financial system left Iceland completely vulnerable to affront the international financial shocks, up to the point of practically inducing the country into a situation of "national bankruptcy". On top of this, during the last recent years, Iceland's economy has been stimulated by a real estate boom, which contributed to destabilizing the economic situation even more.

Confronted to the total collapse of its financial system, the former government of Geeir Haarde had to nationalize the country's main banks. However, inflation continues to climb (reaching almost 18.6% today). In November 2008, the IMF granted a loan of USD 2 billion in order to stabilize the Icelandic krona's exchange rate, which has suffered considerably due to the crisis, and to re-establish confidence in the economy. In order to benefit from European aid and from the protection that the Euro currency provides, Iceland requested in July 2009 a candidature for its accession to the European Union. However, this project of becoming a member of the EU has not obtained the support of the population and the issue will have to pass through a popular referendum. Unemployment has been decreasing and is now at 7.6%. In 2011 the growth rate was 2.6% (after a decline of 4% in the previous year). The economic outlook for 2012 remains very uncertain, all the more so because the country must settle its dispute with the United Kingdom and the Netherlands, concering the bankrupcy of the Icelanding bank IceSave.

Main Indicators	2009	2010	2011	2012 (e)	2013 (e)
GDP (billions USD)	12.09	12.59	14.09	14.73	15.37
GDP (Constant Prices, Annual % Change)	-6.9	-3.5e	2.5	2.5	3.1
GDP per Capita (USD)	37,853	39,026e	43,226	44,723	46,185
General Government Balance (in % of GDP)	-7.1	-2.4	-2.9	-1.9	-1.0
General Government Gross Debt (in % of GDP)	88.2	92.4	101.2	96.8	95.0
Inflation Rate (%)	12.0	5.4e	4.2	4.5	2.5
Unemployment Rate (% of the Labor Force)	8.0	8.1	7.1	6.0	4.7
Current Account (billions USD)	-1.42	-1.29e	0.27	0.47	-0.07
Current Account (in % of GDP)	-11.7	-10.2	1.9e	-0.4	-

Source: IMF - World Economic Outlook Database ; World Bank , Last Available Data

Note: (e) Estimated Data

Main Sectors of Industry

The agricultural sector contributes 7% to the GDP, the industrial sector to more than 25% and services to more than 68%.

The Icelandic economy relies partly in its renewable natural resources and its related industries: deep sea fishing, hydraulic and geothermal power and pastures.

Fishing accounts for almost 6% of GDP (11% with the processing sector and over 18% when counting its indirect contribution).

It has been several years that its economy has also grown thanks to the services sector. As a fact, Iceland has become the rear-base of several companies specialized in computers and software. There are also many calling centers in the Icelandic territory.

Breakdown of Economic Activity By Sector	Agriculture	Industry	Services
Employment By Sector (in % of Total Employment)	4.5	19.0	74.3
Value Added (in % of GDP)	6.3	27.2	66.5
Value Added (Annual % Change)	-0.1	1.2	1.5

Source: World Bank - Last Available Data.

Find more information about your business sector on our service Market reports.

Monetary Indicators	2006	2007	2008	2009	2010
Iceland Krona (ISK) - Average Annual Exchange Rate For 1 USD	70.18	64.06	87.95	123.64	122.24

Source: World Bank - Last Available Data.

Find out all the exchange rates daily on our service Currency converter.

Learn more about Market Analyses about Iceland on Globaltrade.net, the Directory for International Trade Service Providers.

Indicator of Economic Freedom

Score:: 73.7/100
Position:: Mostly free
World Rank:: 18/171
Regional Rank:: 9/43

Distribution of Economic freedom in the world
Source: 2009 Index of Economic freedom, Heritage Foundation

Note: The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labor freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.

Country Risk

See the Country Risk Analysis Provided By Ducroire.

Foreign Trade in Figures

Iceland has always been open to international trade. Almost half of the exports are fishing products. Iceland also exports aluminum and ferrosilicon (around 40% of its total exports), as well as dairy products. Tourism has been on the rise since 2011, stimulated by the collapse of the national currency. Certain traditional sectors, such as fishing, are doing well, which stimulates the dynamism of the exports.

Iceland's main customers are the United Kingdom (19% of exports), the USA (17.5%), as well as Germany and France (6% respectively).

Its main suppliers are the UK (27% of imports), the USA (20%) and Germany (10%).

Foreign Trade Indicators	2007	2008	2009	2010	2011
Imports of Goods (million USD)	6,738	6,205	3,604	3,931	4,833
Exports of Goods (million USD)	4,783	5,382	4,057	4,601	5,337
Imports of Services (million USD)	2,938	2,501	1,912	2,160	2,532
Exports of Services (million USD)	2,261	2,175	2,303	2,437	2,840
Imports of Goods and Services (Annual % Change)	-0.7	-18.2	-24.1	-	-
Exports of Goods and Services (Annual % Change)	18.1	-	-	-	-
Imports of Goods and Services (in % of GDP)	45.3	47.2	44.4	-	-
Exports of Goods and Services (in % of GDP)	34.6	44.4	53.2	-	-
Trade Balance (million USD)	-1,385	-300	733	983	-
Trade Balance (Including Service) (million USD)	-2,076	-645	1,042	1,346	-
Foreign Trade (in % of GDP)	80.0	91.5	97.5	-	-

Source: WTO - World Trade Organization ; World Bank , Last Available Data

Main Partner Countries

Main Customers (% of Exports)	2010
Netherlands	34.0%
Germany	14.0%
United Kingdom	10.1%
Spain	4.7%
United States	4.6%
Norway	4.2%
France	3.1%
Denmark	2.6%
Japan	2.5%
Russia	2.1%
Nigeria	1.9%
Switzerland	1.8%
Belgium	1.7%
Italy	1.6%
Lithuania	1.5%
Portugal	1.2%
Poland	1.1%
China	0.6%
Faeroe Isds	0.6%
Sweden	0.5%
See More Countries	32.6%

Main Suppliers (% of Imports)	2010
Norway	9.0%
Brazil	8.7%
Netherlands	8.5%
United States	8.2%
Germany	7.5%
Denmark	7.0%
China	6.0%
Finland	5.3%
Sweden	5.2%
United Kingdom	5.1%
Italy	3.0%
Japan	2.3%
France	1.8%
Canada	1.7%
Switzerland	1.4%
Belgium	1.4%
Poland	1.2%
Spain	1.1%
Venezuela	1.1%
India	1.0%
See More Countries	58.1%

