Legend:
 Definition
 Field Listing
 Rank Order
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Background:
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Settled by Norwegian and Celtic (Scottish and Irish) immigrants during the late 9th and 10th centuries A.D., Iceland boasts the world's oldest functioning legislative assembly, the Althing, established in 930. Independent for over 300 years, Iceland was subsequently ruled by Norway and Denmark. Fallout from the Askja volcano of 1875 devastated the Icelandic economy and caused widespread famine. Over the next quarter century, 20% of the island's population emigrated, mostly to Canada and the US. Limited home rule from Denmark was granted in 1874 and complete independence attained in 1944. Literacy, longevity, and social cohesion are first-rate by world standards.
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Location:
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Northern Europe, island between the Greenland Sea and the North Atlantic Ocean, northwest of the United Kingdom
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Geographic coordinates:
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65 00 N, 18 00 W
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Map references:
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Arctic Region
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Area:
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total: 103,000 sq km
land: 100,250 sq km
water: 2,750 sq km
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Area - comparative:
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slightly smaller than Kentucky
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Land boundaries:
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0 km
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Coastline:
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4,970 km
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Maritime claims:
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territorial sea: 12 nm
exclusive economic zone: 200 nm
continental shelf: 200 nm or to the edge of the continental margin
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Climate:
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temperate; moderated by North Atlantic Current; mild, windy winters; damp, cool summers
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Terrain:
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mostly plateau interspersed with mountain peaks, icefields; coast deeply indented by bays and fiords
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Elevation extremes:
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lowest point: Atlantic Ocean 0 m
highest point: Hvannadalshnukur 2,110 m (at Vatnajokull glacier)
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Natural resources:
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fish, hydropower, geothermal power, diatomite
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Land use:
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arable land: 0.07%
permanent crops: 0%
other: 99.93% (2005)
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Irrigated land:
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NA
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Total renewable water resources:
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170 cu km (2005)
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Freshwater withdrawal (domestic/industrial/agricultural):
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total: 0.17 cu km/yr (34%/66%/0%)
per capita: 567 cu m/yr (2003)
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Natural hazards:
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earthquakes and volcanic activity
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Environment - current issues:
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water pollution from fertilizer runoff; inadequate wastewater treatment
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Environment - international agreements:
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party to: Air Pollution, Air Pollution-Persistent Organic Pollutants, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Kyoto Protocol, Law of the Sea, Marine Dumping, Ozone Layer Protection, Ship Pollution, Transboundary Air Pollution, Wetlands, Whaling
signed, but not ratified: Environmental Modification, Marine Life Conservation
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Geography - note:
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strategic location between Greenland and Europe; westernmost European country; Reykjavik is the northernmost national capital in the world; more land covered by glaciers than in all of continental Europe
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Population:
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306,694 (July 2009 est.)
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Age structure:
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0-14 years: 20.7% (male 32,268/female 31,308)
15-64 years: 67.1% (male 104,158/female 101,584)
65 years and over: 12.2% (male 16,952/female 20,424) (2009 est.)
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Median age:
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total: 35.1 years
male: 34.6 years
female: 35.6 years (2009 est.)
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Population growth rate:
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0.741% (2009 est.)
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Birth rate:
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13.43 births/1,000 population (2009 est.)
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Death rate:
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6.81 deaths/1,000 population (2008 est.)
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Net migration rate:
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0.83 migrant(s)/1,000 population (2009 est.)
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Urbanization:
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urban population: 92% of total population (2008)
rate of urbanization: 0.8% annual rate of change (2005-10 est.)
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Sex ratio:
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at birth: 1.04 male(s)/female
under 15 years: 1.03 male(s)/female
15-64 years: 1.02 male(s)/female
65 years and over: 0.83 male(s)/female
total population: 1 male(s)/female (2009 est.)
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Infant mortality rate:
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total: 3.23 deaths/1,000 live births
male: 3.38 deaths/1,000 live births
female: 3.08 deaths/1,000 live births (2009 est.)
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Life expectancy at birth:
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total population: 80.67 years
male: 78.53 years
female: 82.9 years (2009 est.)
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Total fertility rate:
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1.9 children born/woman (2009 est.)
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HIV/AIDS - adult prevalence rate:
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0.2% (2007 est.)
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HIV/AIDS - people living with HIV/AIDS:
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220 (2007 est.)
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HIV/AIDS - deaths:
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fewer than 100 (2003 est.)
