2016 Edition

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 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. Literacy, longevity, and social cohesion are first rate by world standards.

Area

103,000 sq km 100,250 sq km 2,750 sq km

land

100,250 sq km

total

103,000 sq km

water

2,750 sq km

Area - comparative

slightly smaller than Pennsylvania; about the same size as Kentucky

Climate

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

Coastline

4,970 km

Elevation

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

elevation extremes

lowest point: Atlantic Ocean 0 m

highest point

Hvannadalshnukur 2,110 m (at Vatnajokull Glacier)

mean elevation

557 m

Environment - current issues

water pollution from fertilizer runoff; inadequate wastewater treatment

Environment - international agreements

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 Environmental Modification, Marine Life Conservation

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

Geographic coordinates

65 00 N, 18 00 W

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

Irrigated land

NA

Land boundaries

0 km

Land use

18.7% arable land 1.2%; permanent crops 0%; permanent pasture 17.5% 0.3% 81% (2011 est.)

agricultural land

18.7%

forest

0.3%

other

81% (2011 est.)

Location

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

Map references

Arctic Region

Maritime claims

12 nm 200 nm 200 nm or to the edge of the continental margin

continental shelf

200 nm or to the edge of the continental margin

exclusive economic zone

200 nm

territorial sea

12 nm

Natural hazards

earthquakes and volcanic activity Iceland, situated on top of a hotspot, experiences severe volcanic activity; Eyjafjallajokull (elev. 1,666 m) erupted in 2010, sending ash high into the atmosphere and seriously disrupting European air traffic; scientists continue to monitor nearby Katla (elev. 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

volcanism

Iceland, situated on top of a hotspot, experiences severe volcanic activity; Eyjafjallajokull (elev. 1,666 m) erupted in 2010, sending ash high into the atmosphere and seriously disrupting European air traffic; scientists continue to monitor nearby Katla (elev. 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

Natural resources

fish, hydropower, geothermal power, diatomite

Population - distribution

Iceland is almost entirely urban with half of the population located in and around the capital of Reykjavik; smaller agglomerations are primarily found along the coast in the north and west

Terrain

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

Age structure

20.4% (male 35,009/female 33,495) 13.77% (male 23,452/female 22,789) 39.99% (male 67,878/female 66,428) 11.75% (male 19,848/female 19,622) 14.1% (male 22,130/female 25,227) (2016 est.)

0-14 years

20.4% (male 35,009/female 33,495)

15-24 years

13.77% (male 23,452/female 22,789)

25-54 years

39.99% (male 67,878/female 66,428)

55-64 years

11.75% (male 19,848/female 19,622)

65 years and over

14.1% (male 22,130/female 25,227) (2016 est.)

Birth rate

13.8 births/1,000 population (2016 est.)

Death rate

6.3 deaths/1,000 population (2016 est.)

Dependency ratios

51.6% 30.8% 20.8% 4.8% (2015 est.)

elderly dependency ratio

20.8%

potential support ratio

4.8% (2015 est.)

total dependency ratio

51.6%

youth dependency ratio

30.8%

Drinking water source

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.)

rural

0% of population

total

0% of population (2015 est.)

urban

0% of population

Education expenditures

7% of GDP (2011)

Ethnic groups

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

Health expenditures

8.9% of GDP (2014)

HIV/AIDS - adult prevalence rate

NA

HIV/AIDS - deaths

NA

HIV/AIDS - people living with HIV/AIDS

NA

Hospital bed density

3.2 beds/1,000 population (2012)

Infant mortality rate

2.1 deaths/1,000 live births 2.2 deaths/1,000 live births 1.9 deaths/1,000 live births (2016 est.)

female

1.9 deaths/1,000 live births (2016 est.)

male

2.2 deaths/1,000 live births

total

2.1 deaths/1,000 live births

Languages

Icelandic, English, Nordic languages, German widely spoken

Life expectancy at birth

83 years 80.9 years 85.3 years (2016 est.)

female

85.3 years (2016 est.)

male

80.9 years

total population

83 years

Major urban areas - population

REYKJAVIK (capital) 184,000 (2014)

Maternal mortality rate

3 deaths/100,000 live births (2015 est.)

