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Iceland
Background:
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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. 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:
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Northern Europe, island between the
Greenland Sea and the North Atlantic Ocean, northwest of the United
Kingdom
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Geographic coordinates:
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65 00 N, 18 00 W
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Map references:
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Europe
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Area:
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total: 103,000
sq km
07
land:
100,250 sq km
water:
2,750 sq km
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Area - comparative:
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slightly smaller than
Kentucky
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Land boundaries:
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0 km
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Coastline:
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4,970 km
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Maritime claims:
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territorial sea: 12
nm
exclusive economic zone:
200 nm
continental shelf:
200 nm or to the edge of the continental margin
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Climate:
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Current Weather
temperate; moderated by
North Atlantic Current; mild, windy winters; damp, cool summers
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Terrain:
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mostly plateau
interspersed with mountain peaks, icefields; coast deeply indented by
bays and fiords
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Elevation extremes:
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lowest point: Atlantic
Ocean 0 m
highest point:
Hvannadalshnukur 2,110 m (at Vatnajokull glacier)
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Natural resources:
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fish, hydropower,
geothermal power, diatomite
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Land use:
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arable land: 0.07%
permanent crops:
0%
other:
99.93% (2005)
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Irrigated land:
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NA
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Total
renewable water resources:
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170 cu km (2005)
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Freshwater withdrawal (domestic/industrial/agricultural):
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total: 0.17
cu km/yr (34%/66%/0%)
per capita:
567 cu m/yr (2003)
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Natural hazards:
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earthquakes and volcanic
activity
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Environment - current issues:
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water pollution from
fertilizer runoff; inadequate wastewater treatment
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Environment - international agreements:
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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
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Geography - note:
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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:
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308,910 (July 2010 est.)
8
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Age structure:
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0-14 years: 20.5%
(male 32,092/female 31,180)
15-64 years:
67.1% (male 104,904/female 102,405)
65 years and over:
12.4% (male 17,435/female 20,894) (2010 est.)
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Median age:
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total: 35.4
years
male:
34.9 years
female:
35.8 years (2010 est.)
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Population growth rate:
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0.699% (2010 est.)
42
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Birth rate:
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13.36 births/1,000
population (2010 est.)
54
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Death rate:
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6.9 deaths/1,000
population (July 2010 est.)
39
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Net migration rate:
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0.54 migrant(s)/1,000
population (2010 est.)
country comparison to the world: 59
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Urbanization:
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urban population: 92%
of total population (2008)
rate of urbanization:
0.8% annual rate of change (2005-10 est.)
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Sex ratio:
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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 (2010 est.)
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Infant mortality rate:
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total: 3.21
deaths/1,000 live births
17
male:
3.36 deaths/1,000 live births
female:
3.07 deaths/1,000 live births (2010 est.)
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Life expectancy at birth:
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total population: 80.79
years
4
male:
78.63 years
female:
83.04 years (2010 est.)
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Total fertility rate:
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1.9 children born/woman
(2010 est.)
42
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HIV/AIDS - adult prevalence rate:
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0.2% (2007 est.)
04
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HIV/AIDS - people living with HIV/AIDS:
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220 (2007 est.)
55
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HIV/AIDS - deaths:
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fewer than 100 (2003
est.)
43
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Nationality:
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noun: Icelander(s)
adjective:
Icelandic
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Ethnic groups:
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homogeneous mixture of
descendants of Norse and Celts 94%, population of foreign origin 6%
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Religions:
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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.)
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Languages:
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Icelandic, English,
Nordic languages, German widely spoken
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Literacy:
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definition: age
15 and over can read and write
total population:
99%
male:
99%
female:
99% (2003 est.)
