DOCSLIB.ORG

Autumn 1997 of Proportional Representation for a Term of Four Years

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Autumn 1997 of Proportional Representation for a Term of Four Years The Economy of Iceland CENTRAL BANK OF ICELAND The Economy of Iceland October 1997 Published semi-annually by the International Department of the Central Bank of Iceland, 150 Reykjavík, Iceland ISSN 1024 - 0039 REPUBLIC OF ICELAND People Population.......................................269,735 (December 1, 1996) Capital.............................................Reykjavík, 105,487 (December 1, 1996) Language........................................Icelandic; belongs to the Nordic group of Germanic languages Religion...........................................Evangelical Lutheran (95%) Life expectancy...............................Females: 81 years , Males: 75 years Governmental System Government ....................................Constitutional republic Suffrage ..........................................Universal, over 18 years of age Legislature ......................................Alþingi (Althing); 63 members Election term...................................Four years Economy Monetary unit ..................................Króna (plural: krónur); currency code: ISK Gross domestic product..................487 billion krónur (US$ 7.3 billion) in 1996 International trade...........................Exports 36% and imports 36% of GDP in 1996 Per capita GDP...............................1,760 thousand krónur (US$ 26.900) in 1996 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+ - TABLE OF CONTENTS I. The Republic of Iceland Geography and Population ....................................................................................... 7 Constitution, Government and Political Parties ....................................................... 7 Membership in International Organizations and Foreign Policy ............................. 8 II. Recent Developments and Economic Prospects Economic Growth and Expenditure ......................................................................... 10 Foreign Trade and the Balance of Payments............................................................ 11 Prices, Wages and Unemployment........................................................................... 13 Public Finances......................................................................................................... 14 Monetary Policy........................................................................................................ 16 III. The Economy Fishing and Fish Processing ..................................................................................... 18 Manufacturing........................................................................................................... 20 Agriculture ................................................................................................................ 21 Energy....................................................................................................................... 21 Transport and Communications................................................................................ 22 Tourism..................................................................................................................... 22 The Labour Force and Labour Relations.................................................................. 22 Structural Reforms.................................................................................................... 23 The Environment ...................................................................................................... 23 IV. Foreign Trade and Balance of Payments .............................................................. Foreign Trade............................................................................................................ 24 Balance of Payments................................................................................................. 25 V. Foreign Exchange...................................................................................................... Foreign Exchange Rates ........................................................................................... 31 Foreign Exchange Regulations and Direct Investments........................................... 32 Foreign Exchange Reserves...................................................................................... 32 VI. Financial Markets.................................................................................................... Financial Markets Developments ............................................................................. 34 Commercial Banks and Savings Banks.................................................................... 34 Other Credit Institutions ........................................................................................... 34 The Securities Market............................................................................................... 35 Institutional Investors ............................................................................................... 36 The Central Bank...................................................................................................... 37 Supervision and Regulations .................................................................................... 38 Monetary Policy........................................................................................................ 39 VII. Public Finance ........................................................................................................ Central Government.................................................................................................. 40 Local Government .................................................................................................... 42 Social Services.......................................................................................................... 43 VIII. Foreign Debt.......................................................................................................... Treasury Foreign Debt.............................................................................................. 44 Debt Service.............................................................................................................. 47 Debt Service Record................................................................................................. 47 Credit Ratings ........................................................................................................... 48+ TABLES Table 1: Election Results .............................................................................................. 8 Table 2: Membership in International Organizations................................................... 9 Table 3: Output and Expenditure.................................................................................. 11 Table 4: Basic Economic Indicators ............................................................................. 17 Table 5: Export by Commodity Groups ....................................................................... 26 Table 6: Imports by Economic Category...................................................................... 27 Table 7: Geographic Distribution of Foreign Trade..................................................... 28 Table 8: Balance of Payments ...................................................................................... 29 Table 9: Current Account as Percent of GDP .............................................................. 30 Table 10: Exchange Rates............................................................................................... 32 Table 11: Foreign Exchange Reserves............................................................................ 33 Table 12: Summary View of the Financial Markets....................................................... 35 Table 13: Securities in the Domestic Market.................................................................. 36 Table 14: Money Supply................................................................................................. 39 Table 15: Treasury Revenues and Expenditures............................................................. 40 Table 16: Treasury Finances ........................................................................................... 42 Table 17: Currency Composition of Treasury Debt ....................................................... 45 Table 18: External Debt Service ..................................................................................... 47 Table 19: Republic of Iceland Credit Ratings ................................................................ 48 FIGURES Figure 1: Growth in Real GDP in Iceland and OECD ................................................. 10 Figure 2: Consumer Prices and Disposable Income..................................................... 13 Figure 3: General Government Financial Balances in Iceland and Europe ................. 14 Figure 4: Short-term Interest Rates............................................................................... 15 Figure 5: Long-term Interest Rates..............................................................................
