Iceland

Internet country code

.is

Internet hosts

122,175 (2004)

Internet users

195,000 (2003)

Radio broadcast stations

AM 3, FM about 70 (including repeaters), shortwave 1 (1998)

Telephone system

general assessment: extensive domestic service domestic: the trunk network consists of coaxial and fiber-optic cables and microwave radio relay links international: country code - 354; 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)

Telephones - main lines in use

190,700 (2003)

Telephones - mobile cellular

279,100 (2003)

Television broadcast stations

14 (plus 156 low-power repeaters) (1997)

Agriculture - products

potatoes, green vegetables, mutton, dairy products, fish

Budget

revenues: $4.205 billion expenditures: $4.405 billion, including capital expenditures of $467 million (2003)

Currency

Icelandic krona (ISK)

Currency code

ISK

Current account balance

$-574 million (2003)

Debt - external

$2.6 billion (1999)

Economic aid - donor

NA

Economy - overview

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 12% 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. Government policies include reducing the budget and current account deficits, limiting foreign borrowing, containing inflation, revising agricultural and fishing policies, diversifying the economy, and privatizing state-owned industries. 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. Growth had been remarkably steady in 1996-2001 at 3%-5%, but could not be sustained in 2002 in an environment of global recession. Growth resumed in 2003, and inflation dropped back from 5% to 2%.

Electricity - consumption

7.341 billion kWh (2001)

Electricity - exports

0 kWh (2001)

Electricity - imports

0 kWh (2001)

Electricity - production

7.894 billion kWh (2001)

Exchange rates

Icelandic kronur per US dollar - 76.709 (2003), 91.6617 (2002), 97.4246 (2001), 78.6159 (2000), 72.3353 (1999)

Exports

$2.379 billion f.o.b. (2003 est.)

Exports - commodities

fish and fish products 70%, animal products, aluminum, diatomite, ferrosilicon

Exports - partners

Germany 17.4%, UK 17.4%, Netherlands 11.2%, US 9.8%, Spain 6.3%, Denmark 5%, Norway 4.5%, France 4% (2003)

Fiscal year

calendar year

GDP

purchasing power parity - $8.678 billion (2003 est.)

GDP - composition by sector

agriculture: 9.2% (includes fishing 12%) industry: 26.7% services: 64.2% (2003 est.)

GDP - per capita

purchasing power parity - $30,900 (2003 est.)

GDP - real growth rate

2.6% (2003 est.)

Household income or consumption by percentage share

lowest 10%: NA highest 10%: NA

Imports

$2.59 billion (2003 est.)

Imports - commodities

machinery and equipment, petroleum products; foodstuffs, textiles

Imports - partners

Germany 11.8%, Denmark 8%, US 7.5%, UK 7.5%, Norway 7%, Sweden 6.5%, Netherlands 6.2%, Italy 4.7% (2003)

Industrial production growth rate

8.1% (2003 est.)

Industries

fish processing; aluminum smelting, ferrosilicon production, geothermal power; tourism

Inflation rate (consumer prices)

2.1% (2003 est.)

Investment (gross fixed)

21.6% of GDP (2003)

Labor force

160,000 (2003)

Labor force - by occupation

agriculture 5.1%, fishing and fish processing 11.8%, manufacturing 12.9%, construction 10.7%, services 59.5% (1999)

Oil - consumption

16,300 bbl/day (2001 est.)

Oil - exports

0 bbl/day (2001)

Oil - imports

15,470 bbl/day (2001)

Oil - production

0 bbl/day (2001 est.)

Population below poverty line

NA

Public debt

41.5% of GDP (2003)

Reserves of foreign exchange & gold

$818.7 million (2003)

Unemployment rate

3.4% (2003 est.)