Source: Comtrade, Last Available Data

Main Products

Main Exports (% of Exports)	2010
Unwrought aluminiumUnwrought aluminium	39.7%
Fish fillets and other fish meat, whether or not...Fish fillets and other fish meat, whether or not minced, fresh, chilled or frozen	14.7%
Fish, fit for human consumption, dried, salted or...Fish, fit for human consumption, dried, salted or in brine; smoked fish, fit for human consumption, whether or not cooked before or during the smoking process; flours, meals and pellets of fish, fit for human consumption	8.1%
Frozen fish (excl. fish fillets and other fish...Frozen fish (excl. fish fillets and other fish meat of heading 0304)	7.5%
Ferro-alloysFerro-alloys	3.6%
Crustaceans, fit for human consumption, whether in...Crustaceans, fit for human consumption, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine, incl. crustaceans in shell cooked beforehand by steaming or by boiling in water; flours, meals and pellets of crustaceans, fit for human consumption	2.6%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006)	2.6%
Flours, meals and pellets, of meat or meat offal,...Flours, meals and pellets, of meat or meat offal, of fish or of crustaceans, molluscs or other aquatic invertebrates, unfit for human consumption; greaves	2.5%
Fish, fresh or chilled (excl. fish fillets and...Fish, fresh or chilled (excl. fish fillets and other fish meat of heading 0304)	2.2%
Fats and oils and their fractions of fish or...Fats and oils and their fractions of fish or marine mammals, whether or not refined (excl. chemically modified)	1.6%
Powered aircraft "e.g. helicopters and aeroplanes...Powered aircraft "e.g. helicopters and aeroplanes"; spacecraft, incl. satellites, and suborbital and spacecraft launch vehicles	1.3%
Orthopaedic appliances, incl. crutches, surgical...Orthopaedic appliances, incl. crutches, surgical belts and trusses; splints and other fracture appliances; artificial parts of the body; hearing aids and other appliances which are worn or carried, or implanted in the body, to compensate for a defect or disability	1.1%
Aluminium foil, "whether or not printed or backed...Aluminium foil, "whether or not printed or backed with paper, paperboard, plastics or similar backing materials", of a thickness "excl. any backing" of <= 0,2 mm (excl. stamping foils of heading 3212, christmas tree decorating material)	1.0%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals	1.0%
Machinery, not specified or included elsewhere in...Machinery, not specified or included elsewhere in this chapter, for the industrial preparation or manufacture of food or drink (other than machinery for the extraction or preparation of animal or fixed vegetable fats or oils); parts thereof	0.7%
Aluminium wire (excl. stranded wire, cables,...Aluminium wire (excl. stranded wire, cables, plaited bands and the like and other articles of heading 7614, electrically insulated wires, and strings for musical instruments)	0.7%
Prepared or preserved fish; caviar and caviar...Prepared or preserved fish; caviar and caviar substitutes prepared from fish eggs	0.6%
Weighing machinery, incl. weight-operated counting...Weighing machinery, incl. weight-operated counting or checking machines (excl. balances of a sensitivity of 5 cg or better); weighing machine weights of all kinds; parts thereof	0.5%
Carbon electrodes, carbon brushes, lamp carbons,...Carbon electrodes, carbon brushes, lamp carbons, battery carbons and other articles of graphite or other carbon, with or without metal, of a kind used for electrical purposes	0.4%
Self-propelled bulldozers, angledozers, graders,...Self-propelled bulldozers, angledozers, graders, levellers, scrapers, mechanical shovels, excavators, shovel loaders, tamping machines and road rollers	0.4%
Meat of sheep or goats, fresh, chilled or frozenMeat of sheep or goats, fresh, chilled or frozen	0.4%
Clock or watch glasses and similar glasses,...Clock or watch glasses and similar glasses, glasses for non-corrective or corrective spectacles, curved, bent, hollowed or the like, but not optically worked, hollow glass spheres and their segments, for the manufacture of such glasses (excl. flat glass for such purposes)	0.3%
Oscilloscopes, spectrum analysers and other...Oscilloscopes, spectrum analysers and other instruments and apparatus for measuring or checking electrical quantities (excl. meters of heading 9028); instruments and apparatus for measuring or detecting alpha, beta, gamma, x-ray, cosmic or other ionizing radiations	0.3%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702)	0.3%
Ferrous waste and scrap; remelting scrap ingots of...Ferrous waste and scrap; remelting scrap ingots of iron or steel (excl. slag, scale and other waste from the production of iron or steel; radioactive waste and scrap; fragments of pigs, blocks or other primary forms of pig iron or spiegeleisen)	0.3%
Fishing vessels; factory ships and other vessels...Fishing vessels; factory ships and other vessels for processing or preserving fishery products (excl. fishing boats for sport)	0.3%
Meat and edible offal of rabbits, hares, pigeons...Meat and edible offal of rabbits, hares, pigeons and other animals, fresh, chilled or frozen (excl. of bovine animals, swine, sheep, goats, horses, asses, mules, hinnies, poultry "fowls of the species gallus domesticus", ducks, geese, turkeys and guinea fowls)	0.2%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab	0.2%
Articles for the conveyance or packaging of goods,...Articles for the conveyance or packaging of goods, of plastics; stoppers, lids, caps and other closures, of plastics	0.2%
Medicaments consisting of two or more constituents...Medicaments consisting of two or more constituents mixed together for therapeutic or prophylactic uses, not in measured doses or put up for retail sale (excl. goods of heading 3002, 3005 or 3006)	0.2%
Waters, incl. natural or artificial mineral waters...Waters, incl. natural or artificial mineral waters and aerated waters, not containing added sugar, other sweetening matter or flavoured; ice and snow	0.2%
Live horses, asses, mules and hinniesLive horses, asses, mules and hinnies	0.2%
Waste and scrap, of aluminium (excl. slags, scale...Waste and scrap, of aluminium (excl. slags, scale and the like from iron and steel production, containing recoverable aluminium in the form of silicates, ingots or other similar unwrought shapes, of remelted waste and scrap, of aluminium, ashes and residues from aluminium production)	0.1%
Live fishLive fish	0.1%
Animal products n.e.s.; dead animals of all types,...Animal products n.e.s.; dead animals of all types, unfit for human consumption	0.1%
Knotted netting of twine, cordage or rope, by the...Knotted netting of twine, cordage or rope, by the piece or metre; made-up fishing nets and other made-up nets, of textile materials (excl. hair-nets, nets for sporting purposes, incl. landing nets, butterfly nets and the like)	0.1%
Food preparations, n.e.s.Food preparations, n.e.s.	0.1%
Raw furskins, incl. heads, tails, paws and other...Raw furskins, incl. heads, tails, paws and other pieces or cuttings suitable for use in furriery (excl. raw hides and skins of heading 4101, 4102 or 4103)	0.1%
Surveying, incl. photogrammetrical surveying,...Surveying, incl. photogrammetrical surveying, hydrographic, oceanographic, hydrological, meteorological or geophysical instruments and appliances (excl. compasses); rangefinders	0.1%
Prepared binders for foundry moulds or cores;...Prepared binders for foundry moulds or cores; chemical products and preparations for the chemical or allied industries, incl. mixtures of natural products, n.e.s.	0.1%
Moving, grading, levelling, scraping, excavating,...Moving, grading, levelling, scraping, excavating, tamping, compacting, extracting or boring machinery, for earth, minerals or ores; pile-drivers and pile-extractors; snow-ploughs and snow-blowers (excl. those mounted on railway wagons, motor vehicle chassis or lorries, self-propelled machinery of heading 8429, lifting, handling, loading or unloading machinery of heading 8425 to 8428 and hand-operated tools)	0.1%
See More Products	26.4%

