2017 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. 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.

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 (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

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

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 clusters 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 35,418/female 33,887) 13.5% (male 23,190/female 22,659) 39.88% (male 68,579/female 66,899) 11.81% (male 20,119/female 20,007) 14.42% (male 22,936/female 26,053) (2017 est.)

0-14 years

20.4% (male 35,418/female 33,887)

15-24 years

13.5% (male 23,190/female 22,659)

25-54 years

39.88% (male 68,579/female 66,899)

55-64 years

11.81% (male 20,119/female 20,007)

65 years and over

14.42% (male 22,936/female 26,053) (2017 est.)

Birth rate

13.7 births/1,000 population (2017 est.)

Death rate

6.4 deaths/1,000 population (2017 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

7.8% of GDP (2013)

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

3.18 beds/1,000 population (2014)

Infant mortality rate

2.1 deaths/1,000 live births 2.2 deaths/1,000 live births 1.9 deaths/1,000 live births (2017 est.)

female

1.9 deaths/1,000 live births (2017 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

83.1 years 80.9 years 85.4 years (2017 est.)

female

85.4 years (2017 est.)

male

80.9 years

total population

83.1 years

Major urban areas - population

REYKJAVIK (capital) 184,000 (2014)

Maternal mortality rate

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

Median age

36.5 years 35.9 years 37.1 years (2017 est.)

female

37.1 years (2017 est.)

male

35.9 years

total

36.5 years

Mother's mean age at first birth

27.4 years (2015 est.)

Nationality

Icelander(s) Icelandic

adjective

Icelandic

noun

Icelander(s)

Net migration rate

4 migrant(s)/1,000 population (2017 est.)

Obesity - adult prevalence rate

21.9% (2016)

Physicians density

3.79 physicians/1,000 population (2015)

Population

339,747 (July 2017 est.)

Population distribution

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

Population growth rate

1.13% (2017 est.)

Religions

Evangelical Lutheran Church of Iceland (official) 69.9%, Roman Catholic 3.8%, Reykjavik Free Church 2.9%, Hafnarfjorour Free Church 2%, Asatru Association 1.1%, The Independent Congregation 1%, other religions 4% (includes Zuist and Pentecostal), none 6.1%, other or unspecified 9.2% (2017 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)

20 years 18 years 21 years (2013)

female

21 years (2013)

male

18 years

total

20 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 children born/woman (2017 est.)

Unemployment, youth ages 15-24

6.5% 6.7% 6.4% (2016 est.)

female

6.4% (2016 est.)

male

6.7%

total

6.5%

Urbanization

94.3% of total population (2017) 1.1% annual rate of change (2015-20 est.)

rate of urbanization

1.1% annual rate of change (2015-20 est.)

urban population

94.3% of total population (2017)

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) 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)

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)

history

several previous; latest ratified 16 June 1944, effective 17 June 1944 (at independence)

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 (vacant); Charge d'Affaires Jill ESPOSITO (since 20 January 2017) 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 (vacant); Charge d'Affaires Jill ESPOSITO (since 20 January 2017)

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) Acting Prime Minister Bjarni BENEDIKTSSON (since 11 January 2017); Prime Minister BENEDIKTSSON resigned on 16 September 2017 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%, David ODDSSON (IP) 13.7%, Sturla JONSSON (Sturla Jonsson) 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%, David ODDSSON (IP) 13.7%, Sturla JONSSON (Sturla Jonsson) 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

Acting Prime Minister Bjarni BENEDIKTSSON (since 11 January 2017); Prime Minister BENEDIKTSSON resigned on 16 September 2017

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 on 28 October 2017); note - an early election is being held because the governing coalition collapsed percent of vote by party - IP 29.0%, LGM 15.9%, PIP 14.5%, PP 11.5%, Reform 10.5%, BF 7.2%, SDA 5.7%, PP 3.5%; other 2.2%; seats by party - IP 21, LGM 10, PIP 10, PP 8, Reform 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 29.0%, LGM 15.9%, PIP 14.5%, PP 11.5%, Reform 10.5%, BF 7.2%, SDA 5.7%, PP 3.5%; other 2.2%; seats by party - IP 21, LGM 10, PIP 10, PP 8, Reform 7, BF 4, SDA 3

elections

last held on 29 October 2016 (next to be held on 28 October 2017); note - an early election is being held because the governing coalition collapsed

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 [Sigurdur Ingi JOHANNSSON] Reform (Vidreisn) or R [Benedict JOHANNSSON] Social Democratic Alliance (Samfylkingin) or SDA [Logi Mar EINARSSON] Sturla Jonsson (formerly Move Forward Party [Sturla JONSSON, chairman]

Suffrage

18 years of age; universal

Agriculture - products

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

Budget

$11.71 billion $8.264 billion (2016 est.)

expenditures

$8.264 billion (2016 est.)

revenues

$11.71 billion

Budget surplus (+) or deficit (-)

17.2% of GDP (2016 est.)

Central bank discount rate

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

Commercial bank prime lending rate

8.24% (31 December 2016 est.) 7.61% (31 December 2015 est.)

Current account balance

$1.589 billion (2016 est.) $918 million (2015 est.)

Debt - external

$25.02 billion (31 December 2016 est.) $30.25 billion (31 December 2015 est.)

