Long-form name:
Republic of Iceland
Type:
republic
Capital:
Reykjavik
Administrative divisions:
23 counties (syslar, singular - sysla) and 14 independent towns*
(kaupstadhir, singular - kaupstadhur); Akranes*, Akureyri*, Arnessysla,
Austur-Bardhastrandarsysla, Austur-Hunavatnssysla, Austur-Skaftafellssysla,
Borgarfjardharsysla, Dalasysla, Eyjafjardharsysla, Gullbringusysla,
Hafnarfjordhur*, Husavik*, Isafjordhur*, Keflavik*, Kjosarsysla, Kopavogur*,
Myrasysla, Neskaupstadhur*, Nordhur-Isafjardharsysla, Nordhur-Mulasys-la,
Nordhur-Thingeyjarsysla, Olafsfjordhur*, Rangarvallasysla, Reykjavik*,
Saudharkrokur*, Seydhisfjordhur*, Siglufjordhur*, Skagafjardharsysla,
Snaefellsnes-og Hnappadalssysla, Strandasysla, Sudhur-Mulasysla,
Sudhur-Thingeyjarsysla, Vesttmannaeyjar*, Vestur-Bardhastrandarsysla,
Vestur-Hunavatnssysla, Vestur-Isafjardharsysla, Vestur-Skaftafellssysla
Independence:
17 June 1944 (from Denmark)
Constitution:
16 June 1944, effective 17 June 1944
Legal system:
civil law system based on Danish law; does not accept compulsory ICJ
jurisdiction
National holiday:
Anniversary of the Establishment of the Republic, 17 June (1944)
Executive branch:
president, prime minister, Cabinet
Legislative branch:
unicameral Parliament (Althing)
Judicial branch:
Supreme Court (Haestirettur)
Leaders:
Chief of State:
President Vigdis FINNBOGADOTTIR (since 1 August 1980)
Head of Government:
Prime Minister David ODDSSON (since 30 April 1991)
Political parties and leaders:
Independence Party (conservative), David ODDSSON; Progressive Party,
Steingrimur HERMANNSSON; Social Democratic Party, Jon Baldvin HANNIBALSSON;
People's Alliance (left socialist), Olafur Ragnar GRIMSSON; Citizens Party
(conservative nationalist), Julius SOLNES; Women's List
Suffrage:
universal at age 20
Elections:
President:
last held on 29 June 1980 (next scheduled for June 1992); results - there
were no elections in 1984 and 1988 as President Vigdis FINNBOGADOTTIR was
unopposed
Althing:
last held on 20 April 1991 (next to be held by April 1995); results -
Independence Party 38.6%, Progressive Party 18.9%, Social Democratic Party
15.5%, People's Alliance 14.4%, Womens List 8.13%, Liberals 1.2%, other
3.27% seats - (63 total) Independence 26, Progressive 13, Social Democratic
10, People's Alliance 9, Womens List 5
:Iceland Government
Member of:
BIS, CCC, CE, CSCE, EBRD, ECE, EFTA, FAO, GATT, IAEA, IBRD, ICAO, ICC,
ICFTU, IDA, IFC, ILO, IMF, IMO, INTELSAT, INTERPOL, IOC, ISO
(correspondent), ITU, LORCS, NACC, NATO, NC, NEA, NIB, OECD, PCA, UN,
UNCTAD, UNESCO, UPU, WHO, WIPO, WMO
Diplomatic representation:
Ambassador Tomas A. TOMASSON; Chancery at 2022 Connecticut Avenue NW,
Washington, DC 20008; telephone (202) 265-6653 through 6655; there is an
Icelandic Consulate General in New York
US:
Ambassador Charles E. COBB, Jr.; Embassy at Laufasvegur 21, Box 40,
Reykjavik (mailing address is FPO AE 09728-0340); telephone [354] (1) 29100
Flag:
blue with a red cross outlined in white that extends 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)
:Iceland Economy
Overview:
Iceland's prosperous Scandinavian-type economy is basically capitalistic,
but with extensive welfare measures, low unemployment, and comparatively
even distribution of income. The economy is heavily dependent on the fishing
industry, which provides nearly 75% of export earnings. In the absence of
other natural resources, Iceland's economy is vulnerable to changing world
fish prices. The economic improvements resulting from climbing fish prices
in 1990 and a noninflationary labor agreement probably will be reversed by
tighter fish quotas and a delay in the construction of an aluminum smelting
plant. The conservative government's economic priorities include reducing
the budget and current account deficits, containing inflation, revising
agricultural and fishing policies, diversifying the economy, and tying the
krona to the EC's European currency unit in 1993. The fishing industries -
notably the shrimp industry - are experiencing a series of bankruptcies and
mergers. Inflation has continued to drop sharply from 20% in 1989 to about
7.5% in 1991 and possibly 3% in 1992, while unemployment is expected to
increase to 2.5%. GDP is expected to contract by nearly 4% in 1992.