Median age

36.3 years 35.7 years 36.9 years (2016 est.)

female

36.9 years (2016 est.)

male

35.7 years

total

36.3 years

Mother's mean age at first birth

27 (2011 est.)

Nationality

Icelander(s) Icelandic

adjective

Icelandic

noun

Icelander(s)

Net migration rate

4.2 migrant(s)/1,000 population (2016 est.)

Obesity - adult prevalence rate

23.9% (2014)

Physicians density

3.48 physicians/1,000 population (2012)

Population

335,878 (July 2016 est.)

Population distribution

Iceland is almost entirely urban with half of the population located in and around the capital of Reykjavik; smaller agglomerations are primarily found along the coast in the north and west

Population growth rate

1.17% (2016 est.)

Religions

Evangelical Lutheran Church of Iceland (official) 73.8%, Roman Catholic 3.6%, Reykjavik Free Church 2.9%, Hafnarfjorour Free Church 2%, The Independent Congregation 1%, other religions 3.9% (includes Pentecostal and Asatru Association), none 5.6%, other or unspecified 7.2% (2015 est.)

Sanitation facility access

urban: 98.7% of population rural: 100% of population total: 98.8% of population urban: 1.3% of population rural: 0% of population total: 1.2% of population (2015 est.)

rural

0% of population

total

1.2% of population (2015 est.)

urban

1.3% of population

School life expectancy (primary to tertiary education)

19 years 18 years 20 years (2012)

female

20 years (2012)

male

18 years

total

19 years

Sex ratio

1.05 male(s)/female 1.05 male(s)/female 1.03 male(s)/female 1.02 male(s)/female 1.01 male(s)/female 0.88 male(s)/female 1.01 male(s)/female (2016 est.)

0-14 years

1.05 male(s)/female

15-24 years

1.03 male(s)/female

25-54 years

1.02 male(s)/female

55-64 years

1.01 male(s)/female

65 years and over

0.88 male(s)/female

at birth

1.05 male(s)/female

total population

1.01 male(s)/female (2016 est.)

Total fertility rate

2.01 children born/woman (2016 est.)

Unemployment, youth ages 15-24

9.8% 12.9% 6.6% (2014 est.)

female

6.6% (2014 est.)

male

12.9%

total

9.8%

Urbanization

94.1% of total population (2015) 1.25% annual rate of change (2010-15 est.)

rate of urbanization

1.25% annual rate of change (2010-15 est.)

urban population

94.1% of total population (2015)

Administrative divisions

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

Capital

Reykjavik 64 09 N, 21 57 W UTC 0 (5 hours ahead of Washington, DC, during Standard Time)

geographic coordinates

64 09 N, 21 57 W

name

Reykjavik

time difference

UTC 0 (5 hours ahead of Washington, DC, during Standard Time)

Citizenship

no at least one parent must be a citizen of Iceland yes 3 to 7 years

citizenship by birth

no

citizenship by descent only

at least one parent must be a citizen of Iceland

dual citizenship recognized

yes

residency requirement for naturalization

3 to 7 years

Constitution

several previous; latest ratified 16 June 1944, effective 17 June 1944 (at independence); amended many times, last in 2013 (2016)