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Nationality:
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noun: Icelander(s)
adjective: Icelandic
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Ethnic groups:
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homogeneous mixture of descendants of Norse and Celts 94%, population of foreign origin 6%
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Religions:
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Lutheran Church of Iceland 80.7%, Roman Catholic Church 2.5%, Reykjavik Free Church 2.4%, Hafnarfjorour Free Church 1.6%, other religions 3.6%, unaffiliated 3%, other or unspecified 6.2% (2006 est.)
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Languages:
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Icelandic, English, Nordic languages, German widely spoken
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Literacy:
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definition: age 15 and over can read and write
total population: 99%
male: 99%
female: 99% (2003 est.)
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School life expectancy (primary to tertiary education):
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total: 18 years
male: 17 years
female: 19 years (2006)
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Education expenditures:
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7.6% of GDP (2004)
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Country name:
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conventional long form: Republic of Iceland
conventional short form: Iceland
local long form: Lydveldid Island
local short form: Island
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Government type:
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constitutional republic
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Capital:
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name: Reykjavik
geographic coordinates: 64 09 N, 21 57 W
time difference: UTC 0 (5 hours ahead of Washington, DC during Standard Time)
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Administrative divisions:
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8 regions; Austurland, Hofudhborgarsvaedhi, Nordhurland Eystra, Nordhurland Vestra, Sudhurland, Sudhurnes, Vestfirdhir, Vesturland
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Independence:
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1 December 1918 (became a sovereign state under the Danish Crown); 17 June 1944 (from Denmark)
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National holiday:
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Independence Day, 17 June (1944)
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Constitution:
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16 June 1944, effective 17 June 1944; amended many times
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Legal system:
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civil law system based on Danish law; has not accepted compulsory ICJ jurisdiction
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Suffrage:
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18 years of age; universal
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Executive branch:
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chief of state: President Olafur Ragnar GRIMSSON (since 1 August 1996)
head of government: Prime Minister Johanna SIGURDARDOTTIR (since 2 February 2009);
cabinet: Cabinet appointed by the prime minister
elections: president, a largely ceremonial post, is elected by popular vote for a four-year term (no term limits); election last held 28 June 2004 (next to be held in June 2012); following legislative elections, the leader of the majority party or the leader of the majority coalition is usually the prime minister
note: the election for president planned for 28 June 2008 was never held because Olafur Ragnar GRIMSSON had no challengers; he was sworn in on 1 August 2008; a coalition government of the Social Democratic Alliance and the Left-Green Movement, headed by Johanna SIGURDARDOTTIR, assumed office 1 February 2009
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Legislative branch:
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unicameral Parliament or Althing (63 seats; members are elected by popular vote to serve four-year terms)
elections: last held 25 April 2009 (elections to be held by NA 2013)
election results: percent of vote by party - Social Democratic Alliance 29.8%, Independence Party 23.7%, Left-Green Movement 21.7%, Progressive Party 14.8%, Citizens' Movement 7.2%, other 2.8%; seats by party - Social Democratic Alliance 20, Independence Party 16, Left-Green Alliance 14, Progressive Party 9, Citizens' Movement 4
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Judicial branch:
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Supreme Court or Haestirettur (justices are appointed for life by the Minister of Justice); eight district courts (justices are appointed for life by the Minister of Justice)
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Political parties and leaders:
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Citizens' Movement; Independence Party or IP [Bjarni BENEDIKTSSON, Jr.]; Left-Green Movement or LGM [Steingrimur SIGFUSSON]; Liberal Party or LP [Gudjon KRISTJANSSON]; Progressive Party or PP [Sigmundur David GUNNLAUGSSON; Social Democratic Alliance or SDA [Johanna SIGUROARDOTTIR] (includes People's Alliance or PA, Social Democratic Party or SDP, Women's List)
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Political pressure groups and leaders:
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People's Voices [Hordur TORFARSON]; New Times; Civic Action Association [Gunnar SIGURDSSON]; The Association of Military Opponents [Stefan PALSSON]
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International organization participation:
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Arctic Council, Australia Group, BIS, CBSS, CE, EAPC, EBRD, EFTA, FAO, IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IPU, ISO, ITSO, ITU, ITUC, MIGA, NATO, NC, NEA, NIB, OAS (observer), OECD, OPCW, OSCE, PCA, Schengen Convention, UN, UNCTAD, UNESCO, UPU, WCO, WEU (associate), WFTU, WHO, WIPO, WMO, WTO
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Diplomatic representation in the US:
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chief of mission: Ambassador Hjalmar HANNESSON
chancery: Suite 1200, 1156 15th Street NW, Washington, DC 20005-1704
telephone: [1] (202) 265-6653
FAX: [1] (202) 265-6656
consulate(s) general: New York
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Diplomatic representation from the US:
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chief of mission: Ambassador Hjalmar HANNESSON
embassy: Laufasvegur 21, 101 Reykjavik
