Iceland
Official Country Name
Iceland
Iceland Overview
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. Literacy, longevity, income, and social cohesion are first-rate by world standards.
Iceland Economy
Iceland's Scandinavian-type economy is basically capitalistic, yet with an extensive welfare system (including generous housing subsidies), low unemployment, and remarkably even distribution of income. In the absence of other natural resources (except for abundant geothermal power), the economy depends heavily on the fishing industry, which provides nearly 60% of export earnings and employs 6% of the work force. The economy 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. Government policies include reducing the current account deficit, limiting foreign borrowing, containing inflation, revising agricultural and fishing policies, and diversifying the economy. The government remains opposed to EU membership, primarily because of Icelanders' concern about losing control over their fishing resources. Iceland's economy has been diversifying into manufacturing and service industries in the last decade, and new developments in software production, biotechnology, and financial services are taking place. The tourism sector is also expanding, with the recent trends in ecotourism and whale watching. Since 2000 growth has varied from a -1% in 2002 to 8% in 2004. The 2006 closure of the U.S. military base at Keflavik had very little impact on the national economy; Iceland's low unemployment rate aided former base employees in finding alternate employment.
Iceland Location
Iceland is located in Northern Europe, island between the Greenland Sea and the North Atlantic Ocean, northwest of the UK
Region
Iceland is located in Europe
Iceland Population
Iceland has population of 299,388 (July 2006 est.)
Iceland Climate
Iceland has temperate; moderated by North Atlantic Current; mild, windy winters; damp, cool summers
Iceland Terrain
mostly plateau interspersed with mountain peaks, icefields; coast deeply indented by bays and fiords
Iceland Natural Resources
fish, hydropower, geothermal power, diatomite
Ethnic Groups in Iceland
Iceland has the following ethnic groups - homogeneous mixture of descendants of Norse and Celts 94%, population of foreign origin 6%
Iceland Religions
Lutheran Church of Iceland 85.5%, Reykjavik Free Church 2.1%, Roman Catholic Church 2%, Hafnarfjorour Free Church 1.5%, other Christian 2.7%, other or unspecified 3.8%, unaffiliated 2.4% (2004)
Iceland Languages
Icelandic, English, Nordic languages, German widely spoken
Iceland Capital
Iceland capital is Reykjavik
Iceland Currency
Iceland currency is Icelandic krona
Map of Iceland
