Iceland

.is

272,201 (2009) country comparison to the world: 59

250,000 (2008) country comparison to the world: 131

AM 3, FM about 70, shortwave 1 (2008)

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)

187,000 (2008) country comparison to the world: 125

342,000 (2008) country comparison to the world: 166

14 (plus 156 repeaters) (1997)

potatoes, green vegetables; mutton, dairy products; fish

revenues: $6.657 billion expenditures: $6.856 billion (2008 est.)

22% (31 December 2008) country comparison to the world: 12 15.25% (31 December 2007)

NA% (31 December 2008) country comparison to the world: 18 19.29% (31 December 2007)

-$6.606 billion (2008 est.) country comparison to the world: 164 -$3.178 billion (2007 est.)

$3.073 billion (2002) country comparison to the world: 125

25 (2005) country comparison to the world: 130

Iceland's Scandinavian-type social-market economy combines a capitalist structure and free-market principles with an extensive welfare system, including generous housing subsidies. Prior to the 2008 crisis, Iceland had achieved high growth, low unemployment, and a remarkably even distribution of income. Government economic priorities have included stabilizing the krona, reducing the current account deficit, containing inflation, restructuring the financial sector, and diversifying the economy. 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, with new developments in software production, biotechnology, and tourism. Abundant geothermal sources have attracted substantial foreign investment in the aluminum and hydropower sectors and boosted economic growth, 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-currency loans, following the privatization of the 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 negotiated over $10 billion in loans from the IMF and other countries to stabilize its currency and financial sector, and to guarantee foreign deposits in Icelandic banks. A protracted recession is expected in 2009 and 2010 with GDP likely to contract and unemployment likely to surpass 10%. The collapse of the financial system has led to a major shift in opinion in favor of joining the EU and adopting the euro. Previous opposition to this move stemmed from Icelanders' concern about losing control of their fishing resources. Iceland's coalition government collapsed in January 2009 following protests over growing joblessness and losses to personal savings.

11.22 billion kWh (2007 est.) country comparison to the world: 79

0 kWh (2008 est.)

0 kWh (2008 est.)

11.71 billion kWh (2007 est.) country comparison to the world: 86

Icelandic kronur (ISK) per US dollar - 85.619 (2008 est.), 63.391 (2007), 70.195 (2006), 62.982 (2005), 70.192 (2004)

$5.399 billion (2008 est.) country comparison to the world: 105 $4.793 billion (2007 est.)

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

Netherlands 33.8%, UK 11.7%, Germany 11.5%, US 5.8%, Japan 4.9%, Norway 4.1% (2008)

$16.79 billion (2008 est.)

$12.87 billion (2008 est.) country comparison to the world: 139 $12.7 billion (2007 est.) $12.03 billion (2006 est.) note: data are in 2008 US dollars

agriculture: 5% industry: 25.2% services: 69.8% (2008 est.)

$42,300 (2008 est.) country comparison to the world: 17 $42,100 (2007 est.) $40,200 (2006 est.) note: data are in 2008 US dollars

1.3% (2008 est.) country comparison to the world: 169 5.5% (2007 est.) 4.5% (2006 est.)

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

$5.699 billion (2008 est.) country comparison to the world: 110 $6.181 billion (2007 est.)

machinery and equipment, petroleum products, foodstuffs, textiles

Norway 10.9%, Germany 10.4%, Sweden 9%, US 8%, Denmark 7.4%, China 6.8%, Netherlands 6%, UK 4.4%, Japan 4% (2008)

0% (2008 est.) country comparison to the world: 134

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

12.7% (2008 est.) country comparison to the world: 176 5.1% (2007 est.)

23.9% of GDP (2008 est.) country comparison to the world: 60

184,000 (2008 est.) country comparison to the world: 167

agriculture: 3% industry: 19% services: 78% (2007)

$NA (31 December 2008) country comparison to the world: 62 $40.56 billion (31 December 2007) $36.1 billion (31 December 2006)

0 cu m (2008 est.) country comparison to the world: 172

0 cu m (2008) country comparison to the world: 66

0 cu m (2008 est.) country comparison to the world: 168

0 cu m (2008 est.) country comparison to the world: 176

0 cu m (1 January 2009 est.) country comparison to the world: 166

19,880 bbl/day (2008 est.) country comparison to the world: 126

2,975 bbl/day (2008 est.) country comparison to the world: 109

17,510 bbl/day (2008 est.) country comparison to the world: 117

0 bbl/day (2008 est.) country comparison to the world: 186

0 bbl (1 January 2009 est.) country comparison to the world: 160

NA%

56.5% of GDP (2008 est.) country comparison to the world: 28 35.9% of GDP (2004 est.)

$2.5 billion (31 December 2008 est.) country comparison to the world: 102 $2.436 billion (31 December 2007 est.)

