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 Althing, established in 930. Independent for over 300 years, Iceland was subsequently ruled by Norway and Denmark. Fallout from the Askja volcano of 1875 devastated the Icelandic economy and caused widespread famine. Over the next quarter century, 20% of the island's population emigrated, mostly to Canada and the US. Limited home rule from Denmark was granted in 1874 and complete independence attained in 1944. Literacy, longevity, income, and social cohesion are first-rate by world standards.
Full Name: Republic of Iceland
Area: 103,000 sq km (land: 100,250 sq km, water: 2,750 sq km)
Population: 301,931 (July 2007 est.)
Capital City: Reykjavik
People: Homogeneous mixture of descendants of Norse and Celts 94%, population of foreign origin 6%
Language: Icelandic, English, Nordic languages, German widely spoken
Religion: Lutheran Church of Iceland 85.5%, Reykjavik Free Church 2.1%, Roman Catholic Church 2%, Hafnarfjorour Free Church 1.5%, other Christian 2.7%, other or unspecified 3.8%, unaffiliated 2.4% (2004)
Government Type: Constitutional republic
Chief of State President Olafur Ragnar GRIMSSON (since 1 August 1996)
Head of Government: Prime Minister Geir H. HAARDE (since 7 June 2006)
GDP: $US 11.38 billion (2006 est.)
GDP per Capita: $US 38,000 (2006 est.)
Inflation: 6.8% (2006 est.)
Unemployment: 1.3% (2006 est.)
Industries: Fish processing; aluminum smelting, ferrosilicon production, geothermal power; tourism
Currency: Icelandic krona (ISK)
Member of EU: No
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