Load more

Recommended publications
  • And Geothermal Power in Iceland a Study Trip
    2007:10 TECHNICAL REPORT Hydro- and geothermal power in Iceland A study trip Ltu and Vattenfall visit Landsvirkjun May 1-5, 2007 Isabel Jantzer Luleå University of Technology Department of Civil, Mining and Environmental Engineering Division of Mining and Geotechnical Engineering 2007:10|: 102-1536|: - -- 07⁄10 -- Hydro- and geothermal power in Iceland A study trip Ltu and Vattenfall visit Landsvirkjun May 1 – 5, 2007 Iceland is currently constructing the largest hydropower dam in Europe, Kárahnjúkar. There are not many possibilities to visit such construction sites, as the opportunity to expand hydropower is often restricted because of environmental or regional regulations limitations. However, the study trip, which was primarily designed for the visitors from Vattenfall, gave a broad insight in the countries geology, energy resources and production, as well as industrial development in general. This report gives an overview of the trip, summarizes information and presents pictures and images. I want to thank Vattenfall as organization, as well as a large number of individuals at Vattenfall, for giving me the opportunity for participation. Further, I want to express my sincere gratitude to the Swedish Hydropower Center, i.e. Svensk Vattenkraft Centrum SVC, Luleå University of Technology, and individuals at Elforsk for providing me the possibility to take part in this excursion. It has been of great value for me as a young person with deep interest in dam design and construction and provided me with invaluable insights. Luleå, May 2007 Isabel Jantzer Agenda During three days we had the possibility to travel over the country: After the first day in Reykjavik, we flew to Egilstadir in the north eastern part of the country, from where we drove to the Kárahnjúkar dam site and visited the Alcoa aluminium smelter at Reydarfjördur Fjardaál afterwards.
    [Show full text]
  • Legal Framework and National Policy for Geothermal Development in Iceland
    Proceedings World Geothermal Congress 2015 Melbourne, Australia, 19-25 April 2015 Legal Framework and National Policy for Geothermal Development in Iceland Jonas Ketilsson, Harpa Th. Petursdottir, Skuli Thoroddsen, Anna L. Oddsdottir, Erna R. Bragadottir, Maria Gudmundsdottir, Gudni A. Johannesson Orkustofnun, Grensasvegi 9, IS-108 Reykjavik, Iceland Corresponding author: [email protected] Keywords: Legal, law, energy, regulatory, official, monitoring, geothermal, statistics, policy, Master Plan, Iceland, Europe. ABSTRACT In this paper, a description is given of the national policy, legal framework, official monitoring and accumulation of geothermal energy statistics in Iceland in a global context. The legal framework and amendments to the energy legal framework since 2010 will be reviewed. In particular the effect of Act for the Master Plan for the Utilization and Protection of Energy Resources no. 48/2011 which sets up the legal framework for the Master Plan which has been in preparation since 1999, where geothermal and hydro resources are categorized to be exploited, protected or further researched. It is the policy of the Government of Iceland to increase the utilization of energy resources and hence governmental support was increased for new geothermal based heat utilities by 50% even though 9 out of 10 households are heated with geothermal energy. The Icelandic National Renewable Energy Action Plan was published in year 2012 in accordance with Directive 2009/28/EC which outlines the strategy for 2020 and goals of geothermal utilization. In accordance with the plan, electricity generation from geothermal sources is estimated to increase by 12% from 5.2 TWh in year 2014 to 5.8 TWh in year 2020 and geothermal heat use from 28.1 PJ in year 2014 to 34 PJ in year 2020.
