<\/a>Iceland’s economy is based largely on aluminum smelting,\u00a0agriculture, geothermal power,\u00a0fish processing, hydropower,\u00a0ferrosilicon production, and tourism. More precisely, its economy depends mostly in the fishing industry, which provides 40% of export earnings, more than 12% of GDP, and employs nearly 5% of the work force. Iceland\u2019s GDP was in 2012 of $13.04 billion, in 2011 of $12.83 billion, and in 2010 of $12.47 billion. In 2013, United Nations’ Human Development Index ranked Iceland\u2019s economy as the 13th most developed economy in the world. Despite the world financial crisis, Iceland\u2019s economic growth reached 1.6% in 2012. With a GDP per capita of $39,900, Iceland managed to decrease the unemployment rate from 7.4% in 2011 to 6% in 2012. In July 2010, Iceland began accession negotiations with the European Union.\u00a0 However,\u00a0 public support has dropped substantially since then because of concern about losing control over fishing resources and in reaction to worries over the ongoing Eurozone crisis.<\/p>\n