Iceland Population: 343,518


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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 Althingi, 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. The economy is now on an upward trajectory, fueled primarily by a tourism and construction boom. Literacy, longevity, and social cohesion are first rate by world standards.

Geographic coordinates: 65 00 N, 18 00 W
Area: total: 103,000 sq km
land: 100,250 sq km
water: 2,750 sq km

Size comparison: slightly smaller than Pennsylvania; about the same size as Kentucky
Land Boundaries: 0 km
Coastline: 4,970 km
Maritime claims: territorial sea: 12 nm
exclusive economic zone: 200 nm
Natural resources: fish, hydropower, geothermal power, diatomite
Land use: agricultural land: 18.7% (2011 est.) arable land: 1.2% (2011 est.)
permanent crops: 0% (2011 est.) permanent pasture: 17.5% (2011 est.) forest: 0.3% (2011 est.)
other: 81% (2011 est.)
Irrigated land: n/a
Natural hazards: earthquakes and volcanic activity volcanism: Iceland, situated on top of a hotspot, experiences severe volcanic activity; Eyjafjallajokull (1,666 m) erupted in 2010, sending ash high into the atmosphere and seriously disrupting European air traffic; scientists continue to monitor nearby Katla (1,512 m), which has a high probability of eruption in the very near future, potentially disrupting air traffic; Grimsvoetn and Hekla are Iceland's most active volcanoes; other historically active volcanoes include Askja, Bardarbunga, Brennisteinsfjoll, Esjufjoll, Hengill, Krafla, Krisuvik, Kverkfjoll, Oraefajokull, Reykjanes, Torfajokull, and Vestmannaeyjar
Current Environment Issues: water pollution from fertilizer runoff

signed, but not ratified: Environmental Modification, Marine Life Conservation
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Nationality: noun: Icelander(s)
adjective: Icelandic
Ethnic groups: homogeneous mixture of descendants of Norse and Celts 81%, population with foreign background 19% (2018 est.) note: population with foreign background includes immigrants and persons having at least one parent who was born abroad
Languages: Icelandic, English, Nordic languages, German
Religions: Evangelical Lutheran Church of Iceland (official) 67.2%, Roman Catholic 3.9%, Reykjavik Free Church 2.8%, Hafnarfjordur Free Church 2%, Asatru Association 1.2%, The Independent Congregation .9%, other religions 4% (includes Zuist and Pentecostal), none 6.7%, other or unspecified 11.3% (2018 est.)
Population: 343,518 (July 2018 est.)
Age structure: 0-14 years: 20.4% (male 35,812 /female 34,249)
15-24 years: 13.22% (male 22,952 /female 22,444)
25-54 years: 39.76% (male 69,177 /female 67,401)
55-64 years: 11.87% (male 20,350 /female 20,426)
65 years and over: 14.76% (male 23,822 /female 26,885) (2018 est.)
youth dependency ratio: 30.8 (2015 est.)
elderly dependency ratio: 20.8 (2015 est.)
potential support ratio: 4.8 (2015 est.)
Median age: total: 36.7 years
male: 36.1 years
female: 37.3 years (2018 est.)
Population growth rate: 1.08% (2018 est.)
Birth rate: 13.6 births/1,000 population (2018 est.)
Net migration rate: 3.7 migrant(s)/1,000 population (2018 est.)
Urbanization: urban population: 93.8% of total population (2018)
rate of urbanization: 0.81% annual rate of change (2015-20 est.)
Major urban areas - population: 216,000 REYKJAVIK (capital) (2018)
0-14 years: 1.05 male(s)/female
15-24 years: 1.02 male(s)/female
25-54 years: 1.03 male(s)/female
55-64 years: 1 male(s)/female
65 years and over: 0.89 male(s)/female

Mother's mean age at first birth: 27.4 years (2015 est.)
Infant mortality rate: total: 2.1 deaths/1,000 live births male: 2.2 deaths/1,000 live births
female: 2 deaths/1,000 live births (2018 est.)
Life expectancy at birth: total population: 83.1 years male: 80.9 years
female: 85.5 years (2018 est.)
Physicians density: 3.97 physicians/1,000 population (2017)
Hospital bed density: 3.4 beds/1,000 population (2015)
Drinking water source: improved:
urban: 100% of population
rural: 100% of population
total: 100% of population

urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access: improved:
urban: 98.7% of population (2015 est.)
rural: 100% of population (2015 est.)
total: 98.8% of population (2015 est.)