    [Show full text]
  • Food Security and Identity: Iceland
    FOOD SECURITY AND IDENTITY: ICELAND A thesis submitted to Kent State University in partial fulfillment of the requirements for the degree of Master of Arts by Gina Marie Butrico August, 2013 Thesis written by Gina Butrico A.A.S., Middlesex County College, 2009 B.A., Kent State University, 2011 M.A., Kent State University, 2013 Approved by ___________________________________, Advisor Dr. David H. Kaplan, Ph.D. ___________________________________, Chair, Department of Geography Dr. Mandy Munro-Stasiuk, Ph.D. ___________________________________, Associate Dean for Graduate Affairs, Raymond A. Craig, Ph.D. College of Arts and Sciences ii TABLE OF CONTENTS List of Figures ..........................................................................................................v List of Tables ....................................................................................................... viii Acknowledgements ................................................................................................ ix Chapter I. Introduction .................................................................................................1 Food Security in Iceland ..............................................................................3 Food Identity in Iceland ...............................................................................5 Site Selection ...............................................................................................6 Food Geography...........................................................................................7
    [Show full text]
  • Digital Tools and the Derailment of Iceland's New Constitution
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Gylfason, Thorvaldur; Meuwese, Anne Working Paper Digital Tools and the Derailment of Iceland's New Constitution CESifo Working Paper, No. 5997 Provided in Cooperation with: Ifo Institute – Leibniz Institute for Economic Research at the University of Munich Suggested Citation: Gylfason, Thorvaldur; Meuwese, Anne (2016) : Digital Tools and the Derailment of Iceland's New Constitution, CESifo Working Paper, No. 5997, Center for Economic Studies and ifo Institute (CESifo), Munich This Version is available at: http://hdl.handle.net/10419/145032 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Digital Tools and the Derailment of Iceland’s New Constitution Thorvaldur Gylfason Anne Meuwese CESIFO WORKING PAPER NO.
    [Show full text]
  • Iceland As a Case Study
    Sustainable Energy Development: Iceland as a Case Study Brynhildur Davidsdottir, Environment and Natural Resources, University of Iceland ABSTRACT Increasing energy prices, political unrest in the Middle East and climate change are only a few issues that have pushed planning for Sustainable energy development (SED) onto the political horizon. SED is broadly defined as ‘the provision of adequate energy services at affordable cost in a secure and environmentally benign manner, in conformity with social and economic development needs’. Planning for SED implies that we need to consider the three dimensions of sustainable development, where such movement should not have negative consequences for the economy, the public (social dimension), nor the environment. This paper presents the development of the Icelandic Energy System since the year 1900 in this context. Iceland has in the last 40 years gone from being mostly reliant on coal and oil, towards extracting 73% of its primary energy needs from renewable energy, and at the same time achieved impressive economic success. Only the transportation sector relies on fossil fuels, and various experiments are being conducted to significantly reduce the reliance on imported fossil fuels. Some of those experiments include planning for a hydrogen economy by 2050. A central question that is asked in this presentation is if Iceland’s path is indeed sustainable, if it is unique and if other countries possibly can do the same. Sustainable Development Introduction Since the publication of the Brundtland Report (WCED 1987), sustainable development (SD) has evolved from a vague concept into a somewhat coherent development framework. In the Brundland report sustainable development was defined as: “development that meets the needs of the present without compromising the ability of future generations to meet their own needs”.
