Map of Iceland | Geography | People | Government | Economy | Energy | Communication
Military | Transportation | Transnational Issues | Year: Guide1989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025 | More stats

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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. Denmark granted limited home rule in 1874 and complete independence in 1944. The second half of the 20th century saw substantial economic growth driven primarily by the fishing industry. The economy diversified greatly after the country joined the European Economic Area in 1994 but Iceland was especially hard hit by the global financial crisis in the years following 2008. Literacy longevity and social cohesion are first rate by world standards.


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

Geographic coordinates: 65 00 N 18 00 W

Map reference

Area
Rank: 108
Comparative: slightly smaller than Kentucky

Land boundaries: 0 km

Coastline: 4,970 km

Maritime claims

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

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

Elevation

Natural resources: fish hydropower geothermal power diatomite

Land use

Irrigated land: NA

Major rivers

Major watersheds area km²

Total water withdrawal

Total renewable water resources: 170 km³ (2005)

Natural hazards: earthquakes and volcanic activity

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


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Population: 313,183 (July 2012 est.)
Rank: 179
Growth rate: 0.674% (2012 est.)
Growth rate rank: 141
Below poverty line: NA%

Nationality

Ethnic groups: homogeneous mixture of descendants of Norse and Celts 94% population of foreign origin 6%

Languages: Icelandic English Nordic languages German widely spoken

Religions: Lutheran Church of Iceland (official) 80.7% Roman Catholic 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.)

Demographic profile

Age structure

Dependency ratios

Median age

Population growth rate: 0.674% (2012 est.)
Rank: 141

Birth rate: 13.23 births/1000 population (2012 est.)
Rank: 150

Death rate: 7.02 deaths/1000 population (July 2012 est.)
Rank: 129

Net migration rate: 0.53 migrant(s)/1000 population (2012 est.)
Rank: 62

Population distribution

Urbanization

Major urban areas

Environment
Current issues: water pollution from fertilizer runoff; inadequate wastewater treatment

Air pollutants

Sex ratio

Mothers mean age at first birth

Maternal mortality ratio

Infant mortality rate
Rank: 216

Life expectancy at birth
Rank: 19

Total fertility rate: 1.89 children born/woman (2012 est.)
Rank: 144

Contraceptive prevalence rate

Drinking water source

Current health expenditure

Physicians density: 3.934 physicians/1000 population (2008)

Hospital bed density: 5.79 beds/1000 population (2007)

Sanitation facility access:

Hiv/Aids
Adult prevalence rate: 0.3% (2009 est.)
Adult prevalence rate rank: 85
People living with hivaids: fewer than 1000 (2009 est.)
People living with hivaids rank: 143
Deaths: fewer than 100 (2009 est.)
Deaths rank: 136

Major infectious diseases

Obesity adult prevalence rate: 12.4% (2002)
Rank: 46

Alcohol consumption

Tobacco use

Children under the age of 5 years underweight

Education expenditures: 7.4% of GDP (2007)
Rank: 14

Literacy

School life expectancy primary to tertiary education

Youth unemployment


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Country name

Government type: constitutional republic

Capital

Administrative divisions: 8 regions; Austurland Hofudhborgarsvaedhi Nordhurland Eystra Nordhurland Vestra Sudhurland Sudhurnes Vestfirdhir Vesturland

Dependent areas

Independence: 1 December 1918 (became a sovereign state under the Danish Crown); 17 June 1944 (from Denmark; birthday of Jon SIGURDSSON leader of Iceland's 19th Century independence movement)

National holiday: Independence Day 17 June (1944)

Constitution: 16 June 1944 effective 17 June 1944; amended many times

Legal system: civil law system influenced by the Danish model

International law organization participation: has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction

Citizenship

Suffrage: 18 years of age; universal

Executive branch

Legislative branch: unicameral Althingi (parliament) (63 seats; members elected by popular vote to serve four-year terms)

Judicial branch: Supreme Court or Haestirettur (justices are appointed for life by the president); eight district courts (justices are appointed for life by the president)

Political parties and leaders: Independence Party (Sjalfstaedisflokkurinn) or IP [Bjarni BENEDIKTSSON]; Left-Green Movement (Vinstrihreyfingin-graent frambod) or LGM [Steingrimur SIGFUSSON]; Liberal Party (Frjalslyndi flokkurinn) [Sigurjon THORDARSON]; The Movement (Hreyfingin) [Birgitta JONSDOTTIR]; Progressive Party (Framsoknarflokkurinn) or PP [Sigmundur David GUNNLAUGSSON]; Social Democratic Alliance (Samfylkingin) or SDA [Johanna SIGURDARDOTTIR]