urban: 1.3% of population (2015 est.)
rural: 0% of population (2015 est.)
total: 1.2% of population (2015 est.)
HIV/AIDS - adult prevalence rate: n/a
HIV/AIDS - deaths: n/a
Obesity - adult prevalence rate: 21.9% (2016)
Education expenditures: 7.7% of GDP (2015)
Unemployment, youth ages 15-24: total: 7.9% male: 8.6% female: 7.1% (2017 est.)
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Country name: conventional long form: Republic of Iceland
conventional short form: Iceland
local long form: Lydveldid Island
local short form: Island
etymology: Floki VILGERDARSON, an early explorer of the island (9th century), applied the name "Land of Ice" after spotting a fjord full of drift ice to the north and spending a bitter winter on the island; he eventually settled on the island, however, after he saw how it greened up in the summer and that it was, in fact, habitable
Government type: unitary parliamentary republic
Capital: name: Reykjavik
geographic coordinates: 64 09 N, 21 57 W
etymology: the name means "smoky bay" in Icelandic and refers to the steamy, smoke-like vapors discharged by hot springs in the area
Administrative divisions: 74 municipalities (sveitarfelog, singular - sveitarfelagidh); Akrahreppur, Akraneskaupstadhur, Akureyrarkaupstadhur, Arneshreppur, Asahreppur, Blaskogabyggdh, Blonduosbaer, Bolungarvikurkaupstadhur, Borgarbyggdh, Borgarfjardharhreppur, Breidhdalshreppur, Dalabyggdh, Dalvikurbyggdh, Djupavogshreppur, Eyjafjardharsveit, Eyja-og Miklaholtshreppur, Fjallabyggdh, Fjardhabyggdh, Fljotsdalsheradh, Fljotsdalshreppur, Floahreppur, Gardhabaer, Grimsnes-og Grafningshreppur, Grindavikurbaer, Grundarfjardharbaer, Grytubakkahreppur, Hafnarfjardharkaupstadhur, Helgafellssveit, Horgarsveit, Hrunamannahreppur, Hunathing Vestra, Hunavatnshreppur, Hvalfjardharsveit, Hveragerdhisbaer, Isafjardharbaer, Kaldrananeshreppur, Kjosarhreppur, Kopavogsbaer, Langanesbyggdh, Mosfellsbaer, Myrdalshreppur, Nordhurthing, Rangarthing Eystra, Rangarthing Ytra, Reykholahreppur, Reykjanesbaer, Reykjavikurborg, Sandgerdhisbaer, Seltjarnarnesbaer, Seydhisfjardharkaupstadhur, Skaftarhreppur, Skagabyggdh, Skeidha-og Gnupverjahreppur, Skorradalshreppur, Skutustadhahreppur, Snaefellsbaer, Strandabyggdh, Stykkisholmsbaer, Sudhavikurhreppur, Svalbardhshreppur, Svalbardhsstrandarhreppur, Sveitarfelagidh Arborg, Sveitarfelagidh Gardhur, Sveitarfelagidh Hornafjordhur, Sveitarfelagidh Olfus, Sveitarfelagidh Skagafjordhur, Sveitarfelagidh Skagastrond, Sveitarfelagidh Vogar, Talknafjardharhreppur, Thingeyjarsveit, Tjorneshreppur, Vestmannaeyjabaer, Vesturbyggdh, Vopnafjardharhreppur
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: history: several previous; latest ratified 16 June 1944, effective 17 June 1944 (at independence) amendments: proposed by the Althingi; passage requires approval by the Althingi and by the next elected Althingi, and confirmation by the president of the republic; proposed amendments to Article 62 of the constitution – that the Evangelical Lutheran Church shall be the state church of Iceland – also require passage by referendum; amended many times, last in 2013 (2016)
Legal system: civil law system influenced by the Danish model
Suffrage: 18 years of age; universal
Executive branch: chief of state: President Gudni Thorlacius JOHANNESSON (since 1 August 2016)