    [Show full text]
  • Hunting Reindeer in East Iceland
    Master’s Thesis Hunting Reindeer in East Iceland The Economic Impact Stefán Sigurðsson Supervisors: Vífill Karlsson Kjartan Ólafsson University of Akureyri School of Business and Science February 2012 Acknowledgements The parties listed below are thanked for their contribution to this thesis. Vífill Karlsson, consultant and assistant professor, department of business administration, University of Akureyri, for his patience and outstanding work as supervisor. Kjartan Ólafsson, lecturer, faculty of humanities and social sciences, University of Akureyri, for his work and comments as supervisor. Guðmundur Kristján Óskarsson, lecturer, department of business administration, University of Akureyri, for his assistance when processing statistics. Jón Þorvaldur Heiðarsson, lecturer, department of business administration, University of Akureyri, and researcher, Research Center University of Akureyri, for his comments. Ögmundur Knútsson, lecturer, department of business administration, University of Akureyri, for his comments. Steinar Rafn Beck, advisor, department of natural resource sciences, for valuable information when working on this master thesis. Bjarni Pálsson, divisional manager, Department for natural resource sciences, for valuable information when working on this master thesis. Rafn Kjartansson, translator and language reviewer of this work. Astrid Margrét Magnúsdóttir, director of Information Services, University of Akureyri, for her comments on documentation and references. ---------------------------------------------------------- Stefán Sigurðsson ii Abstract Tourism in Iceland is of great importance and ever-growing. During the period 2000- 2008 the share of tourism in GDP was 4.3% to 5.7%. One aspect of the tourist industry is hunting tourism, upon which limited research has been done and only fragmented information exists on the subject. The aim of this thesis is to estimate the economic impact of reindeer hunting on the hunting area.
    [Show full text]
  • Scripta Islandica 63/2012
    SCRIPTA ISLANDICA ISLÄNDSKA SÄLLSKAPETS ÅRSBOK 63/2012 REDIGERAD AV VETURLIÐI ÓSKARSSON under medverkan av Pernille Hermann (Århus) Mindy MacLeod (Melbourne) Else Mundal (Bergen) Guðrún Nordal (Reykjavík) Rune Palm (Stockholm) Heimir Pálsson (Uppsala) UPPSALA, SVERIGE © Författarna och Scripta Islandica 2012 ISSN 0582-3234 Sättning: Marco Bianchi urn:nbn:se:uu:diva-174493 http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-174493 Innehåll SILVIA HUFNAGEL, Icelandic society and subscribers to Rafn’s Fornaldar sögur nordr landa . 5 GUÐRÚN KVARAN, Nucleus latinitatis og biskop Jón Árnasons orddannelse . 29 HEIMIR PÁLSSON, Om källor och källbehandling i Snorris Edda. Tankar kring berättelser om skapelsen . 43 TRIIN LAIDONER, The Flying Noaidi of the North: Sámi Tradition Reflected in the Figure Loki Laufeyjarson in Old Norse Mythology . 59 LARS WOLLIN, Kringla heimsins—Jordennes krets—Orbis terra­ rum. The trans lation of Snorri Sturluson’s work in Caroline Sweden . 93 ÞORLEIFUR HAUKSSON, Implicit ideology and the king’s image in Sverris saga . 127 Recensioner OLOF SUNDQVIST, rec. av Annette Lassen, Odin på kristent per ga- ment. En teksthistorisk studie . 137 KIRSTEN WOLF, rec. av Rómverja saga, ed. Þorbjörg Helgadóttir . 141 Isländska sällskapet HEIMIR PÁLSSON & LASSE MÅRTENSSON, Berättelse om verk sam- heten under 2010 . 147 Författarna i denna årgång . 149 Icelandic society and subscribers to Rafn’s Fornaldar sögur nordrlanda SILVIA HUFNAGEL Literary criticism often focuses on authors and the production and mean- ing of literature, but tends
    [Show full text]