Country name

Republic of Iceland Iceland Lydveldid Island Island 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

conventional long form

Republic of Iceland

conventional short form

Iceland

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

local long form

Lydveldid Island

local short form

Island

Diplomatic representation from the US

Ambassador Robert C. BARBER (since 23 January 2015) Laufasvegur 21, 101 Reykjavik US Department of State, 5640 Reykjavik Place, Washington, D.C. 20521-5640 [354] 595-22-00 [354] 562-9118

chief of mission

Ambassador Robert C. BARBER (since 23 January 2015)

embassy

Laufasvegur 21, 101 Reykjavik

FAX

[354] 562-9118

mailing address

US Department of State, 5640 Reykjavik Place, Washington, D.C. 20521-5640

telephone

[354] 595-22-00

Diplomatic representation in the US

Ambassador Geir Hilmar HAARDE (since 23 February 2015) House of Sweden, 2900 K Street NW [1] (202) 265-6653 [1] (202) 265-6656 New York

chancery

House of Sweden, 2900 K Street NW

chief of mission

Ambassador Geir Hilmar HAARDE (since 23 February 2015)

consulate(s) general

New York

FAX

[1] (202) 265-6656

telephone

[1] (202) 265-6653

Executive branch

President Gudni Thorlacius JOHANNESSON (since 1 August 2016) Prime Minister Sigurdur Ingi JOHANNSSON (since 7 April 2016) Cabinet appointed by the prime minister 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 Gudni Thorlacius JOHANNESSON elected president; percent of vote - Gudni Thorlacius JOHANNESSON (IP) 39.1%, Halla TOMASDOTTIR (independent) 27.9%, Andri Snaer MAGNASON (independent) 14.3%, Davio ODDSSON (IP) 13.7%, Sturla JONSSON (Sturla JONSSON Party) 3.5%, invalid 1.5%

cabinet

Cabinet appointed by the prime minister

chief of state

President Gudni Thorlacius JOHANNESSON (since 1 August 2016)

election results

Gudni Thorlacius JOHANNESSON elected president; percent of vote - Gudni Thorlacius JOHANNESSON (IP) 39.1%, Halla TOMASDOTTIR (independent) 27.9%, Andri Snaer MAGNASON (independent) 14.3%, Davio ODDSSON (IP) 13.7%, Sturla JONSSON (Sturla JONSSON Party) 3.5%, invalid 1.5%

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

head of government

Prime Minister Sigurdur Ingi JOHANNSSON (since 7 April 2016)

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

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

Government type

parliamentary republic

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)

International law organization participation

has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction

International organization participation

Arctic Council, Australia Group, BIS, CBSS, CD, CE, EAPC, EBRD, EFTA, FAO, FATF, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, 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

Judicial branch

Supreme Court or Haestirettur (consists of 9 judges) judges proposed by Ministry of Interior selection committee and appointed by the president; judges appointed for an indefinite period 8 district courts; Labor Court

highest court(s)

Supreme Court or Haestirettur (consists of 9 judges)

judge selection and term of office

judges proposed by Ministry of Interior selection committee and appointed by the president; judges appointed for an indefinite period

subordinate courts

8 district courts; Labor Court

Legal system

civil law system influenced by the Danish model

Legislative branch

unicameral Althingi or Parliament (63 seats; members directly elected in multi-seat constituencies by proportional representation vote to serve 4-year terms) last held on 29 October 2016 (next to be held in 2020) percent of vote by party - IP 29%, LGM 15.9%, Pirate Party 14.5%, PP 11.5%, Vioreisn 10.5%, BF 7.2%, SDA 5.7%, other 2.3%; seats by party - IP 21, LGM 10, Pirate Party 10, PP 8, Vioreisn 7, BF 4, SDA 3

description

unicameral Althingi or Parliament (63 seats; members directly elected in multi-seat constituencies by proportional representation vote to serve 4-year terms)

election results

percent of vote by party - IP 29%, LGM 15.9%, Pirate Party 14.5%, PP 11.5%, Vioreisn 10.5%, BF 7.2%, SDA 5.7%, other 2.3%; seats by party - IP 21, LGM 10, Pirate Party 10, PP 8, Vioreisn 7, BF 4, SDA 3

elections

last held on 29 October 2016 (next to be held in 2020)