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School life expectancy (primary to tertiary education):
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total: 18
years
male:
17 years
female:
19 years (2006)
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Education expenditures:
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7.6% of GDP (2004)
6
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Country name:
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conventional long form: Republic of Iceland
conventional short form:
Iceland
local long form:
Lydveldid Island
local short form:
Island
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Government type:
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constitutional republic
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Capital:
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name: Reykjavik
geographic coordinates:
64 09 N, 21 57 W
time difference:
UTC 0 (5 hours ahead of Washington, DC during
Standard Time)
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Administrative divisions:
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8 regions; Austurland,
Hofudhborgarsvaedhi, Nordhurland Eystra, Nordhurland Vestra, Sudhurland,
Sudhurnes, Vestfirdhir, Vesturland
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Independence:
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1 December 1918 (became a
sovereign state under the Danish Crown); 17 June 1944 (from Denmark)
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National holiday:
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Independence Day, 17 June
(1944)
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Constitution:
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16 June 1944, effective
17 June 1944; amended many times
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Legal system:
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civil law system based on
Danish law; has not accepted compulsory ICJ jurisdiction
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Suffrage:
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18 years of age;
universal
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Executive branch:
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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, elected by
popular vote for a four-year term (no term limits); election last held
on 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 usually the prime minister
note:
the presidential election of 28 June 2008 was not
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%;
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Legislative branch:
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unicameral Parliament or
Althing (63 seats; members elected by popular vote to serve four-year
terms)
elections:
last held on 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
note:
the Citizens' Movement disintegrated in September
2009; three of its former MPs are now represented under the banner of
The Movement and the fourth former MP is an independent
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Judicial branch:
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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)
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Political parties and leaders:
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Independence Party or IP
[Bjarni BENEDIKTSSON, Jr.]; Left-Green Movement or LGM [Steingrimur
SIGFUSSON]; Progressive Party or PP [Sigmundur David GUNNLAUGSSON];
Social Democratic Alliance or SDA [Johanna SIGURDARDOTTIR]; The Movement
[Birgitta JONSDOTTIR]
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International organization participation:
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Arctic Council, Australia
Group, BIS, CBSS, CE, EAPC, EBRD, EFTA, FAO, FATF, 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, NSG,
OAS (observer), OECD, OPCW, OSCE, PCA, Schengen Convention, UN, UNCTAD,
UNESCO, UPU, WCO, WFTU, WHO, WIPO, WMO, WTO
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Diplomatic representation in the US:
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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
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Diplomatic representation from the US:
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chief of mission: Ambassador
(vacant); Charge d'Affaires Samuel WATSON
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
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Flag description:
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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
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Economy - overview:
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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, new developments in software production, biotechnology, and
tourism. Abundant geothermal and hydropower sources have attracted
substantial foreign investment in the aluminum sector 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 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 6.6% in 2009, and unemployment peaked at 9.4%
in February 2009. GDP growth is expected to be near zero in 2010. Since
the collapse of Iceland's financial sector, government economic
priorities have included stabilizing the krona, reducing Iceland's high
budget deficit, containing inflation, 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. British and Dutch authorities have pressed claims
against Icelandic Landsbanki to compensate their citizens for losses
suffered on deposits held in that bank. The collapse of the financial
system initially led to a major shift in opinion in favor of joining the
EU and adopting the euro, although support has dropped substantially
because of concern about losing control of their fishing resources and
in reaction to measures taken by EU partners following the financial
crisis.
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GDP (purchasing power parity):
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$12.15 billion (2009
est.)
42
$13.01
billion (2008 est.)
$12.84
billion (2007 est.)
note:
data are in 2009 US dollars
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GDP (official exchange rate):
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$11.92 billion (2009
est.)
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GDP - real growth rate:
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-6.6% (2009 est.)
98
1.3%
(2008 est.)
5.6%
(2007 est.)
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GDP - per capita (PPP):
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$39,600 (2009 est.)
0
$42,700
(2008 est.)
$42,500
(2007 est.)
note:
data are in 2009 US dollars
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GDP - composition by sector:
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agriculture: 5.2%
industry:
24%
services:
70.8% (2009 est.)
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Labor force:
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180,900 (2009 est.)
4
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Labor force -
by occupation:
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agriculture: 4.8%
industry:
22.2%
services:
73% (2008)
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Unemployment rate:
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8.2% (December 2009 est.)
4.8%
(December 2008 est.)
note:
this figure climbed to 9.4% as of February 2009
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Population
below poverty line:
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NA%
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%:
NA%
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Distribution of family income - Gini index:
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28 (2006)
23
25
(2005)
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Investment (gross fixed):
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14.1% of GDP (2009 est.)
39
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Budget:
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revenues: $4.844
billion
expenditures:
$6.729 billion (2009 est.)
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Public debt:
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107.6% of GDP (2009 est.)
55.9%
of GDP (2008 est.)
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Inflation rate (consumer prices):
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12% (2009 est.)
03
12.7%
(2008 est.)
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Central bank
discount rate:
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11.5% (31 December 2009)
country comparison to the world: 6
22%
(31 December 2008)
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Commercial bank prime lending rate:
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NA% (31 December 2008)
19.29%
(31 December 2007)
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Stock of money:
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$4.83 billion (30
September 2009)
country comparison to the world: 69
$4.71
billion (31 December 2008)
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Stock of quasi money:
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$3.44 billion (31
December 2008)
$3.55
billion (31 December 2008)
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Stock of
domestic credit:
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$NA (31 December 2008)
$49.67
billion (31 December 2006)
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Market value of publicly traded shares:
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$1.67 billion (31
December 2009)
$5.557
billion (31 December 2008)
$40.56
billion (31 December 2007)
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Agriculture - products:
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potatoes, green
vegetables; mutton, chicken, pork, beef, dairy products; fish
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Industries:
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fish processing; aluminum
smelting, ferrosilicon production; geothermal power, hydropower,
tourism
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Industrial production growth rate:
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-10% (2009 est.)