Main Imports (% of Imports)	2010
Artificial corundum, whether or not chemically...Artificial corundum, whether or not chemically defined; aluminium oxide; aluminium hydroxide	13.1%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals	11.8%
Carbon electrodes, carbon brushes, lamp carbons,...Carbon electrodes, carbon brushes, lamp carbons, battery carbons and other articles of graphite or other carbon, with or without metal, of a kind used for electrical purposes	7.8%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006)	2.9%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702)	1.8%
Automatic data processing machines and units...Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s.	1.6%
Crustaceans, fit for human consumption, whether in...Crustaceans, fit for human consumption, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine, incl. crustaceans in shell cooked beforehand by steaming or by boiling in water; flours, meals and pellets of crustaceans, fit for human consumption	1.5%
Machinery, plant or laboratory equipment whether...Machinery, plant or laboratory equipment whether or not electrically heated (excl. furnaces, ovens and other equipment of heading 8514), for the treatment of materials by a process involving a change of temperature such as heating, cooking, roasting, distilling, rectifying, sterilizing, pasteurizing, steaming, drying, evaporating, vapourizing, condensing or cooling (excl. those used for domestic purposes); instantaneous or storage water heaters, non-electric; parts thereof	1.0%
Parts of aircraft and spacecraft of heading 8801...Parts of aircraft and spacecraft of heading 8801 or 8802, n.e.s.	1.0%
Steam turbines and other vapour turbines; parts...Steam turbines and other vapour turbines; parts thereof	0.9%
Powered aircraft "e.g. helicopters and aeroplanes...Powered aircraft "e.g. helicopters and aeroplanes"; spacecraft, incl. satellites, and suborbital and spacecraft launch vehicles	0.8%
Aluminium foil, "whether or not printed or backed...Aluminium foil, "whether or not printed or backed with paper, paperboard, plastics or similar backing materials", of a thickness "excl. any backing" of <= 0,2 mm (excl. stamping foils of heading 3212, christmas tree decorating material)	0.8%
Food preparations, n.e.s.Food preparations, n.e.s.	0.8%
Articles for the conveyance or packaging of goods,...Articles for the conveyance or packaging of goods, of plastics; stoppers, lids, caps and other closures, of plastics	0.7%
Transmission apparatus for radio-telephony,...Transmission apparatus for radio-telephony, radio-telegraphy, radio-broadcasting or television, whether or not incorporating reception apparatus or sound recording or reproducing apparatus; television cameras; still image video cameras and other video camera recorders; digital cameras	0.7%
Fishing vessels; factory ships and other vessels...Fishing vessels; factory ships and other vessels for processing or preserving fishery products (excl. fishing boats for sport)	0.6%
Electrical apparatus for line telephony or line...Electrical apparatus for line telephony or line telegraphy, incl. line telephone sets with cordless handsets and telecommunication apparatus for carrier-current line systems or for digital line systems; videophones; parts thereof	0.6%
Furniture and parts thereof, n.e.s. (excl. seats...Furniture and parts thereof, n.e.s. (excl. seats and medical, surgical, dental or veterinary furniture)	0.6%
Wood sawn or chipped lengthwise, sliced or barked,...Wood sawn or chipped lengthwise, sliced or barked, whether or not planed, sanded or end-jointed, of a thickness of > 6 mm	0.6%
Cartons, boxes, cases, bags and other packing...Cartons, boxes, cases, bags and other packing containers, of paper, paperboard, cellulose wadding or webs of cellulose fibres, n.e.s.; box files, letter trays, and similar articles, of paperboard of a kind used in offices, shops or the like	0.6%
Coal; briquettes, ovoids and similar solid fuels...Coal; briquettes, ovoids and similar solid fuels manufactured from coal	0.6%
Bread, pastry, cakes, biscuits and other bakers'...Bread, pastry, cakes, biscuits and other bakers' wares, whether or not containing cocoa; communion wafers, empty cachets of a kind suitable for pharmaceutical use, sealing wafers, rice paper and similar products	0.5%
Articles of plastics and articles of other...Articles of plastics and articles of other materials of heading 3901 to 3914, n.e.s.	0.5%
New pneumatic tyres, of rubberNew pneumatic tyres, of rubber	0.5%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s.	0.4%
Toilet paper and similar paper, cellulose wadding...Toilet paper and similar paper, cellulose wadding or webs of cellulose fibres, of a kind used for household or sanitary purposes, in rolls of a width <= 36 cm, or cut to size or shape; handkerchiefs, cleansing tissues, towels, tablecloths, serviettes, napkins for babies, tampons, bed sheets and similar household, sanitary or hospital articles, articles of apparel and clothing accessories, of paper pulp, paper, cellulose wadding or webs of cellulose fibres	0.4%
Plates, sheets, film, foil and strip, of...Plates, sheets, film, foil and strip, of non-cellular plastics, not reinforced, laminated, supported or similarly combined with other materials, without backing, unworked or merely surface-worked or merely cut into squares or rectangles (excl. self-adhesive products, and floor, wall and ceiling coverings of heading 3918)	0.4%
Women's or girls' suits, ensembles, jackets,...Women's or girls' suits, ensembles, jackets, blazers, dresses, skirts, divided skirts, trousers, bib and brace overalls, breeches and shorts (excl. knitted or crocheted, wind-jackets and similar articles, slips, petticoats and panties, track suits, ski suits and swimwear)	0.4%
Diagnostic or laboratory reagents on a backing,...Diagnostic or laboratory reagents on a backing, prepared diagnostic or laboratory reagents whether or not on a backing, and certified reference materials (excl. compound diagnostic reagents designed to be administered to the patient, blood-grouping reagents, animal blood prepared for therapeutic, prophylactic or diagnostic uses and vaccines, toxins, cultures of micro-organisms and similar products)	0.4%
Mineral or chemical fertilizers containing two or...Mineral or chemical fertilizers containing two or three of the fertilizing elements nitrogen, phosphorus and potassium; other fertilizers (excl. pure animal or vegetable fertilizers or mineral or chemical nitrogenous, phosphatic or potassic fertilizers); animal, vegetable, mineral or chemical fertilizers in tablets or similar forms or in packages of a gross weight of <= 10 kg	0.4%
Articles for funfair, table or parlour games, incl...Articles for funfair, table or parlour games, incl. pintables, billiards, special tables for casino games and automatic bowling alley equipment	0.4%
Instruments and appliances used in medical,...Instruments and appliances used in medical, surgical, dental or veterinary sciences, incl. scintigraphic apparatus, other electro-medical apparatus and sight-testing instruments, n.e.s.	0.4%
Animal products n.e.s.; dead animals of all types,...Animal products n.e.s.; dead animals of all types, unfit for human consumption	0.4%
Seats, whether or not convertible into beds, and...Seats, whether or not convertible into beds, and parts thereof, n.e.s. (excl. medical, surgical, dental or veterinary of heading 9402)	0.4%
Wine of fresh grapes, incl. fortified wines; grape...Wine of fresh grapes, incl. fortified wines; grape must, partly fermented and of an actual alcoholic strength of > 0,5% vol or grape must with added alcohol of an actual alcoholic strength of > 0,5% vol	0.4%
