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Iceland

Facts and stats about Iceland

jaacosta47

Author: jaacosta47

Iceland is a thinly -populated island in the North Atlantic island which has become famous for hot springs, geysers and active volcanoes. The country became an independent republic in 1944 and turned out to become one of the world's most flourishing economies. Unfortunately, the financial collapse in 2008 showed that its prosperity was built on a weak economic model.

The crisis hit Iceland harder than other countries in the continent because the entire banking system failed to pay and crashed. Attempts to bail out private banks failed. The government was unable to resolve this monetary collapse. The people took to the streets as a sign of national protest and forced the entire (center-left) government to resign. They formed a citizen’s group that wrote the new constitution proposing solutions to prevent corporate greed from destroying the country. All these events were recorded by international journalists, foreign news bureaus, private citizens, and social media bloggers.

At present, Iceland’s stock market still struggles to keep up with the nation’s buoyant economy as initial public offerings continue to lag behind global trends. The economy went up by 3.8 percent in the fourth quarter of last year compared to only 0.3 percent in the whole European area. All in all, economic foundations remain robust and moving towards revitalization with multilateral aid provided by the International Monetary Fund. It has ample marine resources, clean energy, sturdy infrastructure, and knowledgeable workforce.

Foreign investments are focused on export-oriented industries. However, there are also expected ventures in the fields of agriculture, information technology, water-based industries, energy, and tourism. The government is now composed of a coalition between the Independence and Progressive parties. It is still holding talks regarding the decision to seek membership in the European Union which is being opposed by different sectors of the nation.

315,281

Population. Ranked 179th in 2013.

$42,658.40

GDP per capita. Ranked 17th in 2012.

Largest city Reykjavik - 103,036
Capital city Reykjavik - 103,036
Major language Icelandic
Major religion Christianity
Monetary unit Icelandic krona
Prime minister Sigmundur David Gunnlaugsson
Alternative names Republic of Iceland, Iceland, Island, Lydhveldidh Island
Groups Christian countries, Cold countries, Europe, Heavily indebted countries, High income OECD countries, Island countries, NATO countries, Potential Future EU Members, Sparsely populated countries, Tourist destinations, World

Interesting observations about Iceland

Iceland ranked first for life expectancy at birth, male > years amongst Christian countries in 2011.
Iceland has had the highest agriculture, value added > current US$ per capita since 1976.
Iceland has had the highest agricultural machinery > tractors per 100 hectares of arable land since 1961.
Iceland ranked first for electric power consumption > KWh per capita amongst Europe in 2011.
Iceland has had the highest agriculture > value added > constant 2000 US$ > per capita since 1960.
Iceland ranked first for human development index amongst Heavily indebted countries in 2006.
Iceland ranked first for internet > internet users > per 100 people globally in 2012.
Iceland has had the highest farm machinery > tractors per 100 sq. km of arable land since 1961.
Iceland ranked first for inflation rate > consumer prices amongst High income OECD countries in 2012.
Iceland has had the highest value added > constant 2000 US$ per capita since 1973.

5

Iceland is a thinly -populated island in the North Atlantic island which has become famous for hot springs, geysers and active volcanoes. The country became an independent republic in 1944 and turned out to become one of the world's most flourishing economies. Unfortunately, the financial collapse in 2008 showed that its prosperity was built on a weak economic model.

The crisis hit Iceland harder than other countries in the continent because the entire banking system failed to pay and crashed. Attempts to bail out private banks failed. The government was unable to resolve this monetary collapse. The people took to the streets as a sign of national protest and forced the entire (center-left) government to resign. They formed a citizen’s group that wrote the new constitution proposing solutions to prevent corporate greed from destroying the country. All these events were recorded by international journalists, foreign news bureaus, private citizens, and social media bloggers.

At present, Iceland’s stock market still struggles to keep up with the nation’s buoyant economy as initial public offerings continue to lag behind global trends. The economy went up by 3.8 percent in the fourth quarter of last year compared to only 0.3 percent in the whole European area. All in all, economic foundations remain robust and moving towards revitalization with multilateral aid provided by the International Monetary Fund. It has ample marine resources, clean energy, sturdy infrastructure, and knowledgeable workforce.

Foreign investments are focused on export-oriented industries. However, there are also expected ventures in the fields of agriculture, information technology, water-based industries, energy, and tourism. The government is now composed of a coalition between the Independence and Progressive parties. It is still holding talks regarding the decision to seek membership in the European Union which is being opposed by different sectors of the nation.

Posted on 15 May 2014

jaacosta47

jaacosta47

425 Stat enthusiast

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