41
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Electricity -
production:
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16.84 billion kWh (2009
est.)
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Electricity -
consumption:
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16.48 billion kWh (2009
est.)
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Electricity - exports:
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0 kWh (2008 est.)
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Electricity - imports:
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0 kWh (2008 est.)
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Oil - production:
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0 bbl/day (2008 est.)
3
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Oil - consumption:
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19,880 bbl/day (2008
est.)
27
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Oil - exports:
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2,975 bbl/day (2008 est.)
10
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Oil - imports:
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17,510 bbl/day (2008
est.)
17
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Oil - proved reserves:
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0 bbl (1 January 2009
est.)
69
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Natural gas -
production:
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0 cu m (2008 est.)
6
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Natural gas -
consumption:
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0 cu m (2008 est.)
2
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Natural gas - exports:
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0 cu m (2008 est.)
2
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Natural gas - imports:
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0 cu m (2008 est.)
6
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Natural
gas - proved reserves:
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0 cu m (1 January 2009
est.)
60
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Current account balance:
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-$409 million (2009 est.)
09
-$3.572
billion (2008 est.)
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Exports:
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$4.02 billion (2009 est.)
10
$5.399
billion (2008 est.)
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Exports - commodities:
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fish and fish products
40%, aluminum, animal products, ferrosilicon, diatomite
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Exports - partners:
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Netherlands 33.8%, UK
11.7%, Germany 11.5%, US 5.8%, Japan 4.9%, Norway 4.1% (2008)
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Imports:
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$3.311 billion (2009
est.)
33
$5.699
billion (2008 est.)
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Imports - commodities:
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machinery and equipment,
petroleum products, foodstuffs, textiles
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Imports - partners:
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Norway 10.9%, Germany
10.4%, Sweden 9%, US 8%, Denmark 7.4%, China 6.8%, Netherlands 5.9%, UK
4.4%, Japan 4% (2008)
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Reserves of foreign exchange and gold:
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$3.883 billion (31
December 2009 est.)
$3.57
billion (31 December 2008 est.)
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Debt - external:
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$3.073 billion (2002)
20
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Stock of direct foreign investment - at home:
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$NA
$9.2
billion (31 December 2008)
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Stock of direct foreign investment - abroad:
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$NA
$8.8
billion (31 December 2008)
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Exchange rates:
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Icelandic kronur (ISK)
per US dollar - 128.417 (2009), 85.619 (2008), 63.391 (2007), 70.195
(2006), 62.982 (2005)
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Telephones - main lines in use:
|
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187,000 (2008)
25
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Telephones -
mobile cellular:
|
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342,000 (2008)
66
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Telephone system:
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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)
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Radio broadcast stations:
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AM 3, FM about 70,
shortwave 1 (2008)
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Television
broadcast stations:
|
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14 (plus 156 repeaters)
(1997)
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Internet country code:
|
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.is
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Internet hosts:
|
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272,201 (2009)
country comparison to the world: 59
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Internet users:
|
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250,000 (2008)
31
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Airports:
|
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99 (2009)
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Airports - with paved runways:
|
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total: 6
over 3,047 m:
1
1,524 to 2,437 m:
3
914 to 1,523 m:
2 (2009)
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Airports - with unpaved runways:
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total: 93
1,524 to 2,437 m:
3
914 to 1,523 m:
27
under 914 m:
63 (2009)
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Roadways:
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total: 12,869
km
28
paved/oiled gravel:
4,438 km (does not include urban roads)
unpaved:
8,431 km (2009)
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Merchant marine:
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total: 2
46
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)
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Ports and terminals:
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Grundartangi,
Hafnarfjordur, Reykjavik
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Military branches:
|
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no regular military forces;
Icelandic National Police (2008)
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Manpower available for military service:
|
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males age 16-49: 75,259
(2010 est.)
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Manpower fit for military service:
|
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males age 16-49: 62,705
females age 16-49:
61,392 (2010 est.)
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Manpower reaching militarily significant age annually:
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male: 2,318
female:
2,263 (2010 est.)
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Military expenditures:
|
|
0% of GDP (2005 est.)
4
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|
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Military - note:
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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)
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| Transnational Issues
::Iceland |
Disputes - international:
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Iceland, the UK, and Ireland
dispute Denmark's claim that the Faroe Islands' continental shelf
extends beyond 200 nm
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