Instruments and apparatus for physical or chemical...Instruments and apparatus for physical or chemical analysis, e.g. polarimeters, refractometers, spectrometers, gas or smoke analysis apparatus; instruments and apparatus for measuring or checking viscosity, porosity, expansion, surface tension or the like; instruments and apparatus for measuring or checking quantities of heat, sound or light, incl. exposure meters; microtomes	0.4%
Unwrought aluminiumUnwrought aluminium	0.4%
Cigars, cheroots, cigarillos and cigarettes of...Cigars, cheroots, cigarillos and cigarettes of tobacco or of tobacco substitutes	0.4%
Fluorides; fluorosilicates, fluoroaluminates and...Fluorides; fluorosilicates, fluoroaluminates and other complex fluorine salts	0.4%
Heterocyclic compounds with nitrogen hetero-atom[s...Heterocyclic compounds with nitrogen hetero-atom[s] only	0.4%
Heterocyclic compounds with oxygen hetero-atom[s]...Heterocyclic compounds with oxygen hetero-atom[s] only	0.4%
Electrical apparatus for switching or protecting...Electrical apparatus for switching or protecting electrical circuits, or for making connections to or in electrical circuits, e.g., switches, relays, fuses, surge suppressors, plugs, sockets, lamp-holders and junction boxes, for a voltage <= 1.000 v (excl. control desks, cabinets, panels etc. of heading 8537)	0.4%
Machines and mechanical appliances having...Machines and mechanical appliances having individual functions, not specified or included elsewhere in this chapter; parts thereof	0.4%
Footwear with outer soles of rubber, plastics,...Footwear with outer soles of rubber, plastics, leather or composition leather and uppers of leather (excl. orthopaedic footwear, skating boots with ice or roller skates attached, and toy footwear)	0.4%
Electrical transformers, static converters, e.g....Electrical transformers, static converters, e.g. rectifiers, and inductors; parts thereof	0.3%
Television receivers, whether or not incorporating...Television receivers, whether or not incorporating radio-broadcast receivers or sound or video recording or reproducing apparatus; video monitors and video projectors	0.3%
Parts and accessories (other than covers, carrying...Parts and accessories (other than covers, carrying cases and the like) suitable for use solely or principally with machines of heading 8469 to 8472, n.e.s.	0.3%
Insulated "incl. enamelled or anodised" wire,...Insulated "incl. enamelled or anodised" wire, cable "incl. coaxial cable" and other insulated electric conductors, whether or not fitted with connectors; optical fibre cables, made-up of individually sheathed fibres, whether or not assembled with electric conductors or fitted with connectors	0.3%
Coffee, whether or not roasted or decaffeinated;...Coffee, whether or not roasted or decaffeinated; coffee husks and skins; coffee substitutes containing coffee in any proportion	0.3%
Sauce and preparations therefor; mixed condiments...Sauce and preparations therefor; mixed condiments and mixed seasonings; mustard flour and meal, whether or not prepared, and mustard	0.3%
Orthopaedic appliances, incl. crutches, surgical...Orthopaedic appliances, incl. crutches, surgical belts and trusses; splints and other fracture appliances; artificial parts of the body; hearing aids and other appliances which are worn or carried, or implanted in the body, to compensate for a defect or disability	0.3%
Taps, cocks, valves and similar appliances for...Taps, cocks, valves and similar appliances for pipes, boiler shells, tanks, vats or the like, incl. pressure-reducing valves and thermostatically controlled valves; parts thereof	0.3%
Beauty or make-up preparations and preparations...Beauty or make-up preparations and preparations for the care of the skin, incl. sunscreen or sun tan preparations (excl. medicaments); manicure or pedicure preparations	0.3%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with the machinery of heading 8425 to 8430, n.e.s.	0.3%
Electrical machines and apparatus, having...Electrical machines and apparatus, having individual functions, not specified or included elsewhere in this chapter; parts thereof	0.3%
Lamps and lighting fittings, incl. searchlights...Lamps and lighting fittings, incl. searchlights and spotlights, and parts thereof, n.e.s; illuminated signs, illuminated name-plates and the like having a permanently fixed light source, and parts thereof, n.e.s.	0.3%
T-shirts, singlets and other vests, knitted or...T-shirts, singlets and other vests, knitted or crocheted	0.3%
Prepared foods obtained by the swelling or...Prepared foods obtained by the swelling or roasting of cereals or cereal products, e.g. corn flakes; cereals (other than maize "corn") in grain form or in the form of flakes or other worked grains (except flour, groats and meal), pre-cooked or otherwise prepared, n.e.s.	0.3%
Men's or boys' suits, ensembles, jackets, blazers,...Men's or boys' suits, ensembles, jackets, blazers, trousers, bib and brace overalls, breeches and shorts (excl. knitted or crocheted, wind-jackets and similar articles, separate waistcoats, track suits, ski suits and swimwear)	0.3%
Records, tapes and other recorded media for sound...Records, tapes and other recorded media for sound or other similarly recorded phenomena, incl. matrices and masters for the production of records (excl. products of chapter 37)	0.3%
Structures and parts of structures "e.g., bridges...Structures and parts of structures "e.g., bridges and bridge-sections, lock-gates, towers, lattice masts, roofs, roofing frameworks, doors and windows and their frames and thresholds for doors, shutters, balustrades, pillars and columns", of iron or steel; plates, rods, angles, shapes, sections, tubes and the like, prepared for use in structures, of iron or steel (excl. prefabricated buildings of heading 9406)	0.3%
Jerseys, pullovers, cardigans, waistcoats and...Jerseys, pullovers, cardigans, waistcoats and similar articles, knitted or crocheted (excl. wadded waistcoats)	0.3%
Preparations of a kind used in animal feedingPreparations of a kind used in animal feeding	0.3%
Coke and semi-coke of coal, of lignite or of peat,...Coke and semi-coke of coal, of lignite or of peat, whether or not agglomerated; retort carbon	0.3%
Magnesium and articles thereof, n.e.s.; magnesium...Magnesium and articles thereof, n.e.s.; magnesium waste and scrap (excl. ash and residues containing magnesium)	0.3%
Organic surface-active agents (excl. soap);...Organic surface-active agents (excl. soap); surface-active preparations, washing preparations, incl. auxiliary washing preparations, and cleaning preparations, whether or not containing soap (excl. those of heading 3401)	0.3%
Printed books, brochures and similar printed...Printed books, brochures and similar printed matter, whether or not in single sheets (excl. periodicals and publications which are essentially devoted to advertising)	0.3%
Chocolate and other food preparations containing...Chocolate and other food preparations containing cocoa	0.3%
Frozen fish (excl. fish fillets and other fish...Frozen fish (excl. fish fillets and other fish meat of heading 0304)	0.3%
Centrifuges, incl. centrifugal dryers (excl. those...Centrifuges, incl. centrifugal dryers (excl. those for isotope separation); filtering or purifying machinery and apparatus, for liquids or gases; parts thereof (excl. artificial kidneys)	0.3%
Articles of iron or steel, n.e.s. (excl. cast...Articles of iron or steel, n.e.s. (excl. cast articles)	0.3%
Quartz (excl. natural sands); quartzite, whether...Quartz (excl. natural sands); quartzite, whether or not roughly trimmed or merely cut, by sawing or otherwise, into blocks or slabs of a square or rectangular shape	0.2%