Area

total: 103,000 sq km land: 100,250 sq km water: 2,750 sq km

Area - comparative

slightly smaller than Kentucky

Climate

temperate; moderated by North Atlantic Current; mild, windy winters; damp, cool summers

Coastline

4,988 km

Elevation extremes

lowest point: Atlantic Ocean 0 m highest point: Hvannadalshnukur 2,119 m (at Vatnajokull glacier)

Environment - current issues

water pollution from fertilizer runoff; inadequate wastewater treatment

Environment - international agreements

party to: Air Pollution, 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 signed, but not ratified: Air Pollution-Persistent Organic Pollutants, Environmental Modification, Marine Life Conservation

Geographic coordinates

65 00 N, 18 00 W

Geography - note

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

Irrigated land

NA sq km

Land boundaries

0 km

Land use

arable land: 0.07% permanent crops: 0% other: 99.93% (2001)

Location

Northern Europe, island between the Greenland Sea and the North Atlantic Ocean, northwest of the UK

Map references

Arctic Region

Maritime claims

territorial sea: 12 nm exclusive economic zone: 200 nm continental shelf: 200 nm or to the edge of the continental margin

Natural hazards

earthquakes and volcanic activity

Natural resources

fish, hydropower, geothermal power, diatomite

Terrain

mostly plateau interspersed with mountain peaks, icefields; coast deeply indented by bays and fiords

Administrative divisions

8 regions; Austurland, Hofudhborgarsvaedhi, Nordhurland Eystra, Nordhurland Vestra, Sudhurland, Sudhurnes, Vestfirdhir, Vesturland

Capital

Reykjavik

Constitution

16 June 1944, effective 17 June 1944

Country name

conventional long form: Republic of Iceland conventional short form: Iceland local long form: Lydhveldidh Island local short form: Island

Diplomatic representation from the US

chief of mission: Ambassador James I. GADSDEN embassy: Laufasvegur 21, 101 Reykjavik mailing address: US Embassy, PSC 1003, Box 40, FPO AE 09728-0340 telephone: [354] 562-9100 FAX: [354] 562-9118

Diplomatic representation in the US

chief of mission: Ambassador Helgi AGUSTSSON 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

Executive branch

chief of state: President Olafur Ragnar GRIMSSON (since 1 August 1996) head of government: Prime Minister Halldor ASGRIMSSON (since 15 September 2004); note - Former Prime Minister David ODDSSON switched positions with former Foreign Minister Halldor ASGRIMMSON cabinet: Cabinet appointed by the prime minister and approved by Parliament elections: president, which is largely a ceremonial post, elected by popular vote for a four-year term; election last held 26 June 2004 (next to be held June 2008); prime minister appointed by the president election results: Olafur Ragnar GRIMSSON wins with 85.6% of the vote, Baldur AGUSTSSON 12.5%, Astthor MAGNUSSON 1.9%

Flag description

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)

Government type

constitutional republic

Independence

1 December 1918 (became a sovereign state under the Danish Crown); 17 June 1944 (from Denmark)

International organization participation

Australia Group, BIS, CBSS, CE, EAPC, EBRD, EFTA, FAO, IAEA, IBRD, ICAO, ICC, ICCt, ICFTU, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, ISO, ITU, MIGA, NATO, NC, NEA, NIB, OECD, OPCW, OSCE, PCA, UN, UNCTAD, UNESCO, UPU, WCO, WEU (associate), WHO, WIPO, WMO, WTO

Judicial branch

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)

Legal system

civil law system based on Danish law; has not accepted compulsory ICJ jurisdiction

Legislative branch

unicameral Parliament or Althing (63 seats; members are elected by popular vote to serve four-year terms) elections: last held 10 May 2003 (next to be held by May 2007) election results: percent of vote by party - Independence Party 33.7%, Social Democratic Alliance 31.0%, Progressive Party 17.7%, Left-Green Alliance 8.8%, Liberal Party 7.4%; seats by party - Independence Party 22, Social Democratic Alliance 20, Progressive Party 12, Left-Green Alliance 5, Liberal Party 4

National holiday

Independence Day, 17 June (1944)

Political parties and leaders

Independence Party or IP [David ODDSSON]; Left-Green Alliance or LGP [Steingrimur SIGFUSSON]; Liberal Party or LP [Gudjon KRISTJANSSON]; Progressive Party or PP [Halldor ASGRIMSSON]; Social Democratic Alliance (includes People's Alliance or PA, Social Democratic Party or SDP, Women's List) or SDA [Ossur SKARPHEDINSSON]

Political pressure groups and leaders

NA

Suffrage

18 years of age; universal

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. 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.