International organization participation: Arctic Council Australia Group BIS CBSS CD CE EAPC EBRD EFTA EU (candidate country) FAO FATF IAEA IBRD ICAO ICC (national committees) ICRM IDA IFAD IFC IFRCS IHO ILO IMF IMO IMSO Interpol IOC IPU ISO ITSO ITU ITUC (NGOs) MIGA NATO NC NEA NIB NSG OAS (observer) OECD OPCW OSCE PCA Schengen Convention UN UNCTAD UNESCO UPU WCO WHO WIPO WMO WTO

Diplomatic representation

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); 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

National symbols: gyrfalcon

National anthem

National heritage


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Economy overview: Iceland's Scandinavian-type social-market economy combines a capitalist structure and free-market principles with an extensive welfare system. Prior to the 2008 crisis Iceland had achieved high growth low unemployment and a remarkably even distribution of income. 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 particularly within the fields of software production biotechnology and tourism. Abundant geothermal and hydropower sources have attracted substantial foreign investment in the aluminum sector boosted economic growth and sparked some interest from high-tech firms looking to establish data centers using cheap green energy 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 currencies following the privatization of the banking 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 secured over $10 billion in loans from the IMF and other countries to stabilize its currency and financial sector and to back government guarantees for foreign deposits in Icelandic banks. GDP fell 6.8% in 2009 and unemployment peaked at 9.4% in February 2009. GDP rose 2.7% in 2012 and unemployment declined to 5.6%. Since the collapse of Iceland's financial sector government economic priorities have included: stabilizing the krona implementing capital controls reducing Iceland's high budget deficit containing inflation addressing high household debt restructuring the financial sector and diversifying the economy. Three new banks were established to take over the domestic assets of the collapsed banks. Two of them have foreign majority ownership while the State holds a majority of the shares of the third. Iceland began making payments to the UK the Netherlands and other claimants in late 2011 following Iceland's Supreme Court ruling that upheld 2008 emergency legislation that gives priority to depositors for compensation from failed Icelandic banks. Iceland owes British and Dutch authorities approximately $5.5 billion for compensating British and Dutch citizens who lost deposits in Icesave when parent bank Landsbanki failed in 2008. Iceland began accession negotiations with the EU in July 2010; however public support has dropped substantially because of concern about losing control over fishing resources and in reaction to worries over the ongoing Eurozone crisis.

Real gdp purchasing power parity:
Rank: 147

Real gdp growth rate:
Rank: 118

Real gdp per capita:
Rank: 25

Gross national saving

Gdp composition by end use

Gdp composition by sector of origin

Agriculture products: potatoes green vegetables; mutton chicken pork beef dairy products; fish

Industries

Industrial production growth rate: 3% (2011 est.)
Rank: 104

Labor force: 180,800 (2012 est.)
Rank: 174

Unemployment rate: 7.4% (2011 est.)
Rank: 56

Youth unemployment

Population below poverty line: NA%

Gini index

Household income or consumption by percentage share

Distribution of family income gini index: 25 (2005)
Rank: 122

Budget
Surplus or deficit: -2.3% of GDP (2012 est.)
Surplus or deficit rank: 79

Taxes and other revenues: 40.3% of GDP (2012 est.)
Rank: 50

Public debt: 128.6% of GDP (2011 est.)
Rank: 10

Revenue

Fiscal year: calendar year

Inflation rate consumer prices: 4% (2011 est.)
Rank: 146

Central bank discount rate: 5.75% (31 December 2010 est.)
Rank: 64

Commercial bank prime lending rate: 7.7% (31 December 2011 est.)
Rank: 121

Stock of narrow money: $4.053 billion (31 December 2011 est.)
Rank: 104

Stock of broad money: $12.68 billion (31 December 2010 est.)
Rank: 98

Stock of domestic credit: $19.49 billion (31 December 2011 est.)
Rank: 81

Market value of publicly traded shares:
Rank: 98

Current account balance: -$953 million (2011 est.)
Rank: 105

Exports: $5.344 billion (2011 est.)
Rank: 112
Commodities: fish and fish products 40% aluminum animal products ferrosilicon diatomite
Partners: Netherlands 32.4% Germany 15% UK 9% Norway 4.4% (2011)

