| Iceland Practical Information |
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 Government
Country name:
conventional long form: Republic of Iceland
conventional short form: Iceland
local long form: Lyoveldio Island
local short form: Island
Data code: IC
Government type: constitutional 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)
National holiday: Anniversary of the Establishment of the Republic, 17 June (1944)
Constitution: 16 June 1944, effective 17 June 1944
Legal system: civil law system based on Danish law; does not accept compulsory ICJ jurisdiction
Suffrage: 18 years of age; universal
Executive branch:
chief of state: President Olafur Ragnar GRIMSSON (since 1 August 1996)
head of government: Prime Minister David ODDSSON (since 30 April 1991)
cabinet: Cabinet appointed by the president
elections: president elected by popular vote for a four-year term; election last held 29 June 1996 (next to be held NA June 2000); prime minister appointed by the president
election results: Olafur Ragnar GRIMSSON elected president; percent of vote - 41.4%
Legislative branch: unicameral Parliament or Althing (63 seats; members are elected by popular vote to serve four-year terms)
elections: last held on 8 May 1999 (next to be held by April 2003)
election results: percent of vote by party - NA; seats by party - NA
Judicial branch: Supreme Court or Haestirettur, justices are appointed for life by the president
Political parties and leaders: Independence Party (conservative) or IP [David ODDSSON]; National Awakening (People's Revival Party) or PR [Johanna SIGURDARDOTTIR]; People's Alliance (left socialist) or PA [Margret FRIMANNSDOTTIR]; People's Movement (centrist) [leader NA]; Progressive Party (liberal) or PP [Halldor ASGRIMSSON]; Social Democratic Party or SDP [Sighvatur BJORGVINSSON]; Women's Party or WL [Kristin ASTGEIRSDOTTIR]
International organization participation: Australia Group, BIS, CBSS, CCC, CE, EAPC, EBRD, ECE, EFTA, FAO, IAEA, IBRD, ICAO, ICC, ICFTU, ICRM, IDA, IEA (observer), IFC, IFRCS, IHO, ILO, IMF, IMO, Inmarsat, Intelsat, Interpol, IOC, ISO, ITU, NATO, NC, NEA, NIB, OECD, OPCW, OSCE, PCA, UN, UNCTAD, UNESCO, UNMIBH, UNMIK, UNU, UPU, WEU (associate), WHO, WIPO, WMO, WTrO
Diplomatic representation in the US:
chief of mission: Ambassador Jon-Baldvin HANNIBALSSON
chancery: Suite 1200, 1156 15th Street NW, Washington, DC 20005
telephone: [1] (202) 265-6653
FAX: [1] (202) 265-6656
consulate(s) general: New York
Diplomatic representation from the US:
chief of mission: Ambassador Barbara GRIFFITHS
embassy: Laufasvegur 21, Reykjavik
mailing address: US Embassy, PSC 1003, Box 40, FPO AE 09728-0340
telephone: [354] 5629100
FAX: [354] 5629118
Flag description: 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)
Economy
Economy - overview: Iceland's Scandinavian-type economy is basically capitalistic, yet with an extensive welfare system, low unemployment, and remarkably even distribution of income. The economy depends heavily on the fishing industry, which provides 70% of export earnings and employs 12% of the work force. In the absence of other natural resources (except for abundant hydrothermal and geothermal power), Iceland's economy is vulnerable to changing world fish prices. The economy remains sensitive to declining fish stocks as well as to drops in world prices for its main exports: fish and fish products, aluminum, and ferrosilicon. The center-right government plans to continue its policies of reducing the budget and current account deficits, limiting foreign borrowing, containing inflation, revising agricultural and fishing policies, diversifying the economy, and privatizing state-owned industries. 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. Growth is likely to slow in 2000, to a still respectable 3.5%.
GDP: purchasing power parity - $6.42 billion (1999 est.)
GDP - real growth rate: 4.5% (1999 est.)
GDP - per capita: purchasing power parity - $23,500 (1999 est.)
GDP - composition by sector:
agriculture: 15% (includes fishing 13%)
industry: 21%
services: 64% (1998 est.)