Pumps for liquids, whether or not fitted with a...Pumps for liquids, whether or not fitted with a measuring device (excl. ceramic pumps and secretion aspirating pumps for medical use and medical pumps carried on or implanted in the body); liquid elevators (excl. pumps); parts thereof	0.2%
Polymers of ethylene, in primary formsPolymers of ethylene, in primary forms	0.2%
Direction finding compasses; other navigational...Direction finding compasses; other navigational instruments and appliances (excl. radio navigational equipment)	0.2%
Petroleum coke, petroleum bitumen and other...Petroleum coke, petroleum bitumen and other residues of petroleum oil or of oil obtained from bituminous minerals, n.e.s.	0.2%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with internal combustion piston engine of heading 8407 or 8408	0.2%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab	0.2%
Dish washing machines; machinery for cleaning or...Dish washing machines; machinery for cleaning or drying bottles or other containers; machinery for filling, closing, sealing or labelling bottles, cans, boxes, bags or other containers; machinery for capsuling bottles, jars, tubes and similar containers; other packing or wrapping machinery, incl. heat-shrink wrapping machinery; machinery for aerating beverages; parts thereof	0.2%
Articles and equipment for general physical...Articles and equipment for general physical exercise, gymnastics, athletics, other sports, incl. table-tennis, or outdoor games, not specified or included in this chapter or elsewhere; swimming pools and paddling pools.	0.2%
Wheat and meslinWheat and meslin	0.2%
Fats and oils and their fractions of fish or...Fats and oils and their fractions of fish or marine mammals, whether or not refined (excl. chemically modified)	0.2%
Casks, drums, cans, boxes and similar containers,...Casks, drums, cans, boxes and similar containers, incl. rigid or collapsible tubular containers, of aluminium, for any material (other than compressed or liquefied gas), of a capacity of <= 300 l, not fitted with mechanical or thermal equipment, whether or not lined or heat-insulated, n.e.s.	0.2%
Toys (excl. wheeled toys designed to be ridden by...Toys (excl. wheeled toys designed to be ridden by children, dolls' carriages and dolls representing only human beings); reduced-size "scale" recreational models, working or not; puzzles of all kinds	0.2%
Paper and paperboard, coated on one or both sides...Paper and paperboard, coated on one or both sides with kaolin "china clay" or other inorganic substances, whith or without a binder, and with no other coating, whether or not surface-coloured, surface-decorated or printed, in rolls or in square or rectangular sheets, of any size (excl. all other coated papers and paperboards)	0.2%
Tubes, pipes and hoses, and fittings therefor, e.g...Tubes, pipes and hoses, and fittings therefor, e.g. joints, elbows, flanges, of plastics	0.2%
Electric instantaneous or storage water heaters...Electric instantaneous or storage water heaters and immersion heaters; electric space heating apparatus and soil heating apparatus; electro-thermic hair-dressing apparatus, e.g. hair dryers, hair curlers and curling tong heaters, and hand dryers; electric smoothing irons; other electro-thermic appliances of a kind used for domestic purposes; electric heating resistors (other than those of heading 8545); parts thereof	0.2%
Machinery, not specified or included elsewhere in...Machinery, not specified or included elsewhere in this chapter, for the industrial preparation or manufacture of food or drink (other than machinery for the extraction or preparation of animal or fixed vegetable fats or oils); parts thereof	0.2%
Sheet piling of iron or steel, whether or not...Sheet piling of iron or steel, whether or not drilled, punched or made from assembled elements; welded angles, shapes and sections, of iron or steel	0.2%
Screws, bolts, nuts, coach screws, screw hooks,...Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers, incl. spring washers, and similar articles, of iron or steel (excl. lag screws, stoppers, plugs and the like, threaded)	0.2%
Refrigerators, freezers and other refrigerating or...Refrigerators, freezers and other refrigerating or freezing equipment, electric or other; heat pumps; parts thereof (excl. air conditioning machines of heading 8415)	0.2%
Base metal mountings, fittings and similar...Base metal mountings, fittings and similar articles suitable for furniture, doors, staircases, windows, blinds, coachwork, saddlery, trunks, chests, caskets or the like; base metal hat-racks, hat-pegs, brackets and similar fixtures; castors with mountings of base metal; automatic door closers of base metal	0.2%
Air or vacuum pumps (excl. gas compound elevators...Air or vacuum pumps (excl. gas compound elevators and pneumatic elevators and conveyors); air or other gas compressors and fans; ventilating or recycling hoods incorporating a fan, whether or not fitted with filters; parts thereof	0.2%
Printing machinery used for printing by means of...Printing machinery used for printing by means of the printing type, blocks, plates, cylinders and other printing components of heading 8442 and ink-jet printing machines (excl. hectograph or stencil duplicating machines, addressing machines and other office printing machines of heading 8469 to 8472); machines for uses ancillary to printing, for the feeding, carriage or further processing of sheets or webs of paper; parts thereof	0.2%
Cane or beet sugar and chemically pure sucrose, in...Cane or beet sugar and chemically pure sucrose, in solid form	0.2%
Women's or girls' suits, ensembles, jackets,...Women's or girls' suits, ensembles, jackets, blazers, dresses, skirts, divided skirts, trousers, bib and brace overalls, breeches and shorts, knitted or crocheted (excl. wind-jackets and similar articles, slips, petticoats and panties, track suits, ski suits and swimwear)	0.2%
Iron ores and concentrates, incl. roasted iron...Iron ores and concentrates, incl. roasted iron pyrites	0.2%
Printing ink, writing or drawing ink and other...Printing ink, writing or drawing ink and other inks, whether or not concentrated or solid	0.2%
Mattress supports (excl. spring interiors for...Mattress supports (excl. spring interiors for seats); articles of bedding and similar furnishing, e.g. mattresses, quilts, eiderdowns, cushions, pouffes and pillows, fitted with springs or stuffed or internally filled with any material or of cellular rubber or plastics, whether or not covered (excl. pneumatic or water mattresses and pillows, blankets and covers)	0.2%
Boards, panels, consoles, desks, cabinets and...Boards, panels, consoles, desks, cabinets and other bases, equipped with two or more apparatus of heading 8535 or 8536, for electric control or the distribution of electricity, incl. those incorporating instruments or apparatus of chapter 90, and numerical control apparatus (excl. switching apparatus for line telephony or line telegraphy)	0.2%
Salts, incl. table salt and denatured salt, and...Salts, incl. table salt and denatured salt, and pure sodium chloride, whether or not in aqueous solution or containing added anti-caking or free-flowing agents; sea water	0.2%
Twine, cordage, ropes and cables, whether or not...Twine, cordage, ropes and cables, whether or not plaited or braided and whether or not impregnated, coated, covered or sheathed with rubber or plastics	0.2%
Oil-cake and other solid residues, whether or not...Oil-cake and other solid residues, whether or not ground or in the form of pellets, resulting from the extraction of soya-bean oil	0.2%
Plates, sheets and strip, of aluminium, of a...Plates, sheets and strip, of aluminium, of a thickness of > 0,2 mm (excl. expanded plates, sheets and strip)	0.2%