GDP:
purchasing power equivalent - $4.2 billion, per capita $16,200; real growth
rate 0.3% (1991)
Inflation rate (consumer prices):
7.5% (1991)
Unemployment rate:
1.8% (1991)
Budget:
revenues $1.7 billion; expenditures $1.9 billion, including capital
expenditures of $NA million (1991 est.)
Exports:
$1.6 billion (f.o.b., 1991)
commodities:
fish and fish products, animal products, aluminum, diatomite
partners:
EC 67.7% (UK 25.3%, FRG 12.7%), US 9.9%, Japan 6% (1990)
Imports:
$1.7 billion (c.i.f., 1991)
commodities:
machinery and transportation equipment, petroleum, foodstuffs, textiles
partners:
EC 49.8% (FRG 12.4%, Denmark 8.6%, UK 8.1%), US 14.4%, Japan 5.6% (1990)
External debt:
$3 billion (1990)
Industrial production:
growth rate 1.75% (1991 est.)
Electricity:
1,063,000 kW capacity; 5,165 million kWh produced, 20,780 kWh per capita
(1991)
Industries:
fish processing, aluminum smelting, ferro-silicon production, hydropower
Agriculture:
accounts for about 25% of GDP (including fishing); fishing is most important
economic activity, contributing nearly 75% to export earnings; principal
crops - potatoes and turnips; livestock - cattle, sheep; self-sufficient in
crops; fish catch of about 1.4 million metric tons in 1989
Economic aid:
US commitments, including Ex-Im (FY70-81), $19.1 million
Currency:
krona (plural - kronur); 1 Icelandic krona (IKr) = 100 aurar
:Iceland Economy
Exchange rates:
Icelandic kronur (IKr) per US$1 - 57.277 (January 1992), 58.996 (1991),
58.284 (1990), 57.042 (1989), 43.014 (1988), 38.677 (1987)
Fiscal year:
calendar year
:Iceland Communications
Highways:
12,343 km total; 166 km bitumen and concrete; 1,284 km bituminous treated
and gravel; 10,893 km earth
Ports:
Reykjavik, Akureyri, Hafnarfjordhur, Keflavik, Seydhisfjordhur,
Siglufjordhur, Vestmannaeyjar
Merchant marine:
12 ships (1,000 GRT or over) totaling 37,969 GRT/57,060 DWT; includes 5
cargo, 3 refrigerated cargo, 2 roll-on/roll-off cargo, 1 petroleum tanker, 1
chemical tanker
Civil air:
20 major transport aircraft
Airports:
94 total, 89 usable; 4 with permanent-surface runways; none with runways
over 3,659 m; 1 with runways 2,440-3,659 m; 12 with runways 1,220-2,439 m
Telecommunications:
adequate domestic service; coaxial and fiber-optical cables and radio relay
for trunk network; 135,000 telephones; broadcast stations - 19 AM, 30 (43
repeaters) FM, 13 (132 repeaters) TV; 2 submarine cables; 1 Atlantic Ocean
INTELSAT earth station carries majority of international traffic
:Iceland Defense Forces