Iceland is not part of the European Single Market.
In 1994 , it became a part of the European Economic Area , which further diversified the economy into sectors such as finance , biotechnology , and manufacturing .	European Economic Area	European Economic Area
The European Economic Area -LRB- EEA -RRB- is the area in which the Agreement on the EEA provides for the free movement of persons , goods , services and capital within the European Single Market , as well as the freedom to choose residence in any country within this area .	free movement	Freedom of movement	European Single Market	European Single Market