$NA

$NA

$NA (31 December 2008) $49.67 billion (31 December 2006)

$NA (31 December 2008) $6.64 billion (31 December 2007)

$15.05 billion (31 December 2006) country comparison to the world: 45 $NA (31 December 2007)

1.6% (2008 est.) country comparison to the world: 14 1% (2007 est.) note: this figure climbed to 9.4% as of February 2009

total: 103,000 sq km country comparison to the world: 107 land: 100,250 sq km water: 2,750 sq km

slightly smaller than Kentucky

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

4,970 km

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

water pollution from fertilizer runoff; inadequate wastewater treatment

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

65 00 N, 18 00 W

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

NA

0 km

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

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

Europe

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

earthquakes and volcanic activity

fish, hydropower, geothermal power, diatomite

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

170 cu km (2005)

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

name: Reykjavik geographic coordinates: 64 09 N, 21 57 W time difference: UTC 0 (5 hours ahead of Washington, DC during Standard Time)

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

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

chief of mission: Ambassador Hjalmar HANNESSON 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

chief of mission: Ambassador Hjalmar W. HANNESSON 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

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 elections: president, a largely ceremonial post, is elected by popular vote for a four-year term (no term limits); election last held 28 June 2004 (next to be held in June 2012); following legislative elections, the leader of the majority party or the leader of the majority coalition is usually the prime minister note: the presidential election of 28 June 2008 was never held because Olafur Ragnar GRIMSSON had no challengers; he was sworn in on 1 August 2008 2004 election results: Olafur Ragnar GRIMSSON elected president; percent of vote - Olafur Ragnar GRIMSSON 85.6%, Baldur AGUSTSSON 12.5%, Astthor MAGNUSSON 1.9%;

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); the colors represent three of the elements that make up the island: red is for the island's volcanic fires, white recalls the snow and ice fields of the island, and blue is for the surrounding ocean

constitutional republic

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

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

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)

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

unicameral Parliament or Althing (63 seats; members are elected by popular vote to serve four-year terms) elections: last held 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 Alliance 14, Progressive Party 9, Citizens' Movement 4

Independence Day, 17 June (1944)

Citizens' Movement; Independence Party or IP [Bjarni BENEDIKTSSON, Jr.]; Left-Green Movement or LGM [Steingrimur SIGFUSSON]; Liberal Party or LP [Gudjon KRISTJANSSON]; Progressive Party or PP [Sigmundur David GUNNLAUGSSON; Social Democratic Alliance or SDA [Johanna SIGUROARDOTTIR] (includes People's Alliance or PA, Social Democratic Party or SDP, Women's List)

People's Voices [Hordur TORFARSON]; New Times; Civic Action Association [Gunnar SIGURDSSON]; The Association of Military Opponents [Stefan PALSSON]

18 years of age; universal

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, and social cohesion are first-rate by world standards.

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

males age 16-49: 62,576 females age 16-49: 61,159 (2009 est.)

male: 2,369 female: 2,349 (2009 est.)

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)

no regular military forces; Icelandic National Police (2008)

0% of GDP (2005 est.) country comparison to the world: 173

0-14 years: 20.7% (male 32,268/female 31,308) 15-64 years: 67.1% (male 104,158/female 101,584) 65 years and over: 12.2% (male 16,952/female 20,424) (2009 est.)

13.43 births/1,000 population (2009 est.) country comparison to the world: 154

6.85 deaths/1,000 population (July 2009 est.) country comparison to the world: 139

7.6% of GDP (2004) country comparison to the world: 16

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

0.2% (2007 est.) country comparison to the world: 100

fewer than 100 (2003 est.) country comparison to the world: 144

220 (2007 est.) country comparison to the world: 155

total: 3.23 deaths/1,000 live births country comparison to the world: 218 male: 3.38 deaths/1,000 live births female: 3.08 deaths/1,000 live births (2009 est.)

Icelandic, English, Nordic languages, German widely spoken

total population: 80.67 years country comparison to the world: 14 male: 78.53 years female: 82.9 years (2009 est.)

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

total: 35.1 years male: 34.6 years female: 35.6 years (2009 est.)

noun: Icelander(s) adjective: Icelandic

0.83 migrant(s)/1,000 population (2009 est.) country comparison to the world: 60

306,694 (July 2009 est.) country comparison to the world: 178

0.741% (2009 est.) country comparison to the world: 143

Lutheran Church of Iceland 80.7%, Roman Catholic Church 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.)

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

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: 0.83 male(s)/female total population: 1 male(s)/female (2009 est.)

1.9 children born/woman (2009 est.) country comparison to the world: 143

urban population: 92% of total population (2008) rate of urbanization: 0.8% annual rate of change (2005-10 est.)

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

99 (2009) country comparison to the world: 62

total: 6 over 3,047 m: 1 1,524 to 2,437 m: 3 914 to 1,523 m: 2 (2009)

total: 93 1,524 to 2,437 m: 3 914 to 1,523 m: 27 under 914 m: 63 (2009)

total: 2 country comparison to the world: 145 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)

Grundartangi, Hafnarfjordur, Reykjavik

total: 13,058 km country comparison to the world: 129 paved/oiled gravel: 4,397 km (does not include urban roads) unpaved: 8,661 km (2007)