The Economy of Iceland CENTRAL BANK OF ICELAND Winter 2001/2002 The Economy of Iceland Winter 2001/2002 Published by the Central Bank of Iceland, Kalkofnsvegur 1, 150 Reykjavík, Iceland Tel: (+354) 569 9600, fax: (+354) 569 9605 E-mail:
[email protected] Website: www.sedlabanki.is ISSN 1024-0039 Republic of Iceland People Population 286,275 (December 1, 2001) Capital Reykjavík, population 112,276 (December 1, 2001) Language Icelandic; belongs to the Nordic group of Germanic languages Religion Evangelical Lutheran (92%) Life expectancy Females: 81.4 years, Males: 77.6 years Governmental system Government Constitutional republic Suffrage Universal, over 18 years of age; proportional representation Legislature Althingi with 63 members Election term Four years, last election May 8th 1999 Economy Monetary unit Króna (plural: krónur); currency code: ISK Gross domestic product 672 billion krónur (US$ 8.5 billion, EUR 9.3 billion) in 2000 International trade Exports 35% and imports 41% of GDP in 2000 Per capita GDP 2.4 million krónur (US$ 30.3 thous., EUR 32.9 thous.) in 2000 Land Geographic size 103,000 km2 (39,768 mi2) Highest point 2,119 m (6,952 ft) Exclusive economic zone 200 nautical miles (758,000 km2 / 292,680 mi2) Climate Cool temperate oceanic; highly changeable, influenced by the warm Gulf Stream and Arctic currents Republic of Iceland credit ratings Foreign currency Domestic currency Long-term Short-term Long-term Short-term Moody’s Investors Service Aa3 P-1 Aaa P-1 Standard & Poor’s A+ A-1+ AA+ A-1+ Fitch AA- F1+ AAA . Contents1 1. Recent developments and prospects ...................................................