National anthem

"Lofsongur" (Song of Praise) Matthias JOCHUMSSON/Sveinbjorn SVEINBJORNSSON adopted 1944; also known as "O, Gud vors lands" (O, God of Our Land), the anthem was originally written and performed in 1874

lyrics/music

Matthias JOCHUMSSON/Sveinbjorn SVEINBJORNSSON

name

"Lofsongur" (Song of Praise)

note

adopted 1944; also known as "O, Gud vors lands" (O, God of Our Land), the anthem was originally written and performed in 1874

National holiday

Independence Day, 17 June (1944)

National symbol(s)

gyrfalcon; national colors: blue, white, red

gyrfalcon; national colors

blue, white, red

Political parties and leaders

Bright Future (Bjort framtid) or BF [Ottarr PROPPE] Independence Party (Sjalfstaedisflokkurinn) or IP [Bjarni BENEDIKTSSON] Left-Green Movement (Vinstrihreyfingin-graent frambod) or LGM [Katrin JAKOBSDOTTIR] Pirate Party (Piratar) or PIP [Birgitta JONSDOTTIR] Progressive Party (Framsoknarflokkurinn) or PP [Sigmundur David GUNNLAUGSSON] Social Democratic Alliance (Samfylkingin) or SDA [Arni Pall ARNASON]

Suffrage

18 years of age; universal

Agriculture - products

potatoes, carrots, green vegetables; mutton, chicken, pork, beef, dairy products; fish

Budget

$7.058 billion $7.139 billion (2015 est.)

expenditures

$7.139 billion (2015 est.)

revenues

$7.058 billion

Budget surplus (+) or deficit (-)

-0.5% of GDP (2015 est.)

Central bank discount rate

5.4% (31 January 2012) 5.75% (31 December 2010)

Commercial bank prime lending rate

7.61% (31 December 2015 est.) 7.74% (31 December 2014 est.)

Current account balance

$710 million (2015 est.) $627 million (2014 est.)

Debt - external

$31.04 billion (31 December 2015 est.) $97.8 billion (31 December 2014 est.)

Distribution of family income - Gini index

28 (2006) 25 (2005)

Economy - overview

Iceland's Scandinavian-type social-market 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 achieved high growth, low unemployment, and a remarkably even distribution of income. The economy depends heavily on the fishing industry, which provides 40% of merchandise export earnings, more than 12% of GDP, and employs nearly 5% 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. Since 2010, tourism has become the main pillar of Icelandic economic growth, with the number of tourists expected to reach or exceed 4.5 times the Icelandic population in 2016. 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. In fall 2013, the Icelandic Government approved a joint application by Icelandic, Chinese, and Norwegian energy firms to conduct oil exploration off Iceland’s northeast coast, although no exploration has yet taken place. 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. 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 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. 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. Iceland’s financial woes prompted an initial increase in public support to join the EU and the euro zone, with accession negotiations beginning in July 2010, but negotiations were suspended under the 2013 center-right government. Most macroeconomic indicators and employment have rebounded to pre-crisis levels, driven primarily by the unprecedented growth in tourism – averaging over 20% annually – following the well publicized volcanic eruption in 2010.

Iceland's Scandinavian-type social-market 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 achieved high growth, low unemployment, and a rema

fish and fish products, aluminum, and ferrosilicon. Since 2010, tourism has become the main pillar of Icelandic economic growth, with the number of tourists expected to reach or exceed 4.5 times the Icelandic population in 2016.

Exchange rates

Icelandic kronur (ISK) per US dollar - 131.92 (2015 est.) 116.77 (2014 est.) 116.77 (2013 est.) 125.08 (2012 est.) 115.95 (2011 est.)

Exports

$4.653 billion (2015 est.) $4.861 billion (2014 est.)

Exports - commodities

fish and fish products 40%, aluminum, animal products, ferrosilicon, diatomite (2010 est.)

