Iceland Population: 315,281
4,690 VISITORS FROM HERE!«  Previous Country | Next Country  » Back to Flag Counter Overview |  |
| Background | |
| 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. Denmark granted limited home rule in 1874 and complete independence in 1944. The second half of the 20th century saw substantial economic growth driven primarily by the fishing industry. The economy diversified greatly after the country joined the European Economic Area in 1994, but Iceland was especially hard hit by the global financial crisis in the years following 2008. Literacy, longevity, and social cohesion are first rate by world standards. |
 |
| |
| Geography | |
| 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 | |
| Location: | Northern Europe, island between the Greenland Sea and the North Atlantic Ocean, northwest of the United Kingdom |
| Geographic coordinates: | 65 00 N, 18 00 W |
| Area: | total: 103,000 sq km land: 100,250 sq km water: 2,750 sq km Size comparison: slightly smaller than Kentucky |
| Land Boundaries: | 0 km |
| Coastline: | 4,970 km |
| Maritime claims: | territorial sea: 12 nm exclusive economic zone: 200 nm continental shelf: 200 nm or to the edge of the continental margin |
| Climate: | temperate; moderated by North Atlantic Current; mild, windy winters; damp, cool summers |
| Terrain: | mostly plateau interspersed with mountain peaks, icefields; coast deeply indented by bays and fiords |
| Elevation extremes: | lowest point: Atlantic Ocean 0 m highest point: Hvannadalshnukur 2,110 m (at Vatnajokull glacier) |
| Natural resources: | fish, hydropower, geothermal power, diatomite |
| Land use: | arable land: 0.07% permanent crops: 0% other: 99.93% (2005) |
| Irrigated land: | NA |
| Natural hazards: | earthquakes and volcanic activity volcanism: Iceland, situated on top of a hotspot, experiences severe volcanic activity; Eyjafjallajokull (elev. 1,666 m) erupted in 2010, sending ash high into the atmosphere and seriously disrupting European air traffic; scientists continue to monitor nearby Katla (elev. 1,512 m), which has a high probability of eruption in the very near future, potentially disrupting air traffic; Grimsvoetn and Hekla are Iceland's most active volcanoes; other historically active volcanoes include Askja, Bardarbunga, Brennisteinsfjoll, Esjufjoll, Hengill, Krafla, Krisuvik, Kverkfjoll, Oraefajokull, Reykjanes, Torfajokull, and Vestmannaeyjar |
| Current Environment Issues: | water pollution from fertilizer runoff; inadequate wastewater treatment |
| International Environment Agreements: | 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 |
| ^Back to Top | |
| People | |
| Population: | 315,281 (July 2013 est.) |
| Age structure: | 0-14 years: 19.8% (male 31,675/female 30,852) 15-24 years: 14.6% (male 23,364/female 22,821) 25-54 years: 40.9% (male 65,018/female 63,903) 55-64 years: 11.4% (male 18,229/female 17,767) 65 years and over: 13.2% (male 19,140/female 22,512) (2013 est.) population pyramid: |
| Median age: | total: 35.9 years male: 35.4 years female: 36.3 years (2012 est.) |
| Population growth rate: | 0.674% (2012 est.) |
| Birth rate: | 13.23 births/1,000 population (2012 est.) |
| Death rate: | 7.02 deaths/1,000 population (July 2012 est.) |
| Net migration rate: | 0.53 migrant(s)/1,000 population (2012 est.) |
| Sex ratio: | 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: 0.85 male(s)/female total population: 1 male(s)/female (2011 est.) |
| Infant mortality rate: | total: 3.18 deaths/1,000 live births male: 3.33 deaths/1,000 live births female: 3.03 deaths/1,000 live births (2012 est.) |
| Life expectancy at birth: | total population: 81 years male: 78.81 years female: 83.29 years (2012 est.) |
| Total fertility rate: | 1.88 children born/woman (2013 est.) |
| HIV/AIDS - adult prevalence rate: | 0.3% (2009 est.) |
| HIV/AIDS - people living with HIV/AIDS: | fewer than 1,000 (2009 est.) |
| HIV/AIDS - deaths: | fewer than 100 (2009 est.) |
| Nationality: | noun: Icelander(s) adjective: Icelandic |
| Ethnic groups: | homogeneous mixture of descendants of Norse and Celts 94%, population of foreign origin 6% |
