Key Facts about Iceland
![]()
Official Name
The Republic of Iceland (in Icelandic, Lýðveldið Ísland).
Country
Iceland comprises of one large island and numerous smaller ones, and is situated
near the Arctic Circle. Iceland is sometimes called the “land of
ice and fire” for the striking contrasts in its landscapes, where
grand glaciers and magnificent fjords coexist with over 200 volcanoes,
many of which are still active today. Its land area measures 103,000 km2
(40,000 square miles).
Population
290570 (Dec. 2003).
Reykjavík, population 113.288
Language
The Icelandic language belongs to the Nordic family and is virtually unchanged
from the ancient Viking tongue spoken since the settlement. Icelandic is
one of the oldest living languages in Europe. The Icelanders have comprehensive
records of their origin as a nation, in their native language: the Sagas.
Danish and English are mandatory subjects in school. Literacy is 99.9%, the
highest in the world.
History
The first people believed to have settled in Iceland were Irish monks who came
in the eight century AD. They left, however, with the arrival of pagan Norsemen,
who came in 874 to seek freedom from Norway’s oppressive king Harald
Fairhair. In 930 the Icelanders founded the Althing, their supreme general
assembly, the oldest national parliament in the world.
In 1262, Iceland became subject to Norwegian control and in 1380 came under
Danish control, along with Norway. After the granting of a constitution (1874)
and with an improving economy, Iceland finally became an independent sovereign
state under the Danish king in 1918. The Republic of Iceland was formally declared
on June 17, 1944.
Air transport
Daily flights link Iceland with more than 20 gateways in Europe and North America.
Flight time is 2-4 hours to Western Europe and 5-6 hours to North America.
Domestic services operate to several main regional communities, with a flight
time of less than one hour.
Shipping
Fishing and fish processing is the main economic activity in Iceland, accounting
for 50% of foreign currency revenues. Some 99% of imports and exports are
carried by marine transport, most of them handled by Iceland’s three
major shipping companies, Atlantsskip, Samskip and Eimskip.
Business Overview
The Trade Council of Iceland offers export promotion services and arranges
joint participation by Icelandic exporters in trade fairs and other international
exhibitions both at home and abroad. For further information, please contact
the Trade Council of Iceland. For import information, contact the Chamber
of Commerce, and for information on investment opportunities, contact the
Invest in Iceland Agency at the Trade Council
Main imports:
Ships, motor vehicles, fuel, metal ores, household appliances, various foods.
Main exports:
Marine products, aluminium and ferrosilicon.