Iceland
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| Short Information | Capital: Reykjavik
Language: English
Currency: Icelandic krona (ISK) | |
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 General details about Iceland |  CAPITAL CITY OF Iceland: Reykjavik
LANGUAGE OF Iceland: English
CURRENCY OF Iceland: Icelandic krona (ISK)
COMMENTS ABOUT Iceland:
Iceland a country nominally in Northern Europe, is a large mountainous island in the north Atlantic Ocean
Cities : Reykjavik (capital), Akureyri, Hafnarfjörður, Hellissandur, Hofn, Olafsvik, Skagafjordur, Húsavík, Ísafjörður, Vestmannaeyjar
Best Places : Blue Lagoon, Gullfoss, Kerið, Geysir, Myvatn, Dettifoss, Jokulsarlon Glacial Lagoon, Landmannalaugar, West Fjords, Dettifoss
Electricity : 220V/50Hz (European plug)
Calling Code : 354
Time Zone : UTC
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.
CLIMATE OF Iceland: temperate; moderated by North Atlantic Current; mild, windy winters; damp, cool summers
RELIGION OF Iceland: Evangelical Lutheran 87.1%, other Protestant 4.1%, Roman Catholic 1.7%, other 7.1% (2002)
POPULATION OF Iceland: 293,966 (July 2004 est.)>
ECONOMY OVERVIEW OF Iceland: 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 70% of export earnings and employs 12% 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 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 had been remarkably steady in 1996-2001 at 3%-5%, but could not be sustained in 2002 in an environment of global recession. Growth resumed in 2003, and inflation dropped back from 5% to 2%.
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