| Religions: | Lutheran Church of Iceland (official) 80.7%, Roman Catholic 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.) |
| Languages: | Icelandic, English, Nordic languages, German widely spoken |
| Literacy: | definition: age 15 and over can read and write total population: 99% male: 99% female: 99% (2003 est.) |
| ^Back to Top | |
| Government | |
| Country name: | conventional long form: Republic of Iceland conventional short form: Iceland local long form: Lydveldid Island local short form: Island |
| Government type: | constitutional republic |
| Capital: | name: Reykjavik geographic coordinates: 64 09 N, 21 57 W time difference: UTC 0 (5 hours ahead of Washington, DC during Standard Time) |
| Administrative divisions: | 8 regions; Austurland, Hofudhborgarsvaedhi, Nordhurland Eystra, Nordhurland Vestra, Sudhurland, Sudhurnes, Vestfirdhir, Vesturland |
| Independence: | 1 December 1918 (became a sovereign state under the Danish Crown); 17 June 1944 (from Denmark; birthday of Jon SIGURDSSON leader of Iceland's 19th Century independence movement) |
| National holiday: | Independence Day, 17 June (1944) |
| Constitution: | 16 June 1944, effective 17 June 1944; amended many times |
| Legal system: | civil law system influenced by the Danish model |
| Suffrage: | 18 years of age; universal |
| Executive branch: | chief of state: President Olafur Ragnar GRIMSSON (since 1 August 1996) head of government: Prime Minister Johanna SIGURDARDOTTIR (since 1 February 2009) cabinet: Cabinet appointed by the prime minister (For more information visit the World Leaders website ) elections: president is elected by popular vote for a four-year term (no term limits); election last held on 30 June 2012 (next to be held in June 2016); note - following legislative elections, the leader of the majority party or the leader of the majority coalition is usually the prime minister election results: Olafur Ragnar GRIMSSON elected president; percent of vote - Olafur Ragnar GRIMSSON 52.8%, Thora ARNORSDOTTIR 33.2%, Ari Trausti GUDMUNDSSON 8.6% |
| Legislative branch: | unicameral Althingi (parliament) (63 seats; members elected by popular vote to serve four-year terms) elections: last held on 25 April 2009 (next to be held in 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 Movement 14, Progressive Party 9, Citizens' Movement 4 note: the Citizens' Movement disintegrated in September 2009; three of its former MPs are now represented under the banner of The Movement and the fourth former MP is an MP for the Left-Green Movement); three MPs from the Left-Green Movement left the party during early 2011 (two are now independents and the third has joined the Progressive Party); one MP left the Progressive Party in August 2011 and is now an independent |
| Judicial branch: | Supreme Court or Haestirettur (justices are appointed for life by the president); eight district courts (justices are appointed for life by the president) |
| Political parties and leaders: | Independence Party (Sjalfstaedisflokkurinn) or IP [Bjarni BENEDIKTSSON]; Left-Green Movement (Vinstrihreyfingin-graent frambod) or LGM [Steingrimur SIGFUSSON]; Liberal Party (Frjalslyndi flokkurinn) [Sigurjon THORDARSON]; The Movement (Hreyfingin) [Birgitta JONSDOTTIR]; Progressive Party (Framsoknarflokkurinn) or PP [Sigmundur David GUNNLAUGSSON]; Social Democratic Alliance (Samfylkingin) or SDA [Johanna SIGURDARDOTTIR] |
| Political pressure groups and leaders: | |
| International organization participation: | Arctic Council, Australia Group, BIS, CBSS, CD, CE, EAPC, EBRD, EFTA, EU (candidate country), FAO, FATF, IAEA, IBRD, ICAO, ICC (national committees), ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, NATO, NC, NEA, NIB, NSG, OAS (observer), OECD, OPCW, OSCE, PCA, Schengen Convention, UN, UNCTAD, UNESCO, UPU, WCO, WHO, WIPO, WMO, WTO |
| Diplomatic representation in the US: | chief of mission: Ambassador Gudmundur A. STEFANSSON chancery: House of Sweden, 2900 K Street NW #509, Washington, DC 20007 telephone: [1] (202) 265-6653 FAX: [1] (202) 265-6656 consulate(s) general: New York |