mailing address: US Department of State, 5640 Reykjavik Place, Washington, D.C. 20521-5640
telephone: [354] 562-9100
FAX: [354] 562-9118
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Flag description:
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blue with a red cross outlined in white extending to the edges of the flag; the vertical part of the cross is shifted to the hoist side in the style of the Dannebrog (Danish flag)
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Economy - overview:
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Iceland's Scandinavian-type social-market economy combines a capitalist structure and free-market principles with an extensive welfare system, including generous housing subsidies. Prior to the 2008 crisis, Iceland had achieved high growth, low unemployment, and a remarkably even distribution of income. Government economic priorities have included stabilizing the krona, reducing the current account deficit, containing inflation, restructuring the financial sector, and diversifying the economy. The economy depends heavily on the fishing industry, which provides 40% of export earnings and employs 5% of the work force. It remains sensitive to declining fish stocks as well as to fluctuations in world prices for its main exports: fish and fish products, aluminum, and ferrosilicon. Iceland's economy has been diversifying into manufacturing and service industries in the last decade, with new developments in software production, biotechnology, and tourism. Abundant geothermal power has attracted substantial foreign investment in the aluminum and hydropower sectors and boosted economic growth, although the financial crisis has put several investment projects on hold. Much of Iceland's economic growth in recent years came as the result of a boom in domestic demand following the rapid expansion of the country's financial sector. Domestic banks expanded aggressively in foreign markets, and consumers and businesses borrowed heavily in foreign-currency loans, following the privatization of the sector in the early 2000s. Worsening global financial conditions throughout 2008 resulted in a sharp depreciation of the krona vis-a-vis other major currencies. The foreign exposure of Icelandic banks, whose loans and other assets totaled more than 10 times the country's GDP, became unsustainable. Iceland's three largest banks collapsed in late 2008. The country negotiated over $10 billion in loans from the IMF and other countries to stabilize its currency and financial sector, and to guarantee foreign deposits in Icelandic banks. A protracted recession is expected in 2009 and 2010 with GDP likely to contract and unemployment likely to surpass 10%. The collapse of the financial system has led to a major shift in opinion in favor of joining the EU and adopting the euro. Previous opposition to this move stemmed from Icelanders' concern about losing control of their fishing resources. Iceland's coalition government collapsed in January 2009 following protests over growing joblessness and losses to personal savings.
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GDP (purchasing power parity):
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$12.15 billion (2008 est.)
$12.59 billion (2007)
$12.01 billion (2006)
note: data are in 2008 US dollars
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GDP (official exchange rate):
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$19.02 billion (2008 est.)
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GDP - real growth rate:
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-3.5% (2008 est.)
4.9% (2007 est.)
4.4% (2006 est.)
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GDP - per capita (PPP):
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$39,900 (2008 est.)
$41,700 (2007 est.)
$40,100 (2006 est.)
note: data are in 2008 US dollars
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GDP - composition by sector:
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agriculture: 5%
industry: 26.5%
services: 68.5% (2008 est.)
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Labor force:
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166,000 (2008 est.)
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Labor force - by occupation:
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agriculture: 3%
industry: 19%
services: 78% (2007)
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Unemployment rate:
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1.6%
note: this figure climbed to 9.4% as of February 2009 (2008 est.)
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA%
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Distribution of family income - Gini index:
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25 (2005)
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Investment (gross fixed):
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21.9% of GDP (2008 est.)
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Budget:
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revenues: $7.582 billion
expenditures: $7.159 billion (2008 est.)
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Public debt:
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23% of GDP (2008 est.)
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Inflation rate (consumer prices):
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13.4% (2008 est.)
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Central bank discount rate:
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15.25% (31 December 2007)
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Commercial bank prime lending rate:
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19.29% (31 December 2007)
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Stock of money:
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$6.64 billion (31 December 2007)
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Stock of quasi money:
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$15.05 billion (31 December 2006)
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Stock of domestic credit:
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$49.67 billion (31 December 2006)
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Market value of publicly traded shares:
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$40.56 billion (31 December 2007)
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Agriculture - products:
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potatoes, green vegetables; mutton, dairy products; fish
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Industries:
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fish processing; aluminum smelting, ferrosilicon production; geothermal power, tourism
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Industrial production growth rate:
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5.5% (2008 est.)
