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Map of Iceland

 

 

Country name:

conventional long form: Republic of Iceland
conventional short form: Iceland
local long form: Lydhveldidh Island
local short form: Island

 

Capital:

Reykjavík. Population: 118,000 (city); 198,000 (metropolitan area) (2008).

 

Location:

North Atlantic, close to Arctic Circle.

 

Area:

103,000 sq km (39,769 sq miles).

 

Description:

Iceland, one of the most volcanically active countries in the world, is a large island in the North Atlantic close to the Arctic Circle. The whole of the central highland plateau of the island is a beautiful but barren and uninhabitable moonscape - so much so that the first American astronauts were sent there for pre-mission training. Five-sixths of Iceland is uninhabited, the population being concentrated on the coast, in the valleys and in the plains of the southwest and southeast of the country. More than half the population lives in or around Reykjavík, the capital. Iceland's highest and most extensive glacier is Vatnajökull; at 8,500 sq km (3,280 sq miles), it is the largest in Europe, although it is now reported to be melting.

Population :

304,000 (2008).

language:

The official language is Icelandic; English and Danish are widely spoken.
 

 

 

Economy - overview:

Iceland made headlines around the world in October 2008 as the country found itself on the verge of economic collapse. Icelandic banks, which had lent hundreds of billions of pounds overseas, were hit hard by the global recession, and the Icelandic government had to step in and seize control of the country's biggest banks in a rescue operation that sent shockwaves around the island and beyond. It's uncertain at this stage what the future holds for this small country. Until recently Icelanders enjoyed a per capita income that was amongst the highest in the world at US$38,000 (2007)/US$39,400 (2008 estimate). The country had been in a positive economic period; in 2007 economic growth was at 2.5% and unemployment at a very low 1%. Iceland is short of raw materials and so relies heavily on foreign trade; exports of goods and services account for more than one-third of GNP. The largest proportion of these derives from fishing, Iceland's most important export (70% of its export earnings). The economy is therefore particularly susceptible to fluctuating fish prices and maintains a broad fisheries exclusion zone (320km/200 miles) to protect its earnings. The government remains opposed to EU membership, primarily because of concern about losing control over their fishing resources. Aluminium smelters are playing an increasingly big part in Iceland's economy, and have polarized Icelanders in recent years. While some argue that the pristine nature of the interior should be preserved at all costs, others think it should be tapped to regenerate areas where traditional industries are no longer viable.

Economy:

Iceland made headlines around the world in October 2008 as the country found itself on the verge of economic collapse. Icelandic banks, which had lent hundreds of billions of pounds overseas, were hit hard by the global recession, and the Icelandic government had to step in and seize control of the country's biggest banks in a rescue operation that sent shockwaves around the island and beyond. It's uncertain at this stage what the future holds for this small country. Until recently Icelanders enjoyed a per capita income that was amongst the highest in the world at US$38,000 (2007)/US$39,400 (2008 estimate). The country had been in a positive economic period; in 2007 economic growth was at 2.5% and unemployment at a very low 1%. Iceland is short of raw materials and so relies heavily on foreign trade; exports of goods and services account for more than one-third of GNP. The largest proportion of these derives from fishing, Iceland's most important export (70% of its export earnings). The economy is therefore particularly susceptible to fluctuating fish prices and maintains a broad fisheries exclusion zone (320km/200 miles) to protect its earnings. The government remains opposed to EU membership, primarily because of concern about losing control over their fishing resources. Aluminium smelters are playing an increasingly big part in Iceland's economy, and have polarized Icelanders in recent years. While some argue that the pristine nature of the interior should be preserved at all costs, others think it should be tapped to regenerate areas where traditional industries are no longer viable.
 

 

Industries:

fish processing; aluminum smelting, ferrosilicon production, geothermal power; tourism

 

Exports:

Fish andfish products, aluminium, animal products, ferrosilicon and diatomite.

Imports:

Machinery and equipment, petroleum products, food and textiles. • Main trade partners: UK, Germany, Netherlands,Sweden and USA.

Exchange rates:

http://www.worldtravelguide.net/country/117/business/Europe/Iceland.html


GDP :

US$19.5 billion(2007).

 

 

Useful links:

  • Trade Fairs

  Copyright By :  Kish Trade Promotion Center  2002