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Communications

Internet country code [time series]

.is

Internet users (Internet hosts) [time series]

263,980 (2008)

Internet users [time series]

202,300 (2007)

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]

186,700 (2007)

Telephones - mobile cellular [time series]

347,500 (2007)

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: $9.64 billion expenditures: $8.602 billion (2007 est.)

Central bank discount rate [time series]

15.25% (31 December 2007)

Commercial bank prime lending rate [time series]

19.29% (31 December 2007)

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

Icelandic krona (ISK)

Current account balance [time series]

-$3.189 billion (2007 est.)

Debt - external [time series]

$3.073 billion (2002)

Gini Index coefficient - distribution of family income (Distribution of family income - Gini index) [time series]

25 (2005)

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 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.

Electricity - consumption [time series]

9.312 billion kWh (2006 est.)

Electricity - exports [time series]

0 kWh (2007 est.)

Electricity - imports [time series]

0 kWh (2007 est.)

Electricity - production [time series]

11.71 billion kWh (2007 est.)

Exchange rates [time series]

Icelandic kronur (ISK) per US dollar - 63.391 (2007), 70.195 (2006), 62.982 (2005), 70.192 (2004), 76.709 (2003)

Exports [time series]

$4.793 billion f.o.b. (2007 est.)

Exports - commodities [time series]

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

Exports - partners [time series]

Netherlands 21.3%, Germany 13.3%, UK 13.2%, Ireland 7.7%, US 7.3%, Spain 4.6%, Japan 4.3% (2007)

GDP (official exchange rate) [time series]

$20 billion (2007 est.)

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

$12.19 billion (2007 est.)

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

agriculture: 5.2% industry: 25.7% services: 69.1% (2007 est.)

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

$40,400 (2007 est.)

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

3.8% (2007 est.)

Household income or consumption by percentage share [time series]

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

Imports [time series]

$6.181 billion (2007 est.)

Imports - commodities [time series]

machinery and equipment, petroleum products, foodstuffs, textiles

Imports - partners [time series]

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)

Industrial production growth rate [time series]

9% (2007 est.)

Industries [time series]

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

Inflation rate (consumer prices) [time series]

5.1% (2007 est.)

Investment (gross fixed) [time series]

27.5% of GDP (2007 est.)

Labor force [time series]

181,000 (2007 est.)

Labor force - by occupation [time series]

agriculture: 5.1% industry: 23% services: 71.8% (2005)

Market value of publicly traded shares [time series]

$27.8 billion (2005)

Natural gas - consumption [time series]

0 cu m (2007 est.)

Natural gas - exports [time series]

0 cu m (2007 est.)

Natural gas - imports [time series]

0 cu m (2007 est.)

Natural gas - production [time series]

0 cu m (2007 est.)

Natural gas - proved reserves [time series]

0 cu m (1 January 2006 est.)

Oil - consumption [time series]

21,120 bbl/day (2007 est.)

Oil - exports [time series]

860.8 bbl/day (2005)

Oil - imports [time series]

17,450 bbl/day (2005)

Oil - production [time series]

0 bbl/day (2007 est.)

Oil - proved reserves [time series]

0 bbl (1 January 2006 est.)

Public debt [time series]

27.6% of GDP (2007 est.)

Reserves of foreign exchange and gold [time series]

$2.436 billion (31 December 2007 est.)

Stock of direct foreign investment - abroad [time series]

$NA

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

$NA

Stock of domestic credit [time series]

$49.67 billion (31 December 2006)

Stock of narrow money (Stock of money) [time series]

$6.64 billion (31 December 2007)

Stock of narrow money (Stock of quasi money) [time series]

$15.05 billion (31 December 2006)

Unemployment rate [time series]

1% (2007 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

Total water withdrawal (Freshwater withdrawal (domestic/industrial/agricultural)) [time series]

total: 0.17 cu km/yr (34%/66%/0%) per capita: 567 cu m/yr (2003)

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

Total renewable water resources [time series]

170 cu km (2005)

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, OAS (observer), OECD, OPCW, OSCE, PCA, Schengen Convention, UN, UNCTAD, UNESCO, UPU, WCO, WEU (associate), WFTU, 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]

Icelandic Psychiatric Human Rights Group

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 16-49: 74,896 (2008 est.)

Manpower fit for military service [time series]

males age 16-49: 62,342 (2008 est.)

Manpower reaching militarily significant age annually [time series]

male: 2,393 female: 2,317 (2008 est.)

Military - note [time series]

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 and security forces (Military branches) [time series]

no regular military forces; Icelandic National Police (2008)

Military expenditures [time series]

0% of GDP (2005 est.)

People

Age structure [time series]

0-14 years: 21% (male 32,500/female 31,566) 15-64 years: 67% (male 103,231/female 100,545) 65 years and over: 12% (male 16,530/female 19,995) (2008 est.)

Birth rate [time series]

13.5 births/1,000 population (2008 est.)

Death rate [time series]

6.81 deaths/1,000 population (2008 est.)

Education expenditure (Education expenditures) [time series]

7.6% of GDP (2004)

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]

fewer than 100 (2003 est.)

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

220 (2001 est.)

Infant mortality rate [time series]

total: 3.25 deaths/1,000 live births male: 3.39 deaths/1,000 live births female: 3.1 deaths/1,000 live births (2008 est.)

Languages [time series]

Icelandic, English, Nordic languages, German widely spoken

Life expectancy at birth [time series]

total population: 80.55 years male: 78.43 years female: 82.76 years (2008 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: 34.8 years male: 34.4 years female: 35.3 years (2008 est.)

Nationality [time series]

noun: Icelander(s) adjective: Icelandic

Net migration rate [time series]

1.13 migrant(s)/1,000 population (2008 est.)

Population [time series]

304,367 (July 2008 est.)

Population growth rate [time series]

0.783% (2008 est.)

Religions [time series]

Lutheran Church of Iceland 82.1%, Roman Catholic Church 2.4%, Reykjavik Free Church 2.3%, Hafnarfjorour Free Church 1.6%, other Christian 2.8%, other religions 0.9%, unaffiliated 2.6%, other or unspecified 5.5% (2006 est.)

School life expectancy (primary to tertiary education) [time series]

total: 18 years male: 17 years female: 19 years (2006)

Sex ratio [time series]

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 (2008 est.)

Total fertility rate [time series]

1.91 children born/woman (2008 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 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)

Ports (Ports and terminals) [time series]

Grundartangi, Hafnarfjordur, Reykjavik

Roadways [time series]

total: 13,058 km paved/oiled gravel: 4,397 km (does not include urban roads) unpaved: 8,661 km (2007)