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Iceland
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FactsBackground: 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. The second half of the 20th century saw substantial economic growth driven primarily by the fishing industry. The economy diversified greatly after the country joined the European Economic Area in 1994, but Iceland was especially hard hit by the global financial crisis in the years following 2008. Literacy, longevity, and social cohesion are first rate by world standards. note: data are in 2010 US dollars GDP (official exchange rate): $12.85 billion (2010 est.); GDP - real growth rate: -3.4% (2010 est.); -6.8% (2009 est.); 1% (2008 est.); GDP - per capita (PPP): $36,700 (2010 est.); $37,900 (2009 est.); $40,600 (2008 est.); note: data are in 2010 US dollars GDP - composition by sector: agriculture: 5.5%; industry: 24.7%; services: 69.9% (2010 est.); Population below poverty line: NA%; Household income or consumption by percentage share: lowest 10%: NA%; highest 10%: NA%; Labor force: 178,800 (2010); Labor force - by occupation: agriculture: 4.8%; industry: 22.2%; services: 73% (2008); Unemployment rate: 8.3% (2010 est.); 8.6% (2009 est.); Budget: revenues: $4.81 billion; expenditures: $5.673 billion (2010 est.); Industries: fish processing; aluminum smelting, ferrosilicon production; geothermal power, hydropower, tourism; Industrial production growth rate: -1% (2010 est.); Electricity - production: 16.84 billion kWh (2009 est.); Electricity - consumption: 16.48 billion kWh (2009 est.); Electricity - exports: 0 kWh (2008 est.); Electricity - imports: 0 kWh (2008 est.); Statistics: CIA World Factbook. PressDV(Independent), Reykjavik Iceland Review(English-language weekly), Reykajavik Morgunbladid(Conservative), Reykjavik Reykjavik Grapevine(Alternative magazine), Reykjavik Visir(Online newspaper), Reykjavik Iceland in the NewsWorld's 10 Biggest Energy GluttonsA look into which countries use the most energy per capita reveals some surprising results, from the Middle East to the Caribbean. Weakening Economies WorldwideComment and analysis from Australia, United Kingdom, Iceland, Japan, France, China, Egypt, and Russia Iceland: Once a Layover, Now a DestinationWith Icelandic Airlines offering free layovers on flights between North American and European destinations ... Will Fuel Cells Make Iceland the 'Kuwait of the North?'Jón Knútur Ásmundsson reports on Iceland's pioneering research into the use of clean, efficient hydrogen power. |
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