Life expectancy at birth: 75 years male, 80 years female (1990)
Total fertility rate: 2.2 children born/woman (1990)
Nationality: noun—Icelander(s); adjective—Icelandic
Ethnic divisions: homogeneous mixture of descendants of Norwegians and Celts
Religion: 95% Evangelical Lutheran, 3% other Protestant and Roman Catholic, 2% no affiliation
Language: Icelandic
Literacy: 100%
Labor force: 134,429; 55.4% commerce, finance, and services, 14.3% other manufacturing, 5.8% agriculture, 7.9% fish processing, 5.0% fishing (1986)
Organized labor: 60% of labor force
Government
Long-form name: Republic of Iceland
Type: republic
Capital: Reykjavík
Administrative divisions: 23 counties (sýslar, singular—sýsla) and 14 independent towns* (kaupstadar, singular—kaupstadur); Akranes*, Akureyri*, Arnessýsla, Austur-Bardhastrandarsýsla, Austur-Húnavatnssýsla, Austur-Skaftafellssýsla, Borgarfjardharsýsla, Dalasysla, Eyjafjardharsýsla, Gullbringusýsla, Hafnarfjördhur*, Húsavík*, Isafjördhur*, Keflavík*, Kjósarsýsla, Kópavogur*, Mýrasýsla, Neskaupstadhur*, Nordhur-Isafjardharsýsla, Nordhur-Múlasýsla, Nordhur-Thingeyjarsýsla, Olafsfjördhur*, Rangárvallasýsla, Reykjavík*, Saudhárkrokur*, Seydhisfjördhur*, Siglufjördhur*, Skagafjardharsýsla, Snaefellsnes-og Hanppadalssýsla, Strandasýsla, Sudhur-Múlasýsla, Sudhur-Thingeyjarsýsla, Vestmannaeyjar*, Vestur-Bardhastrandarsýsla, Vestur-Húnavatnssýsla, Vestur-Isafjardharsýsla, Vestur-Skaftafellssýsla
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) with an Upper House (Efri Deild) and a Lower House (Nedri Deild)
Judicial branch: Supreme Court (Haestiréttur)
Leaders: Chief of State—President Vigdís FINNBOGADÓTTIR (since 1 August 1980);
Head of Government—Prime Minister Steingrimur HERMANNSSON (since 28 September 1988)
Political parties and leaders: Independence (conservative), Thorsteinn Pálsson; Progressive, Steingrímur Hermannsson; Social Democratic, 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 Vigdís Finnbogadóttir was unopposed;
Parliament—last held on 25 April 1987 (next to be held by 25 April 1991); results—Independence 27.2%, Progressive 18.9%, Social Democratic 15.2%, People's Alliance 13.4%, Citizens Party 10.9%, Womens List 10.1%, other 4.3%; seats—(63 total) Independence 18, Progressive 13, Social Democratic 10, People's Alliance 8, Citizens Party 7, Womens List 6, Regional Equality Platform 1
Communists: less than 100 (est.), some of whom participate in the People's Alliance
Member of: CCC, Council of Europe, EC (free trade agreement pending resolution of fishing limits issue), EFTA, FAO, GATT, IAEA, IBRD, ICAO, ICES, IDA, IFC, IHO, ILO, IMF, IMO, INTELSAT, INTERPOL, IPU, ITU, IWC—International Whaling Commission, NATO, Nordic Council, OECD, UN, UNESCO, UPU, WHO, WMO, WSG
Diplomatic representation: Ambassador Ingvi S. INGVARSSON; 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; Embassy at Laufasvegur 21, Reykjavik (mailing address is FPO New York 09571-0001); 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)
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.
National output declined for the second
consecutive year in 1989, and two of the
largest fish farms filed for bankruptcy.
Other economic activities include livestock
raising and aluminum smelting. A fall in
the fish catch is expected for 1990, resulting
in a continuation of the recession.
GDP: $4.0 billion, per capita $16,200; real growth rate -1.8% (1989 est.)
Inflation rate (consumer prices): 17.4% (1989 est.)
Unemployment rate: 1.3% (1989 est.)
Budget: revenues $1.5 billion; expenditures $1.7 billion, including capital expenditures of $NA million (1988)
Exports: $1.4 billion (f.o.b., 1988); commodities—fish and fish products, animal products, aluminum, diatomite; partners—EC 58.9% (UK 23.3%, FRG 10.3%), US 13.6%, USSR 3.6%
Imports: $1.6 billion (c.i.f., 1988); commodities—machinery and transportation equipment, petroleum, foodstuffs, textiles; partners—EC 58% (FRG 16%, Denmark 10.4%, UK 9.2%), US 8.5%, USSR 3.9%
External debt: $1.8 billion (1988)
Industrial production: growth rate 4.7% (1987 est.)
Electricity: 1,063,000 kW capacity; 5,165 million kWh produced, 20,780 kWh per capita (1989)
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 .6 million metric tons in 1987
Aid: US commitments, including Ex-Im (FY70-81), $19.1 million
Currency: króna (plural—krónur); 1 Icelandic króna (IKr) = 100 aurar
Exchange rates: Icelandic krónur (IKr) per US$1—60.751 (January 1990), 57.042 (1989), 43.014 (1988), 38.677 (1987), 41.104 (1986), 41.508 (1985)
Fiscal year: calendar year
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; numerous minor ports
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