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NAVIGATION
Republic of Iceland
Lyoveldio Island
GOVERNMENT
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Country name:
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conventional long form: Republic of Iceland
conventional short form: Iceland local short form: Island local long form: Lydhveldidh Island |
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Government type:
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constitutional republic |
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Capital:
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Reykjavik |
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Administrative divisions:
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23 counties (syslur, 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
note: there may be four other counties |
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Independence:
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1 December 1918 (became a sovereign state under the Danish Crown); 17 June 1944 (from Denmark) |
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National holiday:
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Independence Day, 17 June (1944) |
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Constitution:
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16 June 1944, effective 17 June 1944 |
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Legal system:
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civil law system based on Danish law; has not accepted compulsory ICJ jurisdiction |
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Suffrage:
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18 years of age; universal |
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Executive branch:
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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 prime minister and approved by Parliament election results: Olafur Ragnar GRIMSSON ran unopposed in 2000 and was reelected elections: president, which is largely a ceremonial post, elected by popular vote for a four-year term; election last held 29 June 1996 (next to be held NA June 2004); President GRIMSSON ran unopposed in June 2000 so there were no elections; prime minister appointed by the president |
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Legislative branch:
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unicameral Parliament or Althing (63 seats; members are elected by popular vote to serve four-year terms)
election results: percent of vote by party - Independence Party 40.7%, Social Democratic Alliance (PA, Social Democratic Party, Women's List) 26.8%, Progressive Party 18.4%, Left-Green Alliance 9.1%, Liberal Party 4.2%; seats by party - Independence Party 26, Social Democratic Alliance 17, Progressive Party 12, Left-Green Alliance 6, Liberal Party 2 elections: last held 8 May 1999 (next to be held by April 2003) |
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Judicial branch:
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Supreme Court or Haestirettur (justices are appointed for life by the Minister of Justice); eight district courts (justices are appointed for life by the Minister of Justice) |
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Political parties and leaders:
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Independence Party or IP [David ODDSSON]; Left-Green Alliance or LGP [Steingrimur SIGFUSSON]; Liberal Party or LP [Sverrir HERMANNSSON]; Progressive Party or PP [Halldor ASGRIMSSON]; Social Democratic Alliance (includes People's Alliance or PA, Social Democratic Party or SDP, Women's List)or SDA [Ossur SKARPHEDINSSON]; Social Democratic Party or SDP [Sighvatur BJORGVINSSON]; Women's List or WL [Kristin ASTGEIRSDOTTIR] |
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Political pressure groups and leaders:
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NA |
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International organization participation:
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Australia Group, BIS, CBSS, CCC, CE, EAPC, EBRD, ECE, EFTA, FAO, IAEA, IBRD, ICAO, ICC, ICFTU, ICRM, IDA, IEA (observer), IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, 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 |
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Diplomatic representation in the US:
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chief of mission: Ambassador Helgi AGUSTSSON
chancery: Suite 1200, 1156 15th Street NW, Washington, DC 20005-1704 consulate(s) general: New York FAX: [1] (202) 265-6656 telephone: [1] (202) 265-6653 |
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Diplomatic representation from the US:
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chief of mission: Ambassador James I. GADSDEN
embassy: Laufasvegur 21, 101 Reykjavik mailing address: US Embassy, PSC 1003, Box 40, FPO AE 09728-0340 telephone: [354] 5629100 FAX: [354] 5629139 |
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Flag description:
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blue with a red cross outlined in white extending 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
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Economy - overview:
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Iceland's Scandinavian-type economy is basically capitalistic, yet with an extensive welfare system, low unemployment, and remarkably even distribution of income. In the absence of other natural resources (except for abundant hydrothermal and geothermal power), the economy depends heavily on the fishing industry, providing 70% of export earnings and employing 12% of the work force. 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. Consumption, investment, and exports should recover moderately in 2003. |
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GDP:
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purchasing power parity - $7.7 billion (2002 est.) |
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GDP - real growth rate:
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-0.7% (2002 est.) |
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GDP - per capita:
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purchasing power parity - $27,100 (2002 est.) |
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GDP - composition by sector:
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agriculture: 14% (includes fishing 12%)
industry: 21% services: 65% (2001 est.) |
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Population below poverty line:
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NA% |
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
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Inflation rate (consumer prices):
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5% (2001 est.) |
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Labor force:
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159,000 (2000) |
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Labor force - by occupation:
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agriculture 5%, fishing and fish processing 12%, manufacturing 13%, construction 11%, other services 60% (1999) |
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Unemployment rate:
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2.8% (2002 est.) |
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Budget:
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revenues: $3.5 billion
expenditures: $3.3 billion, including capital expenditures of $467 million (1999) |
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Industries:
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fish processing; aluminum smelting, ferrosilicon production, geothermal power; tourism |
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Industrial production growth rate:
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0.2% (2001 est.) |
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Electricity - production:
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7.549 billion kWh (2000) |
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Electricity - production by source:
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fossil fuel: 0%
hydro: 83% other: 17% (2000) nuclear: 0% |
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Electricity - consumption:
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7.02 billion kWh (2000) |
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Electricity - exports:
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0 kWh (2000) |
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Electricity - imports:
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0 kWh (2000) |
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Agriculture - products:
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potatoes, turnips; cattle, sheep; fish |
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Exports:
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$2 billion f.o.b. (2002) |
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Exports - commodities:
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fish and fish products 70%, animal products, aluminum, diatomite, ferrosilicon |
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Exports - partners:
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UK 18.2%, Germany 14.9%, Netherlands 10.9, US 10.3%, Portugal 5.5%, Spain 5.4%, Norway 5.3% (2001) |
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Imports:
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$2 billion (2002) |
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Imports - commodities:
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machinery and equipment, petroleum products; foodstuffs, textiles |
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Imports - partners:
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Germany 12.2%, US 11.1%, Denmark 8.6%, Norway 7.8%, UK 7.5%, Netherlands 6.6% (2001) |
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Debt - external:
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$2.6 billion (1999) |
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Economic aid - donor:
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$NA |
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Currency:
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Icelandic krona (ISK) |
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Currency code:
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ISK |
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Exchange rates:
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Icelandic kronur per US dollar - 102.430 (January 2002), 97.425 (2001), 78.616 (2000), 72.335 (1999), 70.958 (1998), 70.904 (1997) |
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Fiscal year:
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calendar year |