World Facts Index
 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, income, and social
cohesion are first-rate by world standards.
Geography of Iceland
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Location:
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Northern Europe, island
between the Greenland Sea and the North Atlantic Ocean, northwest of the
UK |
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Coordinates:
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65 00 N, 18 00 W |
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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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4,988 km |
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Maritime claims:
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continental shelf:
200 NM or to the edge of the continental margin
exclusive economic zone: 200 NM
territorial sea: 12 NM |
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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 2,119 m (at Vatnajokull glacier) |
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Natural resources:
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fish, hydropower,
geothermal power, diatomite |
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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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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 of Iceland
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Population:
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304,367 (July 2008 est.) |
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Age structure:
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0-14 years: 21.7% (male 33,021/female 32,021)
15-64 years: 66.5% (male 100,944/female 98,239)
65 years and over: 11.7% (male 15,876/female 19,287) |
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Median age:
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34.2 years |
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Growth rate:
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0.87% |
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Infant mortality:
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3.29 deaths/1,000 live births |
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Life expectancy at birth:
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total population: 80.31 years
male: 78.23 years
female: 82.48 years |
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Fertility rate:
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1.92 children born/woman |
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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 85.5%, Reykjavik Free Church
2.1%, Roman Catholic Church 2%, Hafnarfjorour Free Church 1.5%, other Christian 2.7%,
other or unspecified 3.8%, unaffiliated 2.4% |
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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: 99.9%
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Government
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Country name:
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conventional long form: Republic of
Iceland
local short form: Island
local long form: Lydhveldidh Island |
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Government type:
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constitutional republic |
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Capital:
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Reykjavik |
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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 |
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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 Geir H. HAARDE (since 7 June 2006)
cabinet: Cabinet appointed by the prime minister
elections: president, largely a ceremonial post, is elected by popular vote for
a four-year term (no term limits); election last held 26 June 2004 (next to be
held in June 2008); following legislative elections, the leader of the majority
party or the leader of the majority coalition is usually the prime minister. |
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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) |
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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) |
Economy
Iceland's Scandinavian-type economy is basically capitalistic, yet with an
extensive welfare system (including generous housing subsidies), low
unemployment, and remarkably even distribution of income. In the absence of
other natural resources (except for abundant geothermal power), the economy
depends heavily on the fishing industry, which provides 70% of export earnings
and employs 6% of the work force. The economy 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. Substantial foreign
investment in the aluminum and hydropower sectors has boosted economic growth
which, nevertheless, has been volatile and characterized by recurrent
imbalances. Government policies include reducing the current account deficit,
limiting foreign borrowing, containing inflation, revising agricultural and
fishing policies, and diversifying the economy. The government remains opposed
to EU membership, primarily because of Icelanders' concern about losing
control over their fishing resources. Iceland's economy has been diversifying
into manufacturing and service industries in the last decade, and new
developments in software production, biotechnology, and financial services are
taking place. The tourism sector is also expanding, with the recent trends in
ecotourism and whale watching. The 2006 closure of the US military base at
Keflavik had very little impact on the national economy; Iceland's low
unemployment rate aided former base employees in finding alternate employment.
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GDP:
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$12.19 billion (2007 est.) |
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GDP growth rate:
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5.7% |
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GDP per capita:
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$40,400 |
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GDP composition by sector:
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agriculture: 8.6%
industry: 15%
services: 76.5% |
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Inflation rate:
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4% |
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Labor force:
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165,900 |
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Labor force - by occupation:
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agriculture: 10.3%
industry: 18.3%
services: 71.4% |
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Unemployment:
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2.1% |
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Budget:
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revenues: $6.995 billion
expenditures: $6.761 billion |
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Electricity production by source:
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fossil fuel: 0.1%
hydro: 82.5%
other: 17.5% (geothermal)
nuclear: 0% |
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Industries:
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fish processing; aluminum smelting,
ferrosilicon production, geothermal power; tourism |
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Agriculture:
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potatoes, green vegetables, mutton, dairy
products, fish |
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Exports:
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fish and fish products 70%, aluminum, animal products,
ferrosilicon, diatomite |
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Export partners:
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UK 17.9%, Germany 16.4%, Netherlands 13%, US 8.1%, Spain
7.7%, Denmark 4.3% |
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Imports:
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machinery and equipment, petroleum
products; foodstuffs, textiles |
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Import partners:
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Germany 13.4%, US 9.1%, Sweden 8.6%, Denmark 7.3%, Norway
7.2%, UK 5.9%, China 5.3%, Netherlands 5%, Japan 4.7% |
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Currency:
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Icelandic krona (ISK) |
SOURCES: The CIA World Factbook, U.S. Department of State, Area Handbook of the US Library of Congress
Copyright 2004 - 2008 worldfacts.us |