Exports - partners

Netherlands 26.1%, UK 11.6%, Spain 11.5%, Germany 7.4%, France 5.7%, US 5.7%, Norway 4.7% (2015)

Fiscal year

calendar year

GDP - composition, by end use

50.1% 23.6% 19.1% 0.2% 53.4% -46.3% (2015 est.)

exports of goods and services

53.4%

government consumption

23.6%

household consumption

50.1%

imports of goods and services

-46.3% (2015 est.)

investment in fixed capital

19.1%

investment in inventories

0.2%

GDP - composition, by sector of origin

5.8% 20.7% 73.5% (2015 est.)

agriculture

5.8%

industry

20.7%

services

73.5% (2015 est.)

GDP - per capita (PPP)

$46,100 (2015 est.) $44,700 (2014 est.) $44,400 (2013 est.) data are in 2015 US dollars

note

data are in 2015 US dollars

GDP - real growth rate

4% (2015 est.) 2% (2014 est.) 4.4% (2013 est.)

GDP (official exchange rate)

$16.72 billion (2015 est.)

GDP (purchasing power parity)

$15.15 billion (2015 est.) $14.58 billion (2014 est.) $14.3 billion (2013 est.) data are in 2015 US dollars

note

data are in 2015 US dollars

Gross national saving

23.5% of GDP (2015 est.) 20.9% of GDP (2014 est.) 21.2% of GDP (2013 est.)

Household income or consumption by percentage share

NA% NA%

highest 10%

NA%

lowest 10%

NA%

Imports

$4.924 billion (2015 est.) $4.961 billion (2014 est.)

Imports - commodities

machinery and equipment, petroleum products, foodstuffs, textiles

Imports - partners

Norway 10.1%, Germany 8.6%, US 7.9%, China 7.9%, Denmark 7.1%, Netherlands 5.9%, Brazil 5.8%, UK 5% (2015)

Industrial production growth rate

1.5% (2015 est.)

Industries

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

Inflation rate (consumer prices)

1.6% (2015 est.) 2% (2014 est.)

Labor force

191,400 (2015 est.)

Labor force - by occupation

4.8% 22.2% 73% (2008)

agriculture

4.8%

industry

22.2%

services

73% (2008)

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.)

Population below poverty line

NA% 332,100 families (2011 est.)

note

332,100 families (2011 est.)

Public debt

67.6% of GDP (2015 est.) 82.5% of GDP (2014 est.)

Reserves of foreign exchange and gold

$5.041 billion (31 December 2015 est.) $4.176 billion (31 December 2014 est.)

Stock of broad money

$8.368 billion (31 December 2013 est.) $8.12 billion (31 December 2013 est.)

Stock of direct foreign investment - abroad

$15.59 billion (31 December 2015 est.) $15.84 billion (31 December 2014 est.)

Stock of direct foreign investment - at home

$16.72 billion (31 December 2015 est.) $16.34 billion (31 December 2014 est.)

Stock of domestic credit

$18.25 billion (31 December 2015 est.) $18.19 billion (31 December 2014 est.)

Stock of narrow money

$3.314 billion (31 December 2015 est.) $3.213 billion (31 December 2014 est.)

Taxes and other revenues

42.2% of GDP (2015 est.)

Unemployment rate

4% (2015 est.) 5% (2014 est.)

Carbon dioxide emissions from consumption of energy

3.3 million Mt (2013 est.)

Crude oil - exports

0 bbl/day (2015 est.)

Crude oil - imports

0 bbl/day (2015 est.)

Crude oil - production

0 bbl/day (2015 est.)

Crude oil - proved reserves

0 bbl (1 January 2016 es)

Electricity - consumption

17 billion kWh (2014 est.)

Electricity - exports

0 kWh (2013 est.)

Electricity - from fossil fuels

4.3% of total installed capacity (2012 est.)

Electricity - from hydroelectric plants

70.6% of total installed capacity (2012 est.)