| Diplomatic representation from the US: | chief of mission: Ambassador Luis E. ARREAGA embassy: Laufasvegur 21, 101 Reykjavik mailing address: US Department of State, 5640 Reykjavik Place, Washington, D.C. 20521-5640 telephone: [354] 595-22 00 FAX: [354] 562-9118 |
| ^Back to Top | |
| Economy | |
| Iceland's Scandinavian-type social-market economy combines a capitalist structure and free-market principles with an extensive welfare system. Prior to the 2008 crisis, Iceland had achieved high growth, low unemployment, and a remarkably even distribution of income. The economy depends heavily on the fishing industry, which provides 40% of export earnings, more than 12% of GDP, and employs 7% 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, particularly within the fields of software production, biotechnology, and tourism. Abundant geothermal and hydropower sources have attracted substantial foreign investment in the aluminum sector, boosted economic growth, and sparked some interest from high-tech firms looking to establish data centers using cheap green energy, 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 currencies, following the privatization of the banking 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 secured over $10 billion in loans from the IMF and other countries to stabilize its currency and financial sector, and to back government guarantees for foreign deposits in Icelandic banks. GDP fell 6.8% in 2009, and unemployment peaked at 9.4% in February 2009. GDP rose 2.7% in 2012 and unemployment declined to 5.6%. Since the collapse of Iceland's financial sector, government economic priorities have included: stabilizing the krona, implementing capital controls, reducing Iceland's high budget deficit, containing inflation, addressing high household debt, restructuring the financial sector, and diversifying the economy. Three new banks were established to take over the domestic assets of the collapsed banks. Two of them have foreign majority ownership, while the State holds a majority of the shares of the third. Iceland began making payments to the UK, the Netherlands, and other claimants in late 2011 following Iceland's Supreme Court ruling that upheld 2008 emergency legislation that gives priority to depositors for compensation from failed Icelandic banks. Iceland owes British and Dutch authorities approximately $5.5 billion for compensating British and Dutch citizens who lost deposits in Icesave when parent bank Landsbanki failed in 2008. Iceland began accession negotiations with the EU in July 2010; however, public support has dropped substantially because of concern about losing control over fishing resources and in reaction to worries over the ongoing Eurozone crisis. | |
| GDP (purchasing power parity): | GDP (purchasing power parity): $12.95 billion (2012 est.) $12.61 billion (2011 est.) $12.24 billion (2010 est.) note: data are in 2012 US dollars |
| GDP (official exchange rate): | GDP (official exchange rate): $13.55 billion (2012 est.) |
| GDP - real growth rate: | 2.7% (2012 est.) 3.1% (2011 est.) -4% (2010 est.) |
| GDP - per capita (PPP): | GDP - per capita (PPP): $39,400 (2012 est.) $38,700 (2011 est.) $37,900 (2010 est.) note: data are in 2012 US dollars |
| GDP - composition by sector: | agriculture: 5.3% industry: 24.4% services: 70.3% (2012 est.) |
| Labor force: | 180,800 (2012 est.) |
| Labor force - by occupation: | agriculture: 4.8% industry: 22.2% services: 73% (2008) |
| Unemployment rate: | 5.6% (2012 est.) 7.4% (2011 est.) |
| Population below poverty line: | NA% note: 332,100 families (2011 est.) |
| Household income or consumption by percentage share: | lowest 10%: NA% highest 10%: NA% |
| Distribution of family income - Gini index: | 28 (2006) 25 (2005) |
| Inflation rate (consumer prices): | Inflation rate (consumer prices): 5.3% (2012 est.) 4% (2011 est.) |
| Investment (gross fixed): | Investment (gross fixed): 14.5% of GDP (2012 est.) |
| Budget: | revenues: $5.463 billion expenditures: $5.775 billion (2012 est.) |
| Public debt: | 118.9% of GDP (2012 est.) 128.6% of GDP (2011 est.) |
