Iceland's GDP growth rate was a robust 4.9 percent. That's much faster than the healthy 2-3 percent growth rate

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Iceland's economy successfully survived a sovereign bankruptcy and government collapse. But an economic rebound fueled by tourism could be overheating the economy once again. That's because the small island economy is vulnerable to boom and bust cycles.

In 2016, Iceland's gross domestic product was $16.5 billion. Since the country only has 336,000 people, that translate to a wealthy $48,100 GDP per capita.

That's lower than the United States' ($57,300) but higher than

Canada's ($46,200).

Iceland's GDP growth rate was a robust 4.9 percent. That's much faster than the healthy 2-3 percent growth rate. 

Iceland's economy has always relied on fishing and aluminum smelting. The fishing industry provides 12 percent of GDP. It is vulnerable to declining global fish stocks, itself caused by overfishing and climate change.

Tourism became a large contributor to the economy after the 2010 eruption of the Eyjafjallajökull volcano. In 2016, the number of tourists was 4.5 times the country's population. (Source: "Iceland's Economy," The CIA World Factbook.)

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