head of government: Prime Minister Katrin JAKOBSDOTTIR (since 30 November 2017)

cabinet: Cabinet appointed by the president upon the recommendation of the prime minister elections/appointments: president directly elected by simple majority popular vote for a 4-year term (no term limits); election last held on 25 June 2016 (next to be held in June 2020); following legislative elections, the leader of the majority party or majority coalition becomes prime minister

election results: Gudni Thorlacius JOHANNESSON elected president; percent of vote - Gudni Thorlacius JOHANNESSON 39.1%, Halla TOMASDOTTIR 27.9%, Andri Snaer MAGNASON 14.3%, David ODDSSON 13.7%, Sturla JONSSON 3.5%, invalid 1.5%
Legislative branch: description: unicameral Althingi or Parliament (63 seats; members directly elected in multi-seat constituencies by proportional representation vote to serve 4-year terms)

elections: last held on 28 October 2017 (next to be held in 2021)

election results: percent of vote by party - IP 25.2%, LGM 16.9%, SDA 12.1%, CP 10.9%, PP 10.7%, Pirate Party 9.2%, People's Party 6.9%, Reform Party 6.7%. other 1.5%; seats by party - IP 16, LGM 11, SDA 7, CP 7, PP 8, Pirate Party 6, Reform Party 4, People's Party 4

subordinate courts: Appellate Court or Landsrettur; 8 district courts; Labor Court
Political parties and leaders: Centrist Party (Midflokkurinn) or CP [Sigmundur David GUNNLAUGSSON] Independence Party (Sjalfstaedisflokkurinn) or IP [Bjarni BENEDIKTSSON] Left-Green Movement (Vinstrihreyfingin-graent frambod) or LGM [Katrin JAKOBSDOTTIR] People's Party (Flokkur Folksins) [Inga SAELAND] Pirate Party (Piratar) [rotating leadership] Progressive Party (Framsoknarflokkurinn) or PP [Sigurdur Ingi JOHANNSSON] Reform Party (Vidreisn) [Thorgerdur Katrin GUNNARSDOTTIR] Social Democratic Alliance (Samfylkingin) or SDA [Logi Mar EINARSSON]
National symbol(s): gyrfalcon;
national colors: blue, white, red
lyrics/music: Matthias JOCHUMSSON/Sveinbjorn SVEINBJORNSSON

note: adopted 1944; also known as "O, Gud vors lands" (O, God of Our Land), the anthem was originally written and performed in 1874
Diplomatic representation in the US: chief of mission: Ambassador Geir Hilmar HAARDE (since 23 February 2015)
telephone: [1] (202) 265-6653
FAX: [1] (202) 265-6656
consulate(s) general: New York
Diplomatic representation from the US: chief of mission: Ambassador (vacant); Charge d'Affaires Jill ESPOSITO (since 20 January 2017)
embassy: Laufasvegur 21, 101 Reykjavik
telephone: [354] 595-2200
FAX: [354] 562-9118
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Iceland's economy combines a capitalist structure and free-market principles with an extensive welfare system. Except for a brief period during the 2008 crisis, Iceland has in recent years achieved high growth, low unemployment, and a remarkably even distribution of income. Iceland's economy has been diversifying into manufacturing and service industries in the last decade, particularly within the fields of tourism, software production, and biotechnology. 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. Tourism, aluminum smelting, and fishing are the pillars of the economy. For decades the Icelandic economy depended heavily on fisheries, but tourism has now surpassed fishing and aluminum as Iceland’s main export industry. Tourism accounted for 8.6% of Iceland’s GDP in 2016, and 39% of total exports of merchandise and services. From 2010 to 2017, the number of tourists visiting Iceland increased by nearly 400%. Since 2010, tourism has become a main driver of Icelandic economic growth, with the number of tourists reaching 4.5 times the Icelandic population in 2016. Iceland remains sensitive to fluctuations in world prices for its main exports, and to fluctuations in the exchange rate of the Icelandic Krona. Following the privatization of the banking sector in the early 2000s, domestic banks expanded aggressively in foreign markets, and consumers and businesses borrowed heavily in foreign currencies. 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 nearly nine times the country's GDP, became unsustainable. Iceland's three largest banks collapsed in late 2008. GDP fell 6.8% in 2009, and unemployment peaked at 9.4% in February 2009. Three new banks were established to take over the domestic assets of the collapsed banks. Two of them have majority ownership by the state, which intends to re-privatize them. 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. Capital controls were lifted in March 2017, but some financial protections, such as reserve requirements for specified investments connected to new inflows of foreign currency, remain in place.
GDP (purchasing power parity): $18.18 billion (2017 est.) $17.48 billion (2016 est.) $16.29 billion (2015 est.)

