Economic statistics - 01.10.1979, Side 2

Government
In 1918 lceland became a sovereign state in union with
Denmark, and total independence was declared in 1944.
The legislative power of the country is vested in the
Parliament, the Althing, which consists of 60 members
and is divided into two chambers. The Althing is chosen
by popular vote for a term of four years. Presently, four
political parties are represented in the Althing. The Inde-
pendence Party has 20 seats, the Progressive Party 12, the
Social Democratic Party and the Peoples' Party 14 seats
each. The current government is a coalition government
consisting of the Progressive Party, the Social Democrats
and the Peoples's Party. Prime Minister is Mr. Ólafur
Jóhannesson.
The highest offiœ in the state is that of the Presidency with
similar powers as a constitutional monarch. The Presi-
dent is elected by popular vote for a term of four years.
The current President and the the third President of the
Republic of Iceland is Dr. Kristján Eldjárn, first elected
to that post in 1968.
The seat of the Government is in Reykjavík, the
Capital.
Geographv
Thousands of square kilometers
Geographic size .............................. 103.0
Thereof:
Altitude 0-200 meters ...................... 24.7
Altitude 200-400 meters .................... 18.4
Altitude above 400 meters .................. 59.9
Glaciers ...................................... 12.0
Lavafields .................................... 11.0
Lakes .......................................... 3.0
Cultivated area ................................ 1.1
Cultivatable area ............................. 20.0
The seabed out to 200 meter depth ............ 111.0
The seabed out to 400 meter depth ............ 183.0
The fishing zone (200 miles) ................. 758.0
The nation
Population December lst 1976 ................ 220918
Population December lst 1977 ................ 222470
Population December lst 1978 ................ 224384
Thereof Reykjavík and neighbouring
localities ............................... 118437
Life expectancy, males: 73.0 years
Life expectancy, females: 79.2 years
Average annual population growth:
1966-1970 I.lpercent
1971-1975 .....................1.4 per cent
1975 l.lpercent
1976 ..................... 0.7 per cent
1977 ..................... 0.7 per cent
1978 ..................... 0.9 per cent
Language
The language in Iceland is Icelandic, which belongs to
the Nordic group of the Germanic languages.
Education
Education in Iceland is compulsory. There is one uni-
versity, located in Reykjavík, with an enrollment of some
3000 students.
Membership in international organizations
The United Nations (1946), The Nordic Council, IMF
(1947), TheWorldBank (1946), IFC( ), IDA( ),
GATT ( ), OECD ( ), EFTA (1970), NATO
(1949)
Occupational distribution 1977
Agricuiture.......................... 10.9 per cent
Fisheries and processing ............ 13.8 per cent
Manufacturing ..................... 16.9percent
Construction ........................ 10.7 per cent
Commerce ............................ 14.4 per cent
Communications.........................7.8 per cent
Services .............................25.5 per cent
100.0 per cent
Currency
The Icelandic currency is the króna. At theend óf 1978
I króna was roughly equivalent to 0.31 U.S. cents (See,
furthermore, the table on exchange rates on page 17).
The Central Bank
The responsibility of note issue in Iceland is in the
hands of the Central Bank (Seðlabanki fslands). The
Central Bank was formally established in 1961, but
before that the central banking functions were carried
out within the National Bank, currently the largest
commercial bank in Iceland. The Board of Directors is
elected by the Althing for af term of four years. Its current
chairman is Mr. Ingi R. Helgason, attorney. The gov-
ernors of the Bank are appointed by the Minister of
Commerce and Banking for an indefinite term. Foll-
owing is a list of the principal officials of the Central
Bank of Iceland.
Board of Govemors:Dr. Jóhannes Nordal, Chairman
Mr. Davíð Ólafsson
Mr. Guðmundur Hjartarson
Directors: Mr. Björn Tryggvason
Mr. Sigurgeir Jónsson
Mr. Bjarni Bragi Jónsson
Banking
There are 7 commercial banks in Iceland, 3 of which
are government owned. Furthermore there are 42 savings
banks. These institutions carry out all the traditional
operations of banking.