Preparations for use on the hairPreparations for use on the hair	0.2%
Waters, incl. mineral waters and aerated waters,...Waters, incl. mineral waters and aerated waters, containing added sugar or other sweetening matter or flavoured, and other non-alcoholic beverages (excl. fruit or vegetable juices and milk)	0.2%
Hydrogen, rare gases and other non-metalsHydrogen, rare gases and other non-metals	0.2%
Knotted netting of twine, cordage or rope, by the...Knotted netting of twine, cordage or rope, by the piece or metre; made-up fishing nets and other made-up nets, of textile materials (excl. hair-nets, nets for sporting purposes, incl. landing nets, butterfly nets and the like)	0.2%
Fruit juices, incl. grape must, and vegetable...Fruit juices, incl. grape must, and vegetable juices, unfermented, not containing added spirit, whether or not containing added sugar or other sweetening matter	0.2%
Malt extract; food preparations of flour, groats,...Malt extract; food preparations of flour, groats, meal, starch or malt extract, not containing cocoa or containing < 40% by weight of cocoa calculated on a totally defatted basis, n.e.s.; food preparations of milk, cream, butter milk, sour milk, sour cream, whey, yoghourt, kefir, and similar goods of heading 0401 to 0404, not containing cocoa or containing < 5% by weight of cocoa calculated on a totally defatted basis, n.e.s.	0.2%
Motor vehicles for the transport of >= 10 persons,...Motor vehicles for the transport of >= 10 persons, incl. driver	0.2%
Alkali or alkaline-earth metals; rare-earth metals...Alkali or alkaline-earth metals; rare-earth metals, scandium and yttrium, whether or not intermixed or interalloyed; mercury	0.2%
Undenatured ethyl alcohol of an alcoholic strength...Undenatured ethyl alcohol of an alcoholic strength by volume of < 80%; spirits, liqueurs and other spirituous beverages (excl. compound alcoholic preparations of a kind used for the manufacture of beverages)	0.2%
Builders' joinery and carpentry, of wood, incl....Builders' joinery and carpentry, of wood, incl. cellular wood panels, assembled parquet panels, shingles and shakes, of wood (excl. plywood panelling, blocks, strips and friezes for parquet flooring, not assembled, and pre-fabricated buildings)	0.2%
Trailers and semi-trailers; other vehicles, not...Trailers and semi-trailers; other vehicles, not mechanically propelled (excl. railway and tramway vehicles); parts thereof, n.e.s.	0.2%
Amine-function compoundsAmine-function compounds	0.2%
Artificial graphite; colloidal or semi-colloidal...Artificial graphite; colloidal or semi-colloidal graphite; preparations based on graphite or other carbon in the form of pastes, blocks, plates or other semi-manufactures	0.2%
Sugar confectionery not containing cocoa, incl....Sugar confectionery not containing cocoa, incl. white chocolate	0.2%
Phosphinates "hypophosphites", phosphonates ...Phosphinates "hypophosphites", phosphonates "phosphites" and phosphates; polyphosphates, whether or not chemically defined	0.2%
Bananas, incl. plantains, fresh or driedBananas, incl. plantains, fresh or dried	0.1%
Apples, pears and quinces, freshApples, pears and quinces, fresh	0.1%
Paper, paperboard, cellulose wadding and webs of...Paper, paperboard, cellulose wadding and webs of cellulose fibres, coated, impregnated, covered, surface-coloured, surface-decorated or printed, in rolls or in square or rectangular sheets, of any size (excl. goods of heading 4803, 4809 and 4810)	0.1%
Fish fillets and other fish meat, whether or not...Fish fillets and other fish meat, whether or not minced, fresh, chilled or frozen	0.1%
Other vegetables prepared or preserved otherwise...Other vegetables prepared or preserved otherwise than by vinegar or acetic acid, not frozen (excl. preserved by sugar, and tomatoes, mushrooms and truffles)	0.1%
Prepared binders for foundry moulds or cores;...Prepared binders for foundry moulds or cores; chemical products and preparations for the chemical or allied industries, incl. mixtures of natural products, n.e.s.	0.1%
Transmission shafts, incl. camshafts and...Transmission shafts, incl. camshafts and crankshafts, and cranks; bearing housings and plain shaft bearings for machines; gears and gearing; ball or roller screws, gear boxes and other speed changers, incl. torque converters; flywheels and pulleys, incl. pulley blocks, clutches and shaft couplings, incl. universal joints; parts thereof	0.1%
Panty hose, tights, stockings, socks and other...Panty hose, tights, stockings, socks and other hosiery, incl. stockings for varicose veins and footwear without applied soles, knitted or crocheted (excl. for babies)	0.1%
Regulating or controlling instruments and...Regulating or controlling instruments and apparatus (excl. taps, cocks and valves of heading 8481)	0.1%
Bars, rods and profiles, of aluminium, n.e.s.Bars, rods and profiles, of aluminium, n.e.s.	0.1%
Paints and varnishes, incl. enamels and lacquers,...Paints and varnishes, incl. enamels and lacquers, based on synthetic polymers or chemically modified natural polymers, dispersed or dissolved in an aqueous medium	0.1%
Engines and motors (excl. steam turbines, internal...Engines and motors (excl. steam turbines, internal combustion piston engine, hydraulic turbines, water wheels, gas turbines and electric motors); parts thereof	0.1%
Electric filament or discharge lamps, incl. sealed...Electric filament or discharge lamps, incl. sealed beam lamp units and ultra-violet or infra-red lamps; arc-lamps; parts thereof	0.1%
Trunks, suit-cases, vanity-cases, executive-cases,...Trunks, suit-cases, vanity-cases, executive-cases, brief-cases, school satchels, spectacle cases, binocular cases, camera cases, musical instrument cases, gun cases, holsters and similar containers; travelling-bags, insulated food or beverage bags, toilet bags, rucksacks, handbags, shopping-bags, wallets, purses, map-cases, cigarette-cases, tobacco-pouches, tool bags, sports bags, bottle-cases, jewellery boxes, powder-boxes, cutlery cases and similar containers, of leather or of composition leather, of sheeting of plastics, of textile materials, of vulcanised fibre or of paperboard, or wholly or mainly covered with such materials or with paper	0.1%
Grapes, fresh or driedGrapes, fresh or dried	0.1%
Other vegetables, fresh or chilled (excl. potatoes...Other vegetables, fresh or chilled (excl. potatoes, tomatoes, alliaceous vegetables, edible brassicas, lettuce "lactuca sativa" and chicory "cichorium spp.", carrots, turnips, salad beetroot, salsify, celeriac, radishes and similar edible roots, cucumbers and gherkins, and leguminous vegatables)	0.1%
Glaziers' putty, grafting putty, resin cements,...Glaziers' putty, grafting putty, resin cements, caulking compounds and other mastics; painters' fillings; non-refractory surfacing preparations for façades, indoor walls, floors, ceilings or the like	0.1%
Tubes, pipes and hollow profiles "e.g., open seam...Tubes, pipes and hollow profiles "e.g., open seam or welded, riveted or similarly closed", of iron or steel (excl. of cast iron, seamless tubes and pipes and tubes and pipes having internal and external circular cross-sections and an external diameter of > 406,4 mm)	0.1%
Tube or pipe fittings "e.g. couplings, elbows,...Tube or pipe fittings "e.g. couplings, elbows, sleeves", of iron or steel	0.1%
Paper, paperboard, cellulose wadding and webs of...Paper, paperboard, cellulose wadding and webs of cellulose fibres, in strips or rolls of a width <= 36 cm, in rectangular or square sheets of which no side > 36 cm in the unfolded state, or cut to shape other than rectangular or square, and articles of paper pulp, paper, paperboard, cellulose wadding or webs or cellulose fibres, n.e.s.	0.1%