note: data are in 2017 dollars
GDP (official exchange rate): $24.48 billion (2017 est.)
GDP - real growth rate: 4% (2017 est.) 7.4% (2016 est.) 4.5% (2015 est.)
GDP - per capita (PPP): $52,200 (2017 est.) $51,700 (2016 est.) $48,900 (2015 est.)

note: data are in 2017 dollars
Gross national saving: 25.8% of GDP (2017 est.) 29.1% of GDP (2016 est.) 24.5% of GDP (2015 est.) GDP - composition, by end use: household consumption: 50.4% (2017 est.) government consumption: 23.3% (2017 est.) investment in fixed capital: 22.1% (2017 est.) investment in inventories: 0% (2017 est.) exports of goods and services: 47% (2017 est.) imports of goods and services: -42.8% (2017 est.) GDP - composition, by sector of origin: agriculture: 5.8% (2017 est.) industry: 19.7% (2017 est.) services: 74.6% (2017 est.)
Agriculture - products: potatoes, carrots, green vegetables, tomatoes, cucumbers; mutton, chicken, pork, beef, dairy products; fish
Industries: tourism, fish processing; aluminum smelting;; geothermal power, hydropower; medical/pharmaceutical products
Industrial production growth rate: 2.4% (2017 est.)
Labor force: 198,700 (2017 est.)
Labor force - by occupation: agriculture: 4.8%
industry: 22.2%
services: 73% (2008)
Unemployment rate: 2.8% (2017 est.) 3% (2016 est.)
Population below poverty line: n/a

note: 332,100 families (2011 est.)
highest 10%: n/a
Budget: revenues: 10.39 billion (2017 est.)
expenditures: 10.02 billion (2017 est.)
Taxes and other revenues: 42.4% (of GDP) (2017 est.) Budget surplus (+) or deficit (-): 1.5% (of GDP) (2017 est.)
Public debt: 40% of GDP (2017 est.) 51.7% of GDP (2016 est.)
Fiscal year: calendar year
Inflation rate (consumer prices): 1.8% (2017 est.) 1.7% (2016 est.)
Current account balance: $857 million (2017 est.) $1.556 billion (2016 est.)
Exports: $4.957 billion (2017 est.) $4.483 billion (2016 est.)
Exports - commodities: fish and fish products (42%), aluminum (38%), agricultural products, medicinal and medical products, ferro-silicon (2015)
Exports - partners: Netherlands 25.5%, Spain 13.6%, UK 9.4%, Germany 7.6%, US 7%, France 6.3%, Norway 4.9%
Imports: $6.525 billion (2017 est.) $5.315 billion (2016 est.)
Imports - partners: Germany 10.7%, Norway 9.2%, China 7%, Netherlands 6.7%, US 6.4%, Denmark 6.2%, UK 5.7%, Sweden 4.1%
Reserves of foreign exchange and gold: $6.567 billion (31 December 2017 est.) $7.226 billion (31 December 2016 est.)
Debt - external: $21.7 billion (31 December 2017 est.) $25.02 billion (31 December 2016 est.)
Stock of direct foreign investment - at home: $6.666 billion (31 December 2017 est.) $13.89 billion (31 December 2016 est.)
Stock of direct foreign investment - abroad: $11.24 billion (31 December 2017 est.) $17.64 billion (31 December 2016 est.)
Market value of publicly traded shares: $2.825 billion (31 December 2012 est.) $2.021 billion (31 December 2011 est.) $1.996 billion (31 December 2010 est.)
Exchange rates: Icelandic kronur (ISK) per US dollar - 111.7 (2017 est.) 120.81 (2016 est.) 120.81 (2015 est.) 131.92 (2014 est.) 116.77 (2013 est.)
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Electricity - production: 18.17 billion kWh (2016 est.)
Electricity - consumption: 17.68 billion kWh (2016 est.)
Electricity - exports: 0 kWh (2016 est.)
Electricity - imports: 0 kWh (2016 est.)
Electricity - installed generating capacity: 2.772 million kW (2016 est.)
Electricity - from fossil fuels: 4% of total installed capacity (2016 est.)
Electricity - from hydroelectric plants: 71% of total installed capacity (2017 est.)
Electricity - from other renewable sources: 25% of total installed capacity (2017 est.)
Refined petroleum products - consumption: 20,850 bbl/day (2017 est.)
Refined petroleum products - exports: 2,530 bbl/day (2017 est.)
Refined petroleum products - imports: 20,220 bbl/day (2017 est.)
Carbon dioxide emissions from consumption of energy: 3.228 million Mt (2017 est.)
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Cellular Phones in use: total subscriptions: 410,662
subscriptions per 100 inhabitants: 121 (2017 est.)
Telephone system: general assessment: telecommunications infrastructure is modern and fully digitized, with satellite-earth stations, fiber-optic cables, and an extensive broadband network; LTE licenses providing 99% population coverage (2018)