  • Children of a One-Eyed God: Impairment in the Myth and Memory of Medieval Scandinavia Michael David Lawson East Tennessee State University
    East Tennessee State University Digital Commons @ East Tennessee State University Electronic Theses and Dissertations Student Works 5-2019 Children of a One-Eyed God: Impairment in the Myth and Memory of Medieval Scandinavia Michael David Lawson East Tennessee State University Follow this and additional works at: https://dc.etsu.edu/etd Part of the Comparative Literature Commons, Cultural History Commons, Disability Studies Commons, European History Commons, European Languages and Societies Commons, Folklore Commons, History of Religion Commons, History of Science, Technology, and Medicine Commons, Medieval History Commons, Medieval Studies Commons, Scandinavian Studies Commons, and the Social and Cultural Anthropology Commons Recommended Citation Lawson, Michael David, "Children of a One-Eyed God: Impairment in the Myth and Memory of Medieval Scandinavia" (2019). Electronic Theses and Dissertations. Paper 3538. https://dc.etsu.edu/etd/3538 This Thesis - Open Access is brought to you for free and open access by the Student Works at Digital Commons @ East Tennessee State University. It has been accepted for inclusion in Electronic Theses and Dissertations by an authorized administrator of Digital Commons @ East Tennessee State University. For more information, please contact [email protected]. Children of a One-Eyed God: Impairment in the Myth and Memory of Medieval Scandinavia ————— A thesis presented to the faculty of the Department of History East Tennessee State University ————— In partial fulfillment of the requirements for the degree
    [Show full text]
  • Specialists in STEM Student Travel
    Tour: Iceland in brief: A Force of Nature Specialisation: Geothermal energy. Geology and Geography Itinerary: 4-days / 3-nights Location: Iceland Iceland in Brief: A Force of Nature DayMorning Afternoon Evening 1 Fly to Iceland, transfer to Hotel via Blue Lagoon Welcome & Safety Meeting Dinner at Hotel Iceland's Golden Circle Tour - Gullfoss, Geysir, Strokkur, Þingvellir National Park, Almannagja Fault & Alpingi Parliament - plus a visit to the Friðheimar Greenhouse, Hellisheiði Geothermal Power Plant, Hveragerði Geothermal Park, Raufarhólshellir 2 lava tube Dinner at Hotel Waterfalls & Volcanoes Tour - Vík í Mýrdal, Seljalandsfoss Waterfall, Þorvaldseyri Farm Volcano Visitor Center, Skógafoss Waterfall, Skógar Folk Museum, Cliffs of 3 Dyrhólaey, Reynisdrangar Rocks, Mýrdalsjökull Glacier Dinner at Hotel 4 Depart Iceland for Home Specialists in STEM Student Travel As with all sample itineraries, please be advised that this is an ‘example’ of a schedule and that the activities and hotels shown may be variable dependent upon dates, weather, special requests and other factors. Itineraries will be confirmed prior to travel. Iceland…. Few visitors can travel around Iceland without being deeply touched by its sheer beauty, and few can leave the country without a strong vow to return. It’s just that sort of place. Perched on the edge of the Arctic, this wonderful little island contains some of the most impressive natural wonders in Europe. The continent’s biggest waterfalls thunder down with such force that the ground trembles under your feet; the barren highlands form Europe’s largest, loneliest desert; and the awesome ice cap Vatnajökull is the biggest outside the poles. Other spectacular phenomena include smoldering volcanoes, slow-flowing glaciers, extruding lava, gushing geysers, bubbling mud pots, soothing thermal pools and, in the darkness of winter, the magical northern lights.
