Country Summary
Introduction
Background
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 Althingi, established in 930. The economy is on an upward trajectory, fueled primarily by a tourism and construction boom.
Geography
Area
total: 103,000 sq km
land: 100,250 sq km
water: 2,750 sq km
Climate
temperate; moderated by North Atlantic Current; mild, windy winters; damp, cool summers
Natural resources
fish, hydropower, geothermal power, diatomite
People and Society
Population
357,603 (2022 est.)
Ethnic groups
Icelandic 81.3%, Polish 5.6%, Danish 1%, other 12.1% (2021 est.)
Languages
Icelandic, English, Nordic languages, German
Religions
Evangelical Lutheran Church of Iceland (official) 62.3%, Roman Catholic 4%, Independent Congregation of Reykjavik 2.7%, Independent Congregation of Hafnarfjordur 2%, pagan worship 1.4%, Icelandic Ethical Humanist Association 1.1%, other (includes Zuist and Pentecostal) or unspecified 19%, none 7.6% (2021 est.)
Population growth rate
0.93% (2022 est.)
Government
Government type
unitary parliamentary republic
Capital
name: Reykjavik
Executive branch
chief of state: President Gudni Thorlacius JOHANNESSON (since 1 August 2016)
head of government: Prime Minister Katrin JAKOBSDOTTIR (since 30 November 2017)
Legislative branch
description: unicameral Althingi or Parliament (63 seats; members directly elected in multi-seat constituencies by closed-list proportional representation vote using the D'Hondt method; members serve 4-year terms)
Economy
Economic overview
high-income European economy; frozen EU accession application but Schengen Area member; tourism industry, which helped rebound the economy after 2008 collapse, hit hard by COVID-19; major fishing industry; complex regulatory environment
Real GDP (purchasing power parity)
$19.16 billion (2020 est.)
Real GDP per capita
$52,300 (2020 est.)
Agricultural products
milk, mutton, poultry, potatoes, barley, pork, eggs, beef, other meat, sheep skins
Industries
tourism, fish processing; aluminum smelting; geothermal power, hydropower; medical/pharmaceutical products
Exports
$7.43 billion (2020 est.)
Exports - partners
Netherlands 23%, United Kingdom 9%, Germany 9%, Spain 8%, United States 7%, France 7%, Canada 5% (2019)
Exports - commodities
aluminum and aluminum products, fish products, aircraft, iron alloys, animal meal (2019)
Imports
$7.55 billion (2020 est.)
Imports - partners
Norway 11%, Netherlands 10%, Germany 8%, Denmark 8%, United States 7%, United Kingdom 6%, China 6%, Sweden 5% (2019)
Imports - commodities
refined petroleum, aluminum oxide, carbon/graphite electronics, cars, packaged medicines (2019)
Exchange rates
Icelandic kronur (ISK) per US dollar -
Page last updated: Wednesday, May 25, 2022
