Economic statistics - 01.02.1986, Side 2

Government
ln 1918 lceland became a sovereign state in union with Den-
mark, and full independence was declared in 1944.
The legislative power of the country is vested in the Parlia-
ment, the Althing, which consists of 60 members and is divided
into two houses. The Althing is chosen by popular vote for a
term of four years. Presently, six political parties are represen-
ted in the Althing. The present government is a coalition
government consisting of the Indipendence Party and the Pro-
gressive Party. Prime minister is Mr. Steingrímur Hermanns-
son.
The highest office in the state is that of the Presidency with
similar powers as a constitutional monarch. The President is
elected by popular vote for a term of four years. President and
the fourth President of the Republic of lceland is Mrs. Vigdís
Finnbogadóttir, first elected in 1980.
The seat of the Government is in Reykjavík, the Capital.
EleCtÍOn results in termsofrepresentation in theAlthing.
1974 1978 1979 1983
The Independency Party 25 20 22 23
The Progressive Party 17 12 17 14
The Peoples’ Alliance 11 14 11 10
The Social Democratic Party . . 5 14 10 6
TheSocial Democratic Alliance. - - - 4
The Womens Alliance - - - 3
Other 2 - -
Total members of Althing 60 60 60 60
Geography
Thousands of square kilometers
Geographic size............................... 103.0
Thereof:
Altitude 0-200 meters ...................... 24.7
Altitute 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
Shortest distance to:
Greenland ....................... 287kilometers
Faeroe Islands .................. 420 kilometers
Jan Mayen ....................... 550 kilometers
Scotland......................... 798 kilometers
Norway .......................... 970 kilometers
The nation
Population Desember 1 st 1984 ............... 240443
Thereof Reykjavík and neighbouring localities 130722
Life expectancy, males ................... 73.5years
Life expectancy, females ................. 79.5years
Annual population growth:
1966-1970 ....................... 1.1 percent
1969-1979 ....................... 1.1 percent
1981 ............................. 1.2percent
1982 ............................. 1.5percent
1983 ............................. 1.2percent
1984 ............................. I.Opercent
Occupational distribution 1983
Agriculture ............................ 6.7percent
Fisheries and processing .............. 14.3percent
Manufacturing ......................... 16.2percent
Construction .......................... 10.2percent
Commerce .............................. 15.5percent
Communications ......................... 7.0percent
Services and other..................... 30.1percent
100.0percent
Language
The language in lceland is lcelandic, which belongs to the
Nordic group of the Germanic languages.
Education
Education in lceland is compulsory up to the age of 16. There
is one university, located in Reykjavík, with an enrollment of
over 3000 students.
Membership in international organizations
The United Nations (1946). The Nordic Council (1952), IMF
(1945), The World Bank (1945), IFC (1956), IDA (1961), GATT
(1964), OECD (1949), EFTA (1970), Council of Europe (1953),
NATO (1949).
Currency
The lcelandic currency is the króna. At the beginning of 1981
1 króna was roughly equivalent to 16 U.S. cents (See further-
more, the table on exchange rates on page 17).
The Central Bank of lceland
The responsibility of note issue in lceland is in the hands of
the Central Bank (Seðlabanki Islands) which carries out all the
traditional central banking functions, being the principal mone-
tary authority in the country, the Treasury’s and the banks’
bank. 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 lce-
land. The Board of Directors is elected by the Althing for a term
of four years. Its current chairman is Mr. Jónas G. Rafnar. The
Governors of the Bank are appointed by the Minister of Com-
merce and Banking for an indefinite term. Governors are Dr.
Jóhannes Nordal, Mr. Davið Ólafsson and Mr. Tómas Árnason.
The Bank publishes a monthly bulletin of statistics, Hagtölur
mánaðarins, in lcelandic, a quarterly one, Economic Statistics,
in English, an economic journal, Fjármálatíðindi, in lcelandic,
and an annual report in lcelandíc and an abridged English vers-
ion. All these publications can be obtained from the Economic
Department of the Bank.
Banking
There are 7 commercial banks in lceland, 3 of which are
government owned. Furthermore there are 42 savings banks.
These institutions carry out all the traditional operations of
banking.
All krónur amounts in this bulletin are expressed in new
krónur following the currency reform which became effective on
January 1st, 1981 (see Economic Statistics, November 1980,
p. 32, and February 1981, p. 2).
Due to rounding, figures in individual tables may not add
exactly up to the total.