    [Show full text]
  • Sniðmát Meistaraverkefnis HÍ
    Master’s thesis in Environment and Natural Resources Westfjords and the EarthCheck environmental certificate Cooperation between municipalities and companies Kristín Halldóra Halldórsdóttir Instructor: Helga Ögmundardóttir Graduation month October 2020 1 Westfjords and the EarthCheck environmental certificate Cooperation between municipalities and companies Kristín Halldóra Halldórsdóttir Final thesis submitted in partial fulfilment of a MA degree in Environment and Natural Resources Instructor: Helga Ögmundardóttir 30 ECTS Faculty of Sociology, Anthropology and Folkloristics School of Social Sciences, University of Iceland Graduation October 2020 ii Westfjords and the EarthCheck environmental certificate: cooperation between municipalities and companies This final thesis is submitted in partial fulfilment of a MA degree in Environment and Natural Resources. The thesis may not be copied in any form without the author’s permission. © Kristín Halldóra Halldórsdóttir, 2020 Reykjavik, Iceland, 2020 iii Útdráttur Sveitarfélög á Vestfjörðum hafa fengið starfsemi sína umhverfisvottaða af EarthCheck. EarthCheck vottunin leggur þá skyldu á herðar sveitarfélaganna að bæta frammistöðu sína í umhverfismálum og vinna að sjálfbærri þróun. Íbúar Vestfjarða og fyrirtæki á svæðinu eru ekki skuldbundin til að uppfylla þau viðmið sem EarthCheck setur. Markmiðið með þessari rannsókn er að kanna hversu mikla þekkingu forsvarsfólk fyrirtækja á Vestfjörðum hefur á EarthCheck umhverfisvottuninni auk þess að greina hvaða leiðir eru færar til að hvetja fyrirtæki á Vestfjörðum til að leggja meiri áherslu á umhverfismál. Til að öðlast dýpri skilning á viðhorfum þátttakanda var beitt eigindlegri rannsóknaraðferð. Alls voru tekin 16 viðtöl við starfsmenn fyrirtækja á Vestfjörðum. Þau voru tekin í júlí og ágúst 2020. Niðurstöðurnar gefa til kynna að fyrirtæki á svæðinu hafi ekki mikla þekkingu á EarthCheck umhverfisvottuninni.
    [Show full text]
  • Congress of Local and Regional Authorities of the Council of Europe Refers To: A
    32nd SESSION CPL32(2017)06final 29 March 2017 Local democracy in Iceland Monitoring Committee Rapporteurs1: Zdenek BROZ, Czech Republic (L, ECR) Jakob WIENEN, Netherlands (L, EPP/CCE) Recommendation 402 (2017)..................................................................................................................2 Explanatory memorandum ......................................................................................................................4 Summary This report follows the second monitoring visit to Iceland since it ratified the European Charter of Local Self-Government in 1991. It shows that the country has a satisfactory level of local democracy. The report praises recent developments fostering local self-government, including the promotion of the involvement of local authorities in national decision-making and increased inter-municipal co-operation and citizen participation in local authorities. In particular, it underlines that the national and local authorities were able to deal with a major financial crisis and its economic and social consequences without undermining local self-government. Nevertheless, the rapporteurs draw the authorities’ attention to the absence of a clear division of responsibilities between central government and local authorities, the lack of direct applicability of the Charter in the domestic legal system and the fact that the capital, Reykjavik, has not been granted a special status in accordance with Recommendation 219 (2007). Lastly, local authorities still do not have adequate resources for performing all their functions. The Congress recommends that the Icelandic authorities clarify the division of responsibilities between central government and local authorities and pass legislation to give the Charter legal force in Iceland’s domestic legal system. It also urges them to provide local authorities with adequate and sufficient financial resources and grant the city of Reykjavik a special status to take account of its particular needs compared to other municipalities.
    [Show full text]
  • Winter 2001/2002
    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 ...................................................
    [Show full text]