Distribution of family income - Gini index

28 (2006) 25 (2005)

Economy - overview

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 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 reaching 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. Capital controls were finally lifted in March 2017, but some financial protections (e.g., reserve requirements for specified investments connected to new inflows of foreign currency) remain in place. 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 center-right government that took power in 2013. The current ruling coalition does not intend to restart accession talks, but has signaled that it would allow a vote on the question of EU membership, if a bill came before parliament near the end of the current parliamentary term. 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 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 inco

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

Exchange rates

Icelandic kronur (ISK) per US dollar - 129.3 (2016 est.) 131.92 (2015 est.) 131.92 (2014 est.) 116.77 (2013 est.) 125.08 (2012 est.)

Exports

$4.483 billion (2016 est.) $4.655 billion (2015 est.)

Exports - commodities

fish and fish products (42%), aluminum (38%), agricultural products, medicinal and medical products, ferro-silicon (2015)

Exports - partners

Netherlands 25.4%, UK 11.3%, Spain 10.5%, US 7.8%, Germany 7%, France 6.7%, Norway 4.2% (2016)

Fiscal year

calendar year

GDP - composition, by end use

49% 23.1% 21.2% 0.1% 49.1% -42.5% (2016 est.)

exports of goods and services

49.1%

government consumption

23.1%

household consumption

49%

imports of goods and services

-42.5% (2016 est.)

investment in fixed capital

21.2%

investment in inventories

0.1%

GDP - composition, by sector of origin

5.8% 20.2% 74% (2016 est.)

agriculture

5.8%

industry

20.2%

services

74% (2016 est.)

GDP - per capita (PPP)

$49,200 (2016 est.) $46,300 (2015 est.) $45,000 (2014 est.) data are in 2016 dollars

note

data are in 2016 dollars

GDP - real growth rate

7.2% (2016 est.) 4.1% (2015 est.) 1.9% (2014 est.)

GDP (official exchange rate)

$20.05 billion (2016 est.)

GDP (purchasing power parity)

$16.52 billion (2016 est.) $15.21 billion (2015 est.) $14.46 billion (2014 est.) data are in 2016 dollars

note

data are in 2016 dollars

Gross national saving

29.3% of GDP (2016 est.) 24.5% of GDP (2015 est.) 21.3% of GDP (2014 est.)

Household income or consumption by percentage share

NA% NA%

highest 10%

NA%

lowest 10%

NA%

Imports

$5.315 billion (2016 est.) $4.926 billion (2015 est.)

Imports - commodities

machinery and equipment, petroleum products, foodstuffs, textiles

Imports - partners

Germany 10.1%, US 10%, Norway 9.1%, Netherlands 7.5%, China 7.4%, Denmark 6.1%, UK 5.8% (2016)

Industrial production growth rate

2% (2016 est.)

Industries

tourism, fish processing; aluminum smelting;; geothermal power, hydropower; medical/pharmaceutical products

Inflation rate (consumer prices)

1.7% (2016 est.) 1.6% (2015 est.)

Labor force

196,500 (2016 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

54.5% of GDP (2016 est.) 68.1% of GDP (2015 est.)

Reserves of foreign exchange and gold

$7.226 billion (31 December 2016 est.) $5.041 billion (31 December 2015 est.)

Stock of broad money

$8.693 billion (31 December 2015 est.) $7.471 billion (31 December 2015 est.)

Stock of direct foreign investment - abroad

$17.64 billion (31 December 2016 est.) $16.47 billion (31 December 2015 est.)

Stock of direct foreign investment - at home

$13.89 billion (31 December 2016 est.) $16.26 billion (31 December 2015 est.)

Stock of domestic credit

$21.18 billion (31 December 2016 est.) $18.43 billion (31 December 2015 est.)

Stock of narrow money

$4.251 billion (31 December 2016 est.) $3.314 billion (31 December 2015 est.)

Taxes and other revenues

58.4% of GDP (2016 est.)

Unemployment rate

3% (2016 est.) 4% (2015 est.)

Carbon dioxide emissions from consumption of energy

3.3 million Mt (2013 est.)

Crude oil - exports

0 bbl/day (2016 est.)

Crude oil - imports

0 bbl/day (2016 est.)

Crude oil - production

0 bbl/day (2016 est.)

Crude oil - proved reserves

0 bbl (1 January 2017 es)

Electricity - consumption

17.98 billion kWh (2015 est.)

Electricity - exports

0 kWh (2016 est.)

Electricity - from fossil fuels

4.2% of total installed capacity (2015 est.)

Electricity - from hydroelectric plants

71.7% of total installed capacity (2015 est.)

Electricity - from nuclear fuels

0% of total installed capacity (2015 est.)

Electricity - from other renewable sources

24.1% of total installed capacity (2015 est.)

Electricity - imports

0 kWh (2016 est.)

Electricity - installed generating capacity

2.772 million kW (2015 est.)

Electricity - production

18.56 billion kWh (2015 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

19,800 bbl/day (2016 est.)

Refined petroleum products - exports

2,845 bbl/day (2016 est.)

Refined petroleum products - imports

19,530 bbl/day (2016 est.)

Refined petroleum products - production

0 bbl/day (2016 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

329,967 98.2% (July 2016 est.)

percent of population

98.2% (July 2016 est.)

total

329,967

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

164,566 49 (July 2016 est.)

subscriptions per 100 inhabitants

49 (July 2016 est.)

total subscriptions

164,566

Telephones - mobile cellular

401,613 120 (July 2016 est.)

subscriptions per 100 inhabitants

120 (July 2016 est.)

total

401,613

Airports

96 (2013)

Airports - with paved runways

3 (2017)

1,524 to 2,437 m

3

914 to 1,523 m

3 (2017)

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 (2016)

Military expenditures

0.1% of GDP (2016) 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 (2016)

stateless persons

131 (2016)