| Agriculture - products: | potatoes, green vegetables; mutton, chicken, pork, beef, dairy products; fish |
| Industries: | fish processing; aluminum smelting, ferrosilicon production; geothermal power, hydropower, tourism |
| Industrial production growth rate: | 3% (2011 est.) |
| Electricity - production: | 16.77 billion kWh (2010 est.) country comparison to the world: 79 |
| Electricity - consumption: | 15.98 billion kWh (2009 est.) |
| Electricity - exports: | 0 kWh (2010 est.) |
| Electricity - imports: | 0 kWh (2010 est.) |
| Natural gas - production: | 0 cu m (2010 est.) |
| Natural gas - consumption: | 0 cu m (2010 est.) |
| Natural gas - exports: | 0 cu m (2010 est.) |
| Natural gas - imports: | 0 cu m (2010 est.) |
| Natural gas - proved reserves: | 0 cu m (1 January 2012 est.) |
| Current account balance: | -$700 million (2012 est.) -$953 million (2011 est.) |
| Exports: | $5.1 billion (2012 est.) $5.344 billion (2011 est.) |
| Exports - commodities: | fish and fish products 40%, aluminum, animal products, ferrosilicon, diatomite |
| Exports - partners: | Netherlands 32.4%, Germany 15%, UK 9%, Norway 4.4% (2011) |
| Imports: | $4.699 billion (2012 est.) $4.506 billion (2011 est.) |
| Imports - commodities: | machinery and equipment, petroleum products, foodstuffs, textiles |
| Imports - partners: | Norway 15.9%, US 10.8%, Germany 7.8%, Netherlands 7.3%, China 6.2%, Denmark 6.2%, Brazil 5.8%, UK 5.1% (2011) |
| Reserves of foreign exchange and gold: | $9.095 billion (31 December 2012 est.) $8.55 billion (31 December 2011 est.) |
| Debt - external: | $124.5 billion (30 June 2011) $3.073 billion (2002 est.) |
| Stock of direct foreign investment - at home: | $NA (31 December 2011) $9.2 billion (31 December 2008) |
| Stock of direct foreign investment - abroad: | $NA (31 December 2011) $8.8 billion (31 December 2008) |
| Market value of publicly traded shares: | $2.021 billion (31 December 2011) $1.996 billion (31 December 2010) $1.128 billion (31 December 2009) |
| Exchange rates: | Icelandic kronur (ISK) per US dollar - 127.2 (2012 est.) 115.95 (2011 est.) 122.24 (2010 est.) 123.64 (2009) 85.619 (2008) |
| Fiscal year: | calendar year |
| ^Back to Top | |
| Communications | |
| Telephones in use: | 191,100 (2011) country comparison to the world: 127 |
| Cellular Phones in use: | 344,100 (2011) |
| Telephone system: | 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) (2011) |
| Radio broadcast stations: | |
| Television broadcast stations: | |
| Internet country code: | .is |
| Internet hosts: | 369,969 (2012) |
| Internet users: | 301,600 (2009) |
| ^Back to Top | |
| Transportation | |
| Airports: | 99 (2012) country comparison to the world: 57 |
| Airports (paved runways): | total: 6 over 3,047 m: 1 1,524 to 2,437 m: 3 914 to 1,523 m: 2 (2012) |
| Airports (unpaved runways): | total: 93 1,524 to 2,437 m: 3 914 to 1,523 m: 27 under 914 m: 63 (2012) |
| Roadways: | total: 12,869 km paved/oiled gravel: 4,438 km (does not include urban roads) unpaved: 8,431 km (2009) |
| Merchant marine: | total: 2 by type: passenger/cargo 2 registered in other countries: 19 (Antigua and Barbuda 10, Belize 1, Faroe Islands 4, Finland 1, Gibraltar 1, Norway 2) (2010) |
| Ports and terminals: | Grundartangi, Hafnarfjordur, Reykjavik |
| ^Back to Top | |
| Military | |
| Iceland has no standing military force; under a 1951 bilateral agreement - still valid - its defense was provided by the US-manned Icelandic Defense Force (IDF) headquartered at Keflavik; however, all US military forces in Iceland were withdrawn as of October 2006; although wartime defense of Iceland remains a NATO commitment, in April 2007, Iceland and Norway signed a bilateral agreement providing for Norwegian aerial surveillance and defense of Icelandic airspace (2008) | |
| Military branches: | no regular military forces; Icelandic National Police (2008) |
| Manpower available for military service: | males age 16-49: 75,337 (2010 est.) |
| Manpower fit for military service: | males age 16-49: 62,781 females age 16-49: 61,511 (2010 est.) |
| ^Back to Top | |
«
Previous Country | Next Country » Back to Flag Counter OverviewSource: CIA - The World Factbook