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; 43 per 100 for fixed line and 121 per 100 for mobile-cellular subscriptions (2018)

Broadcast media: state-owned public TV broadcaster (RUV) operates 21 TV channels nationally (RUV and RUV 2, though RUV 2 is used less frequently);  RUV broadcasts nationally, every household in Iceland is required to have RUV as it doubles as the emergency broadcast network; RUV also operates stringer offices in the north (Akureyri) and the east (Egilsstadir) but operations are all run out of RUV headquarters in Reykjavik;  there are 3 privately owned TV stations;  Stod 2 (Channel 2) is owned by Syn, following 365 Media and Vodafone merger, and is headquartered in Reykjavik;  Syn also operates 4 sports channels under Stod 2;  N4 is the only television station headquartered outside of Reykjavik, in Akureyri, with local programming for the north, south, and east of Iceland;  Hringbraut is the newest station and is headquartered in Reykjavik;  all of these television stations have nationwide penetration as 100% of households have multi-channel services though digital and/or fiber-optic connections RUV operates 3 radio stations (RAS 1, RAS2, and Rondo) as well as 4 regional stations (but they mostly act as range extenders for RUV radio broadcasts nationwide);  there is 1 privately owned radio conglomerate, Syn (4 stations), that broadcasts nationwide, and 3 other radio stations that broadcast to the most densely populated regions of the country.  In addition there are upwards of 20 radio stations that operate regionally (2019)
Internet country code: .is
Internet users: total: 329,967
percent of population: 98.2% (July 2016 est.)
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Airports: 96 (2013)
Airports (paved runways): total 7
(2017) over 3,047 m: 1 (2017)
1,524 to 2,437 m: 3 (2017)
914 to 1,523 m: 3 (2017)
Airports (unpaved runways): total 89
1,524 to 2,437 m: 3 (2013)
914 to 1,523 m: 26 (2013)
under 914 m: 60 (2013)
Roadways: total 12,898 km
(2012) paved/oiled gravel: 5,647 km (excludes urban roads) (2012)
unpaved: 7,251 km (2012)
Merchant marine: total 33

by type: general cargo 5, oil tanker 1, other 27 (2018)
Ports and terminals: major seaport(s): Grundartangi, Hafnarfjordur, Reykjavik
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Military branches: no regular military forces; Icelandic National Police; Icelandic Coast Guard (2018)
Military expenditures: 0.1% of GDP (2016) 0.13% of GDP (2012) 0.14% of GDP (2011) 0.13% of GDP (2010)
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 Transnational Issues
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 Agreement on the European Economic Area in failing to pay minimum compensation to Icesave depositors
Refugees and internally displaced persons:
stateless persons: 69 (2018)
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