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Electricity - production:
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11.71 billion kWh (2007 est.)
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Electricity - consumption:
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9.312 billion kWh (2006 est.)
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Electricity - exports:
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0 kWh (2007 est.)
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Electricity - imports:
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0 kWh (2007 est.)
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Oil - production:
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0 bbl/day (2007 est.)
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Oil - consumption:
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21,120 bbl/day (2007 est.)
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Oil - exports:
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860.8 bbl/day (2005)
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Oil - imports:
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17,450 bbl/day (2005)
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Oil - proved reserves:
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0 bbl (1 January 2006 est.)
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Natural gas - production:
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0 cu m (2007 est.)
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Natural gas - consumption:
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0 cu m (2007 est.)
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Natural gas - exports:
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0 cu m (2007 est.)
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Natural gas - imports:
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0 cu m (2007 est.)
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Natural gas - proved reserves:
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0 cu m (1 January 2006 est.)
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Current account balance:
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-$3.257 billion (2008 est.)
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Exports:
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$6.846 billion f.o.b. (2008 est.)
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Exports - commodities:
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fish and fish products 70%, aluminum, animal products, ferrosilicon, diatomite
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Exports - partners:
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Netherlands 21.3%, Germany 13.3%, UK 13.2%, Ireland 7.7%, US 7.3%, Spain 4.6%, Japan 4.3% (2007)
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Imports:
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$6.543 billion f.o.b. (2008 est.)
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Imports - commodities:
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machinery and equipment, petroleum products, foodstuffs, textiles
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Imports - partners:
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US 13.7%, Germany 12.2%, Sweden 10.2%, Denmark 7.5%, Netherlands 5.7%, UK 5.4%, China 5.1%, Norway 4.6% (2007)
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Reserves of foreign exchange and gold:
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$2.5 billion (31 December 2008 est.)
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Debt - external:
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$3.073 billion (2002)
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Stock of direct foreign investment - at home:
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$NA
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Stock of direct foreign investment - abroad:
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$NA
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Exchange rates:
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Icelandic kronur (ISK) per US dollar - 85.619 (2008 est.), 63.391 (2007), 70.195 (2006), 62.982 (2005), 70.192 (2004)
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Telephones - main lines in use:
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186,700 (2007)
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Telephones - mobile cellular:
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347,500 (2007)
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Telephone system:
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general assessment: telecommunications infrastructure is modern and fully digitized, with satellite-earth stations, fiber-optic cables, and an extensive broadband network
domestic: liberalization of the telecommunications sector beginning in the late 1990s has led to increased competition especially in the mobile services segment of the market
international: country code - 354; the CANTAT-3 and FARICE-1 submarine cable systems provide connectivity to Canada, the Faroe Islands, UK, Denmark, and Germany; a planned new section of the Hibernia-Atlantic submarine cable will provide additional connectivity to Canada, US, and Ireland; satellite earth stations - 2 Intelsat (Atlantic Ocean), 1 Inmarsat (Atlantic and Indian Ocean regions); note - Iceland shares the Inmarsat earth station with the other Nordic countries (Denmark, Finland, Norway, and Sweden)
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Radio broadcast stations:
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AM 3, FM about 70, shortwave 1 (2008)
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Television broadcast stations:
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14 (plus 156 repeaters) (1997)
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Internet country code:
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.is
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Internet hosts:
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263,980 (2008)
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Internet users:
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202,300 (2007)
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Airports:
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99 (2008)
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Airports - with paved runways:
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total: 6
over 3,047 m: 1
1,524 to 2,437 m: 3
914 to 1,523 m: 2 (2008)
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Airports - with unpaved runways:
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total: 93
1,524 to 2,437 m: 3
914 to 1,523 m: 27
under 914 m: 63 (2008)
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Roadways:
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total: 13,058 km
paved/oiled gravel: 4,397 km (does not include urban roads)
unpaved: 8,661 km (2007)
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Merchant marine:
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total: 2
by type: passenger/cargo 2
registered in other countries: 37 (Antigua and Barbuda 12, Bahamas 1, Belize 2, Denmark 2, Faroe Islands 1, Gibraltar 1, Malta 5, Marshall Islands 3, Norway 3, Saint Vincent and the Grenadines 7) (2008)
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Ports and terminals:
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Grundartangi, Hafnarfjordur, Reykjavik
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Disputes - international:
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Iceland, the UK, and Ireland dispute Denmark's claim that the Faroe Islands' continental shelf extends beyond 200 nm
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This page was last updated on 14 May 2009
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