Bed-linen, table linen, toilet linen and kitchen...Bed-linen, table linen, toilet linen and kitchen linen of all types of textile materials (excl. floor-cloths, polishing-cloths, dish-cloths and dusters)	0.1%
Bars and rods of iron or non-alloy steel,...Bars and rods of iron or non-alloy steel, hot-rolled, in irregularly wound coils	0.1%
Lifting, handling, loading or unloading machinery,...Lifting, handling, loading or unloading machinery, e.g. lifts, escalators, conveyors, teleferics (excl. pulley tackle and hoists, winches and capstans, jacks, cranes of all kinds, mobile lifting frames and straddle carriers, works trucks fitted with a crane, fork-lift trucks and other works trucks fitted with lifting or handling equipment)	0.1%
Electric accumulators, incl. separators therefor,...Electric accumulators, incl. separators therefor, whether or not rectangular or square; parts thereof (excl. spent and those of unhardened rubber or textiles)	0.1%
Radar apparatus, radio navigational aid apparatus...Radar apparatus, radio navigational aid apparatus and radio remote control apparatus	0.1%
Human blood; animal blood prepared for therapeutic...Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and modified immunological products, whether or not obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products	0.1%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with the apparatus of heading 8535, 8536 or 8537, n.e.s.	0.1%
Flat-rolled products of stainless steel, of a...Flat-rolled products of stainless steel, of a width of >= 600 mm, hot-rolled or cold-rolled "cold-reduced"	0.1%
Molluscs, fit for human consumption, whether in...Molluscs, fit for human consumption, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine, incl. aquatic invertebrates (other than crustaceans and molluscs); flours, meals and pellets of aquatic invertebrates other than crustaceans, fit for human consumption	0.1%
Beer made from maltBeer made from malt	0.1%
Carboys, bottles, flasks, jars, pots, phials,...Carboys, bottles, flasks, jars, pots, phials, ampoules and other containers, of glass, of a kind used for the conveyance or packing of goods, preserving jars, stoppers, lids and other closures, of glass (excl. glass envelopes and containers, with vacuum insulation, perfume atomizers, flasks, bottles etc. for atomizers)	0.1%
Stranded wire, ropes, cables, plaited bands,...Stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel (excl. electrically insulated products and twisted fencing wire and barbed wire)	0.1%
Ferrous waste and scrap; remelting scrap ingots of...Ferrous waste and scrap; remelting scrap ingots of iron or steel (excl. slag, scale and other waste from the production of iron or steel; radioactive waste and scrap; fragments of pigs, blocks or other primary forms of pig iron or spiegeleisen)	0.1%
Electric sound or visual signalling apparatus, e.g...Electric sound or visual signalling apparatus, e.g. bells, sirens, indicator panels, burglar or fire alarms (excl. those for cycles, motor vehicles and traffic signalling); parts thereof	0.1%
Fruits, nuts and other edible parts of plants,...Fruits, nuts and other edible parts of plants, prepared or preserved, whether or not containing added sugar or other sweetening matter or spirit (excl. prepared or preserved with vinegar, preserved with sugar but not laid in syrup, and jams, fruit jellies, marmalades, fruit purée and pastes, obtained by cooking)	0.1%
Chemical preparations for photographic uses (excl....Chemical preparations for photographic uses (excl. varnishes, glues, adhesives and similar preparations); unmixed products for photographic uses, in measured doses or put up for retail sale ready for use (excl. salts, precious metal compounds and products of heading 2843 to 2846)	0.1%
Electronic integrated circuits and microassembliesElectronic integrated circuits and microassemblies	0.1%
Flat-rolled products of iron or non-alloy steel,...Flat-rolled products of iron or non-alloy steel, of a width >= 600 mm, hot-rolled or cold-rolled "cold-reduced", clad, plated or coated	0.1%
Microphones and stands therefor (excl. cordless...Microphones and stands therefor (excl. cordless microphones with built-in transmitter); loudspeakers, whether or not mounted in their enclosures; headphones and earphones, whether or not combined with a microphone, and sets consisting of a microphone and one or more loudspeakers (excl. telephone sets, hearing aids and helmets with built-in headphones, whether or not incorporating a microphone); audio-frequency electric amplifiers; electric sound amplifier sets; parts thereof	0.1%
Tableware, kitchenware, other household articles...Tableware, kitchenware, other household articles and toilet articles, of plastics (excl. baths, shower-baths, wash-basins, bidets, lavatory pans, seats and covers, flushing cisterns and similar sanitary ware)	0.1%
Pulley tackle and hoists (other than skip hoists);...Pulley tackle and hoists (other than skip hoists); winches and capstans; jacks	0.1%
Paints and varnishes, incl. enamels and lacquers,...Paints and varnishes, incl. enamels and lacquers, based on synthetic polymers or chemically modified natural polymers, dispersed or dissolved in a non-aqueous medium; solutions of products of subheading 3901 to 3913 in volatile organic solvents, containing > 50% solvent by weight (excl. solutions of collodion)	0.1%
Newsprint, in rolls of a width > 36 cm or in...Newsprint, in rolls of a width > 36 cm or in square or rectangular sheets with one side > 36 cm and the other side > 15 cm in the unfolded state	0.1%
Citrus fruit, fresh or driedCitrus fruit, fresh or dried	0.1%
Articles of vulcanised rubber (excl. hard rubber),...Articles of vulcanised rubber (excl. hard rubber), n.e.s.	0.1%
Fish, fresh or chilled (excl. fish fillets and...Fish, fresh or chilled (excl. fish fillets and other fish meat of heading 0304)	0.1%
Plates, sheets, film, foil and strip, of plastics,...Plates, sheets, film, foil and strip, of plastics, reinforced, laminated, supported or similarly combined with other materials, or of cellular plastic, unworked or merely surface-worked or merely cut into squares or rectangles (excl. self-adhesive products, floor, wall and ceiling coverings of heading 3918)	0.1%
Footwear with outer soles of rubber, plastics,...Footwear with outer soles of rubber, plastics, leather or composition leather and uppers of textile materials (excl. toy footwear)	0.1%
Pitch and pitch coke, obtained from coal tar or...Pitch and pitch coke, obtained from coal tar or from other mineral tars	0.1%
Retorts, crucibles, mufflers, nozzles, plugs,...Retorts, crucibles, mufflers, nozzles, plugs, supports, cupels, tubes, pipes, sheaths, rods and other refractory ceramic goods (excl. those of siliceous fossil meals or of similar siliceous earths, and refractory bricks, blocks, tiles and similar refractory ceramic constructional goods)	0.1%
Particle board and similar board "e.g. oriented...Particle board and similar board "e.g. oriented strand board and waferboard" of wood or other ligneous materials, whether or not agglomerated with resins or other organic binding substances (excl. fibreboard, veneered particle board, hollow-core composite panels and board of ligneous materials agglomerated with cement, plaster or other mineral bonding agents)	0.1%
Women's or girls' overcoats, car-coats, capes,...Women's or girls' overcoats, car-coats, capes, cloaks, anoraks, incl. ski-jackets, wind-cheaters, wind-jackets and similar articles (excl. knitted or crocheted, suits, ensembles, jackets, blazers and trousers)	0.1%
See More Products	62.6%