Imports: $4.506 billion (2011 est.)
Rank: 131
Commodities: machinery and equipment petroleum products foodstuffs textiles
Partners: Norway 15.9% US 10.8% Germany 7.8% Netherlands 7.3% China 6.2% Denmark 6.2% Brazil 5.8% UK 5.1% (2011)

Reserves of foreign exchange and gold: $8.55 billion (31 December 2011 est.)
Rank: 75

Debt external: $3.073 billion (2002 est.)
Rank: 41

Stock of direct foreign investment at home:

Stock of direct foreign investment abroad:

Exchange rates:


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Electricity
Production: 16.77 billion kWh (2010 est.)
Production rank: 79
Consumption: 15.98 billion kWh (2009 est.)
Consumption rank: 74
Exports: 0 kWh (2010 est.)
Exports rank: 208
Imports: 0 kWh (2010 est.)
Imports rank: 199
Installed generating capacity: 2.571 million kW (2009 est.)
Installed generating capacity rank: 93
Generation sources fossil fuels: 4.7% of total installed capacity (2009 est.)
Generation sources fossil fuels rank: 200
Generation sources nuclear: 0% of total installed capacity (2009 est.)
Generation sources nuclear rank: 108
Generation sources hydroelectricity: 72.9% of total installed capacity (2009 est.)
Generation sources hydroelectricity rank: 21
Generation sources other renewable sources: 22.4% of total installed capacity (2009 est.)
Generation sources other renewable sources rank: 6

Coal

Petroleum
Petroleum total petroleum production: 0 bbl/day (2011 est.)
Petroleum total petroleum production rank: 148
Crude oil exports: 0 bbl/day (2009 est.)
Crude oil exports rank: 129
Crude oil imports: 0 bbl/day (2009 est.)
Crude oil imports rank: 200
Crude oil proven reserves: 0 bbl (1 January 2012 est.)
Crude oil proven reserves rank: 147

Crude oil

Refined petroleum
Products production: 0 bbl/day (2009 est.)
Products production rank: 160
Products consumption: 20,770 bbl/day (2011 est.)
Products consumption rank: 128
Products exports: 1209 bbl/day (2009 est.)
Products exports rank: 106
Products imports: 15,530 bbl/day (2009 est.)
Products imports rank: 118

Natural gas
Production: 0 m³ (2010 est.)
Production rank: 145
Consumption: 0 m³ (2010 est.)
Consumption rank: 157
Exports: 0 m³ (2010 est.)
Exports rank: 87
Imports: 0 m³ (2010 est.)
Imports rank: 209
Proven reserves: 0 m³ (1 January 2012 est.)
Proven reserves rank: 151

Carbon dioxide emissions
From consumption of energy: 3.357 million Mt (2010 est.)
From consumption of energy rank: 138

Energy consumption per capita


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Telephones
Main lines in use: 191,100 (2011)
Main lines in use rank: 127
Mobile cellular: 344,100 (2011)
Mobile cellular rank: 172

Telephone system

Broadcast media: state-owned public TV broadcaster operates 1 TV channel nationally; several privately-owned TV stations broadcast nationally and roughly another half-dozen operate locally; about one-half the households utilize multi-channel cable or satellite TV services; state-owned public radio broadcaster operates 2 national networks and 4 regional stations; 2 privately-owned radio stations operate nationally and another 15 provide more limited coverage (2007)

Internet
Country code: .is
Hosts: 369,969 (2012)
Hosts rank: 56
Users: 301,600 (2009)
Users rank: 129

Broadband fixed subscriptions


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Military expenditures: 0% of GDP (2005 est.)
Rank: 172

Military and security forces

Military service age and obligation

Space program

Terrorist groups


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National air transport system

Civil aircraft registration country code prefix

Airports: 99 (2012)
Rank: 57

Heliports

Pipelines

Railways

Roadways
Rank: 128

Waterways

Merchant marine
Rank: 141

Ports and terminals: Grundartangi Hafnarfjordur Reykjavik


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Disputes international: Iceland the UK and Ireland dispute Denmark's claim that the Faroe Islands' continental shelf extends beyond 200 nm; the European Free Trade Association Surveillance Authority filed a suit against Iceland claiming the country violated the European Economic Area agreement in failing to pay minimum compensation to Icesave depositors

Refugees and internally displaced persons

Illicit drugs