View Intelligence Dossier Back to 2007 CSV Excel Print All Years

Communications

Internet country code [time series]

.is

Internet users (Internet hosts) [time series]

270,942 (2007)

Internet users [time series]

194,000 (2006)

Broadcast media (Radio broadcast stations) [time series]

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

Telecommunication systems (Telephone system) [time series]

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)

Telephones - fixed lines (Telephones - main lines in use) [time series]

193,700 (2006)

Telephones - mobile cellular [time series]

328,500 (2006)

Broadcast media (Television broadcast stations) [time series]

14 (plus 156 repeaters) (1997)

Economy

Agricultural products (Agriculture - products) [time series]

potatoes, green vegetables; mutton, dairy products; fish

Budget [time series]

revenues: $7.603 billion expenditures: $6.737 billion (2006 est.)

Exchange rates (Currency (code)) [time series]

Icelandic krona (ISK)

Current account balance [time series]

$-4.456 billion (2006 est.)

Debt - external [time series]

$3.073 billion (2002)

Economic aid (Economic aid - donor) [time series]

$6.7 million (2004)

Economic overview (Economy - overview) [time series]

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 nearly 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. 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. Since 2000 growth has varied from -1% in 2002 to 8% in 2004. 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.

Electricity - consumption [time series]

8.152 billion kWh (2005)

Electricity - exports [time series]

0 kWh (2005)

Electricity - imports [time series]

0 kWh (2005)

Electricity - production [time series]

8.533 billion kWh (2005)

Exchange rates [time series]

Icelandic kronur per US dollar - 70.195 (2006), 62.982 (2005), 70.192 (2004), 76.709 (2003), 91.662 (2002)

Exports [time series]

$3.477 billion f.o.b. (2006 est.)

Exports - commodities [time series]

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

Exports - partners [time series]

Netherlands 16.5%, UK 15.7%, Germany 15%, US 10.8%, Spain 6.4% (2006)

Fiscal year [time series]

calendar year

GDP (official exchange rate) [time series]

$13.71 billion (2006 est.)

Real GDP (purchasing power parity) (GDP (purchasing power parity)) [time series]

$11.38 billion (2006 est.)

GDP - composition, by sector of origin (GDP - composition by sector) [time series]

agriculture: 5.6% industry: 25% services: 69.4% (2006 est.)

Real GDP per capita (GDP - per capita (PPP)) [time series]

$38,000 (2006 est.)

Real GDP growth rate (GDP - real growth rate) [time series]

2.6% (2006 est.)

Household income or consumption by percentage share [time series]

lowest 10%: NA% highest 10%: NA%

Imports [time series]

$5.716 billion (2006 est.)

Imports - commodities [time series]

machinery and equipment, petroleum products, foodstuffs, textiles

Imports - partners [time series]

US 12.8%, Germany 12.3%, Norway 7.1%, Sweden 6.9%, Denmark 6.1%, UK 5.3%, China 5.3%, Netherlands 4.8%, Japan 4.1% (2006)

Industrial production growth rate [time series]

5% (2006 est.)

Industries [time series]

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

Inflation rate (consumer prices) [time series]

6.7% (2006 est.)

Investment (gross fixed) [time series]

32% of GDP (2006 est.)

Labor force [time series]

175,000 (2006 est.)

Labor force - by occupation [time series]

agriculture: 5.1% industry: 23% services: 71.4% (2005)

Market value of publicly traded shares [time series]

$27.8 billion (2005)

Natural gas - consumption [time series]

0 cu m (2005 est.)

Natural gas - production [time series]

0 cu m (2005 est.)

Oil - consumption [time series]

20,560 bbl/day (2004 est.)

Oil - exports [time series]

0 bbl/day (2004)

Oil - imports [time series]

17,450 bbl/day (2004)

Oil - production [time series]

0 bbl/day (2004 est.)

Oil - proved reserves [time series]

0 bbl (1 January 2006)

Population below poverty line [time series]

NA%

Public debt [time series]

31.5% of GDP (2006 est.)

Reserves of foreign exchange and gold [time series]

$2.342 billion (2006 est.)

Stock of direct foreign investment - abroad [time series]

$NA

Stock of direct foreign investment - at home [time series]

$NA

Unemployment rate [time series]

1.3% (2006 est.)

Geography

Area [time series]

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

Area - comparative [time series]

slightly smaller than Kentucky

Climate [time series]

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

Coastline [time series]

4,970 km

Elevation (Elevation extremes) [time series]

lowest point: Atlantic Ocean 0 m highest point: Hvannadalshnukur 2,110 m (at Vatnajokull glacier)

Environment - current issues [time series]

water pollution from fertilizer runoff; inadequate wastewater treatment

International environmental agreements (Environment - international agreements) [time series]

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

Geographic coordinates [time series]

65 00 N, 18 00 W

Geography - note [time series]

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 [time series]

Land boundaries [time series]

0 km

Land use [time series]

arable land: 0.07% permanent crops: 0% other: 99.93% (2005)

Location [time series]

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

Map references [time series]

Arctic Region

Maritime claims [time series]

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

Natural hazards [time series]

earthquakes and volcanic activity

Natural resources [time series]

fish, hydropower, geothermal power, diatomite

Terrain [time series]

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

Government

Administrative divisions [time series]

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

Capital [time series]

name: Reykjavik geographic coordinates: 64 09 N, 21 57 W time difference: UTC (5 hours ahead of Washington, DC during Standard Time)

Constitution [time series]

16 June 1944, effective 17 June 1944; amended many times

Country name [time series]

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

Diplomatic representation from the US [time series]

chief of mission: Ambassador Carol VAN VOORST 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