Source: Comtrade, Last Available Data

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Sources of General Economic Information

Ministries: Ministry of Finance
Ministry of Foreign Affairs
Statistical Office: Statistics Iceland
Central Bank: Central Bank of Iceland
Stock Exchange: Nordic Exchange
Search Engines: Iceland on the web
Web Collection
Economic Portals: Portal to the world: Iceland page

Political Outline

Executive Power: The President is the head of the state and is elected by popular vote for a four-year term. The President’s role is largely ceremonial. Following legislative elections, the leader of the majority party or the leader of the majority coalition is usually appointed as the Prime Minister by the President for a four year term.
The Prime Minister is the head of the government and holds the executive powers which include implementation of the law in the country and running the day-to-day affairs. The Prime Minister also appoints the Cabinet.
Legislative Power: The legislature in Iceland is unicameral. The Parliament consists of 63 seats, its members are elected by popular vote to serve four-year terms. The executive branch of government is directly or indirectly dependent on the support of the parliament, often expressed through a vote of confidence. The Prime Minister cannot dissolve the parliament directly but can recommend the same to the President. Legislative power is vested in both the government and the parliament. The people of Iceland enjoy considerable political rights.
Main Political Parties: Iceland has a multi-party system, with numerous parties in which no one party has a chance of gaining power alone, and parties must work with each other to form coalition governments.The major political parties in the country are:
- IP (Independence Party) – centre-right conservative political party, opposes joining the EU;
- PP (Progressive Party) - an agrarian and liberal political party;
- Alliance – a social-democratic party, based on the alliance of the People's Alliance (PA), Social Democratic Party (SDP) and Women's List;
- LGM (Left Green Movement) – advocates traditional socialist values, feminism and environmentalism;
- LP (Liberal Party) – a liberal party, opposes joining the EU and the war in Iraq.
Current Political Leaders: President: Olafur Ragnar GRIMSSON (since August 1996, latest re-election in June 2004) – non-partisan
Prime Minister: Johanna SIGURDADOTTIR (since February 2009) – Alliance.
Next Election Dates: Presidential: 2012
Parliamentary: May 2011

Indicator of Freedom of the Press

World Rank:: 6/179
Evolution:: 4 places down compared to 2010

Source: Worldwide Press Freedom Index 2011, Reporters Without Borders

Note: The world rankings, published annually, measures the violations of press freedom worldwide. It reflects the degree of freedom enjoyed by journalists, the media and digital citizens of each country and the means used by states to respect and uphold this freedom. Finally, a note and a position is assigned to each country. To compile this index, Reporters Without Borders (RWB) prepared a questionnaire sent to partner organizations,150 RWB correspondents, journalists, researchers, jurists and activists of human rights, including the main criteria - 44 in total - to assess the situation of press freedom in a given country. It includes every kind of direct attacks against journalists and digital citizens (murders, imprisonment, assault, threats, etc.) or against the media (censorship, confiscation, searches and harassment etc.).

Indicator of Political Freedom

Ranking:: Free
Political Freedom:: 1/7
Civil Liberties:: 1/7

Map of freedom 2010
Source: Freedom House

Note: The Indicator of Political Freedom provides an annual evaluation of the state of freedom in a country as experienced by individuals. The survey measures freedom according to two broad categories: political rights and civil liberties. The ratings process is based on a checklist of 10 political rights questions (on Electoral Process, Political Pluralism and Participation, Functioning of Government) and 15 civil liberties questions (on Freedom of Expression, Belief, Associational and Organizational Rights, Rule of Law, Personal Autonomy and Individual Rights). Scores are awarded to each of these questions on a scale of 0 to 4, where a score of 0 represents the smallest degree and 4 the greatest degree of rights or liberties present. The total score awarded to the political rights and civil liberties checklist determines the political rights and civil liberties rating. Each rating of 1 through 7, with 1 representing the highest and 7 the lowest level of freedom, corresponds to a range of total scores.

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