Electricity - from nuclear fuels

0% of total installed capacity (2012 est.)

Electricity - from other renewable sources

25.1% of total installed capacity (2012 est.)

Electricity - imports

0 kWh (2013 est.)

Electricity - installed generating capacity

2.8 million kW (2014 est.)

Electricity - production

18 billion kWh (2014 est.)

Electricity access

100% (2016)

electrification - total population

100% (2016)

Natural gas - consumption

0 cu m (2014 est.)

Natural gas - exports

0 cu m (2014 est.)

Natural gas - imports

0 cu m (2014 est.)

Natural gas - production

0 cu m (2014 est.)

Natural gas - proved reserves

0 cu m (1 January 2014 es)

Refined petroleum products - consumption

16,250 bbl/day (2015 est.)

Refined petroleum products - exports

2,866 bbl/day (2015 est.)

Refined petroleum products - imports

17,550 bbl/day (2015 est.)

Refined petroleum products - production

0 bbl/day (2015 est.)

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

Internet users

326,000 98.2% (July 2015 est.)

percent of population

98.2% (July 2015 est.)

total

326,000

Telephone system

telecommunications infrastructure is modern and fully digitized, with satellite-earth stations, fiber-optic cables, and an extensive broadband network liberalization of the telecommunications sector beginning in the late 1990s has led to increased competition especially in the mobile services segment of the market 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) (2015)

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

general assessment

telecommunications infrastructure is modern and fully digitized, with satellite-earth stations, fiber-optic cables, and an extensive broadband network

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) (2015)

Telephones - fixed lines

168,149 51 (July 2015 est.)

subscriptions per 100 inhabitants

51 (July 2015 est.)

total subscriptions

168,149

Telephones - mobile cellular

384,000 116 (July 2015 est.)

subscriptions per 100 inhabitants

116 (July 2015 est.)

total

384,000

Airports

96 (2013)

Airports - with paved runways

3 (2013)

1,524 to 2,437 m

3

914 to 1,523 m

3 (2013)

over 3,047 m

1

total

7

Airports - with unpaved runways

60 (2013)

1,524 to 2,437 m

3

914 to 1,523 m

26

total

89

under 914 m

60 (2013)

Civil aircraft registration country code prefix

TF (2016)

Merchant marine

passenger/cargo 2 19 (Antigua and Barbuda 10, Belize 1, Faroe Islands 4, Finland 1, Gibraltar 1, Norway 2) (2010)

by type

passenger/cargo 2

registered in other countries

19 (Antigua and Barbuda 10, Belize 1, Faroe Islands 4, Finland 1, Gibraltar 1, Norway 2) (2010)

total

2

National air transport system

3,413,950 102,356,809 mt-km (2015)

annual freight traffic on registered air carriers

102,356,809 mt-km (2015)

annual passenger traffic on registered air carriers

3,413,950

inventory of registered aircraft operated by air carriers

43

number of registered air carriers

5

Ports and terminals

Grundartangi, Hafnarfjordur, Reykjavik

major seaport(s)

Grundartangi, Hafnarfjordur, Reykjavik

Roadways

12,890 km 4,782 km (excludes urban roads) 8,108 km (2012)

paved/oiled gravel

4,782 km (excludes urban roads)

total

12,890 km

unpaved

8,108 km (2012)

Military - note

Iceland is the only NATO member that has no standing military force; all US military forces in Iceland were withdrawn as of October 2006; defense of Iceland remains a NATO commitment and NATO maintains an air policing presence in Icelandic airspace; Iceland participates in international peacekeeping missions with the civilian-manned Icelandic Crisis Response Unit (ICRU)

Military branches

no regular military forces; Icelandic National Police; Icelandic Coast Guard (2013)

Military expenditures

0.13% of GDP (2012) 0.14% of GDP (2011) 0.13% of GDP (2010)

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

131 (2015)

stateless persons

131 (2015)