Population below poverty line: NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices): 1.9% (1999 est.)
Labor force: 131,000 (1999)
Labor force - by occupation: manufacturing 12.9%, fishing and fish processing 11.8%, construction 10.7%, other services 59.5%, agriculture 5.1% (1999)
Unemployment rate: 2.4% (1999 est.)
Budget:
revenues: $NA
expenditures: $3 billion, including capital expenditures of $146 million (1999 est.)
Industries: fish processing; aluminum smelting, ferrosilicon production, geothermal power; tourism
Industrial production growth rate: NA%
Electricity - production: 6.187 billion kWh (1998)
Electricity - production by source:
fossil fuel: 0.06%
hydro: 89.88%
nuclear: 0%
other: 10.06% (1998)
Electricity - consumption: 5.754 billion kWh (1998)
Electricity - exports: 0 kWh (1998)
Electricity - imports: 0 kWh (1998)
Agriculture - products: potatoes, turnips; cattle, sheep; fish
Exports: $1.9 billion (f.o.b., 1998)
Exports - commodities: fish and fish products 70%, animal products, aluminum, diatomite and ferrosilicon
Exports - partners: EU 65% (UK 19%, Germany 15%, France 7%, Denmark 6%), US 13%, Japan 5% (1998)
Imports: $2.4 billion (f.o.b., 1998)
Imports - commodities: machinery and equipment, petroleum products; foodstuffs, textiles
Imports - partners: EU 56% (Germany 12%, UK 10%, Norway 9%, Denmark 8%, Sweden 6%), US 11% (1998)
Debt - external: $2.6 billion (1999)
Economic aid - recipient: $NA
Currency: 1 Icelandic krona (IKr) = 100 aurar
Exchange rates: Icelandic kronur (IKr) per US$1 - 72.334 (January 2000), 72.352 (1999), 70.958 (1998), 70.904 (1997), 66.500 (1996), 64.692 (1995)
Fiscal year: calendar year
Communications
Telephones - main lines in use: 162,310 (1997)
Telephones - mobile cellular: 65,746 (1997)
Telephone system: adequate domestic service
domestic: the trunk network consists of coaxial and fiber-optic cables and microwave radio relay links
international: 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)
Radio broadcast stations: AM 3, FM about 70 (including repeaters), shortwave 1 (1998)
Radios: 260,000 (1997)
Television broadcast stations: 14 (plus 156 low-power repeaters) (1997)
Televisions: 98,000 (1997)
Internet Service Providers (ISPs): 14 (1999)
Transportation
Railways: 0 km
Highways:
total: 12,689 km
paved: 3,439 km
unpaved: 9,250 km (1998 est.)
Ports and harbors: Akureyri, Hornafjordur, Isafjordhur, Keflavik, Raufarhofn, Reykjavik, Seydhisfjordhur, Straumsvik, Vestmannaeyjar
Merchant marine:
total: 3 ships (1,000 GRT or over) totaling 13,085 GRT/16,938 DWT
ships by type: chemical tanker 1, container 1, petroleum tanker 1 (1999 est.)
Airports: 86 (1999 est.)
Airports - with paved runways:
total: 12
over 3,047 m: 1
1,524 to 2,437 m: 4
914 to 1,523 m: 7 (1999 est.)
Airports - with unpaved runways:
total: 74
1,524 to 2,437 m: 3
914 to 1,523 m: 19
under 914 m: 52 (1999 est.)
Military
Military branches: no regular armed forces; Police, Coast Guard; note - Iceland's defense is provided by the US-manned Icelandic Defense Force (IDF) headquartered at Keflavik
Military manpower - availability:
males age 15-49: 71,486 (2000 est.)
Military manpower - fit for military service:
males age 15-49: 62,990 (2000 est.)
Military expenditures - dollar figure: $0
Military - note: Iceland's defense is provided by the US-manned Icelandic Defense Force (IDF) headquartered at Keflavik
Transnational Issues
Disputes - international: Rockall continental shelf dispute involving Denmark, Ireland, and the UK (Ireland and the UK have signed a boundary agreement in the Rockall area) |
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