Diplomatic representation in the US [time series]

chief of mission: Ambassador Albert JONSSON 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 [time series]

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 election results: Olafur Ragnar GRIMSSON 85.6%, Baldur AGUSTSSON 12.5%, Astthor MAGNUSSON 1.9%

Flag (Flag description) [time series]

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 [time series]

constitutional republic

Independence [time series]

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

International organization participation [time series]

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, OECD, OPCW, OSCE, PCA, Schengen Convention, UN, UNCTAD, UNESCO, UPU, WCO, WEU (associate), WHO, WIPO, WMO, WTO

Judicial branch [time series]

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 [time series]

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

Legislative branch [time series]

unicameral Parliament or Althing (63 seats; members are elected by popular vote to serve four-year terms) elections: last held 12 May 2007 (next to be held by May 2011) election results: percent of vote by party - Independence Party 36.6%, Social Democratic Alliance 26.8%, Progressive Party 11.7%, Left-Green Movement 14.3%, Liberal Party 7.3%, other 3.3%; seats by party - Independence Party 25, Social Democratic Alliance 18, Progressive Party 7, Left-Green Alliance 9, Liberal Party 4

National holiday [time series]

Independence Day, 17 June (1944)

Political parties (Political parties and leaders) [time series]

Independence Party or IP [Geir H. HAARDE]; Left-Green Movement or LGM [Steingrimur SIGFUSSON]; Liberal Party or LP [Gudjon KRISTJANSSON]; Progressive Party or PP [Gudni AGUSTSSON]; Social Democratic Alliance or SDA [Ingibjorg Solrun GISLADOTTIR] (includes People's Alliance or PA, Social Democratic Party or SDP, Women's List)

Political parties (Political pressure groups and leaders) [time series]

Suffrage [time series]

18 years of age; universal

Introduction

Background [time series]

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

Manpower available for military service [time series]

males age 18-49: 69,038 (2005 est.)

Manpower fit for military service [time series]

males age 18-49: 56,777 (2005 est.)

Military - note [time series]

under a 1951 bilateral agreement, Iceland's defense was provided by a US-manned Icelandic Defense Force (IDF) headquartered in Keflavik; in October 2006, all US military forces in Iceland were withdrawn; nonetheless, the US and Iceland signed a Joint Understanding to strengthen their bilateral defense relationship, including regular security consultations, military communications in the event of national emergencies, annual bilateral exercises on Icelandic territory, and future bilateral and NATO support to four Iceland Air Defense System (IADS) radar sites

Military and security forces (Military branches) [time series]

no regular military forces; Icelandic National Police (2006)

Military expenditures (Military expenditures - percent of GDP) [time series]

0% (2005 est.)

People

Age structure [time series]

0-14 years: 21.4% (male 32,759/female 31,845) 15-64 years: 66.8% (male 102,161/female 99,411) 65 years and over: 11.8% (male 16,162/female 19,593) (2007 est.)

Birth rate [time series]

13.57 births/1,000 population (2007 est.)

Death rate [time series]

6.77 deaths/1,000 population (2007 est.)

Ethnic groups [time series]

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

HIV/AIDS - adult prevalence rate [time series]

0.2% (2001 est.)

HIV/AIDS - deaths [time series]

less than 100 (2003 est.)

HIV/AIDS - people living with HIV/AIDS [time series]

220 (2001 est.)

Infant mortality rate [time series]

total: 3.27 deaths/1,000 live births male: 3.41 deaths/1,000 live births female: 3.12 deaths/1,000 live births (2007 est.)

Languages [time series]

Icelandic, English, Nordic languages, German widely spoken

Life expectancy at birth [time series]

total population: 80.43 years male: 78.33 years female: 82.62 years (2007 est.)

Literacy [time series]

definition: age 15 and over can read and write total population: 99% male: 99% female: 99% (2003 est.)

Median age [time series]

total: 34.5 years male: 34 years female: 35 years (2007 est.)

Nationality [time series]

noun: Icelander(s) adjective: Icelandic

Net migration rate [time series]

1.43 migrant(s)/1,000 population (2007 est.)

Population [time series]

301,931 (July 2007 est.)

Population growth rate [time series]

0.824% (2007 est.)

Religions [time series]

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% (2004)

Sex ratio [time series]

at birth: 1.04 male(s)/female under 15 years: 1.029 male(s)/female 15-64 years: 1.028 male(s)/female 65 years and over: 0.825 male(s)/female total population: 1.002 male(s)/female (2007 est.)

Total fertility rate [time series]

1.91 children born/woman (2007 est.)

Transnational Issues

Disputes - international [time series]

Iceland, the UK, and Ireland dispute Denmark's claim that the Faroe Islands' continental shelf extends beyond 200 nm

Transportation

Airports [time series]

99 (2007)

Airports - with paved runways [time series]

total: 5 over 3,047 m: 1 1,524 to 2,437 m: 3 914 to 1,523 m: 1 (2007)

Airports - with unpaved runways [time series]

total: 94 1,524 to 2,437 m: 3 914 to 1,523 m: 28 under 914 m: 63 (2007)

Merchant marine [time series]

total: 2 ships (1000 GRT or over) 4,704 GRT/729 DWT by type: passenger/cargo 2 registered in other countries: 41 (Antigua and Barbuda 9, Bahamas 1, Belize 1, Faroe Islands 4, Gibraltar 1, Malta 7, Norway 3, St Vincent and The Grenadines 15) (2007)

Ports (Ports and terminals) [time series]

Grundartangi, Hafnarfjordur, Hornafjordhur, Reykjavik, Seydhisfjordhur

Roadways [time series]

total: 13,028 km paved/oiled gravel: 4,241 km (does not include urban roads) unpaved: 8,787 km (2005)