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.
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
total: 364,036
Ethnic groups
Icelandic 78.7%, Polish 5.8%, Danish 1%, Ukrainian 1%, other 13.5% (2024 est.)
Languages
Icelandic, English, Polish, Nordic languages, German
Religions
Evangelical Lutheran Church of Iceland (official) 58.6% Roman Catholic 3.8%, Independent Congregation of Reykjavik 2.6%, Independent Congregation of Hafnarfjordur 1.9%, pagan worship 1.5%, Icelandic Ethical Humanist Association 1.4%, other (includes Zuist and Pentecostal) or unspecified 18.7%, none 7.7% (2024 est.)
Population growth rate
0.85% (2024 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 Halla TOMASDOTTIR (since 1 August 2024)
Legislative branch
summary: unicameral Parliament (63 seats)
Diplomatic representation in the US
chief of mission: Ambassador Bergdís ELLERTSDÓTTIR (since 16 September 2019)
Diplomatic representation from the US
chief of mission: Ambassador Carrin F. PATMAN (since 6 October 2022)
Economy
Economic overview
high-income north Atlantic island economy; non-EU member but market integration via European Economic Area (EEA); dominant tourism, fishing, and aluminum industries vulnerable to demand swings and volcanic activity; inflation remains above target rate; barriers to foreign business access and economic diversification
Real GDP (purchasing power parity)
$26.155 billion (2023 est.)
$25.134 billion (2022 est.)
$23.084 billion (2021 est.)
Real GDP per capita
$66,500 (2023 est.)
$65,800 (2022 est.)
$62,000 (2021 est.)
Exports
$13.49 billion (2023 est.)
$13.109 billion (2022 est.)
$9.606 billion (2021 est.)
Exports - partners
Netherlands 27%, UK 9%, US 8%, Germany 8%, France 6% (2022)
Exports - commodities
fish, aluminum, iron alloys, aluminum wire, animal meal (2022)
Imports
$13.484 billion (2023 est.)
$13.146 billion (2022 est.)
$10.065 billion (2021 est.)
Imports - partners
Norway 12%, Netherlands 10%, Denmark 8%, Germany 8%, China 7% (2022)
Imports - commodities
refined petroleum, aluminum oxide, cars, carbon-based electronics, aircraft (2022)
Page last updated: Thursday, September 05, 2024