Military - note

defense is provided by the US-manned Icelandic Defense Force (IDF) headquartered at Keflavik

Military branches

no regular armed forces; Police, Coast Guard

Military expenditures - dollar figure

0

Military manpower - availability

males age 15-49: 75,568 (2004 est.)

Military manpower - fit for military service

males age 15-49: 66,503 (2004 est.)

Age structure

0-14 years: 22.5% (male 33,522; female 32,489) 15-64 years: 65.8% (male 98,091; female 95,450) 65 years and over: 11.7% (male 15,552; female 18,862) (2004 est.)

Birth rate

13.83 births/1,000 population (2004 est.)

Death rate

6.57 deaths/1,000 population (2004 est.)

Ethnic groups

homogeneous mixture of descendants of Norse and Celts 94%, population of foreign origin 6%

HIV/AIDS - adult prevalence rate

0.2% (2001 est.)

HIV/AIDS - deaths

less than 100 (2003 est.)

HIV/AIDS - people living with HIV/AIDS

220 (2001 est.)

Infant mortality rate

total: 3.31 deaths/1,000 live births male: 3.44 deaths/1,000 live births female: 3.17 deaths/1,000 live births (2004 est.)

Languages

Icelandic, English, Nordic languages, German widely spoken

Life expectancy at birth

total population: 80.18 years male: 78.18 years female: 82.27 years (2004 est.)

Literacy

definition: age 15 and over can read and write total population: 99.9% (1997 est.) male: NA female: NA

Median age

total: 33.8 years male: 33.3 years female: 34.3 years (2004 est.)

Nationality

noun: Icelander(s) adjective: Icelandic

Net migration rate

2.38 migrant(s)/1,000 population (2004 est.)

Population

293,966 (July 2004 est.)

Population growth rate

0.97% (2004 est.)

Religions

Evangelical Lutheran 87.1%, other Protestant 4.1%, Roman Catholic 1.7%, other 7.1% (2002)

Sex ratio

at birth: 1.04 male(s)/female under 15 years: 1.03 male(s)/female 15-64 years: 1.03 male(s)/female 65 years and over: 0.83 male(s)/female total population: 1 male(s)/female (2004 est.)

Total fertility rate

1.93 children born/woman (2004 est.)

Disputes - international

Rockall continental shelf dispute involving Denmark, Iceland, and the UK (Ireland and the UK have signed a boundary agreement in the Rockall area) remains dormant; dispute with Denmark over the Faroe Islands' fisheries median line boundary within 200 nm; disputes with Denmark, the UK, and Ireland over the Faroe Islands continental shelf boundary outside 200 nm

Airports

100 (2003 est.)

Airports - with paved runways

total: 5 over 3,047 m: 1 1,524 to 2,437 m: 3 914 to 1,523 m: 1 (2004 est.)

Airports - with unpaved runways

total: 93 1,524 to 2,437 m: 3 914 to 1,523 m: 29 under 914 m: 61 (2004 est.)

Highways

total: 12,955 km paved/oiled gravel: 3,863 km unpaved: 9,092 km (2003)

Merchant marine

total: 1 ships (1,000 GRT or over) 4,341 GRT/6,019 DWT by type: petroleum tanker 1 registered in other countries: 26 (2004 est.)

Ports and harbors

Akureyri, Hornafjordhur, Isafjordhur, Keflavik, Raufarhofn, Reykjavik, Seydhisfjordhur, Straumsvik, Vesttmannaeyjar