The Country Overview of The Iceland - Essay Example

Iceland Iceland is a volcanic island in the North Atlantic Ocean east of Greenland and immediately south of the Arctic Circle. It lies about 4,200 kilometers from New York and 830 kilometers from Scotland. Unlike neighbouring Greenland, Iceland is considered to be a part of Europe, not a part of North America. Due to cultural, economic and linguistic similarities, Iceland in many contexts is also included in Scandinavia. It is the world's 18th largest island, and Europe's 2nd largest island following Great Britain. It has Maritime temperate Climate. About 79% of Iceland's land area is of recent volcanic origin, consists of glaciers, lakes, a mountainous lava desert and other wasteland. Highest elevation is Hvannadalshnjukur at Vatnajokull Glacier, at 6,925 ft. above sea level. The inhabited areas are on the coast, particularly in the southwest where about 60% of the population lives. Many fjords punctuate its 3,088 miles (4,970km) long coastline, which is also where most towns are situated because the island's interior, the Highlands of Iceland, is a cold and uninhabitable combination of sands and mountains. The major towns are the capital Reykjavik,Keflavik, where the national airport is situated, and Akureyri. The Icelandic National Flag The Icelandic National Flag is sky-blue (Color: SCOTDIC No. 693009) with a snow-white (Color: SCOTDIC No. 95) cross and fiery red (Color: SCOTDIC Iceland Flag Red) cross in the white cross. The arms of the crosses extend entirely to the edges of the flag, and their width is 2/9th, but the red cross is 1/9th of the width of the flag. The blue field is thus divided into rectangular squares: Those nearest to the flagpole are equilateral and the outer squares are equally wide, but twice as long. The proportional figures for the width and length of the flag are 18:25. Capital and the largest city of Iceland is Reykjavik, 184,200 (Metro area). Monetary unit of Iceland is Icelandic krna. Languages Icelandic, English, Nordic languages and German is widely spoken. Land area: 38,707 sq mi (100,251 sq km) Total area: 39,769 sq mi (103,000 sq km) Population (2006 est.): 299,388 (Growth rate: 0.9%) Birth rate: 13.6/1000 Infant mortality rate: 3.3/1000 Life expectancy: 80.3 Density per sq mi: 8 Transportation: Railways: 0 km. Highways: total: 13,004 km paved: 4,331 km unpaved: 8,673 km (2004). Ports and harbors: Grundartangi, Hafnarfjordur, Reykjavik, Seydhisfjordhur. Airports: 98 (2004 est.) Vegetation: 23,805km (9,191mi) Lakes: 2,757km (1,065mi) Glaciers: 11,922km (4,603mi) Wasteland: 64,538km (24,918mi) Weather: Despite its name and latitude, warm Gulf Streams keep southern Iceland snugger than many central European countries. Summers are pleasant with average July temperatures around 12C (53F). Winters, however, are significantly blunted and while fresh enough to put some rose in the cheeks, it will not be freezing them solid. The higher altitudes and northern coast face early year Arctic winds so are naturally colder. Snow turns to rain around spring but is never too heavy. Climate is cool, temperate and oceanic, influenced by the country's location where the polar front separates air currents of polar and tropical origin. Fluctuations in average annual temperature are more pronounced in Iceland than most other places. In Reykjavik, the average temperature is 11C (52F) in July and -1C (30F) in January. For two to three months in summer there is continuous daylight in Iceland, and early spring and late autumn enjoy long twilights. The really dark period that is three to four hours of daylight lasts from about mid-November until the end of January. Iceland is located on both a geological hot spot caused by a mantle plume, and the Mid-Atlantic Ridge. This combined location means that the island is extremely geologically active, having many volcanoes, notably Hekla, Eldgja, and Eldfell. There are also geysers a word derived from the name of one in Iceland, Geysir. Glaciers: The most distinctive features of Iceland are its glaciers, which cover over 4,500 square miles (11,800 km) or 11.5% of the total area of the country. The largest of the glacier caps is Vatna glacier in southeast Iceland with an area of 3,240 square miles (8,400 km), equal in size to all the glaciers on the European mainland put together. Avalanches are common in the northwest, north and east, where the steep mountain slopes, covered with deep snow, threaten the inhabited areas. Geothermal Heat: Iceland is richer in hot springs and high-temperature activity than any other country in the world. Steam vents, mud pools and precipitation of sulfur characterize high-temperature activity. The main high-temperature areas are Torfa glacier east of Hekla and Grims lakes in the Vatna glacier. Hengill near Reykjavik is utilized to provide hot water for space heating in the capital. Widespread availability of geothermal power because of the numerous rivers and waterfalls are harnessed for hydropower. The total power output of the Torfa glacier area is estimated to be equivalent to 1,500 megawatts. Hot springs are found all over Iceland. There are about 250 low-temperature geothermal areas with a total of about 800 hot springs. The average temperature of their water is 75 Celsius (167 F). The biggest hot spring in Iceland, Deildartunguhver, has a flow of 150 liters (40 gallons) of boiling water per second. Some of the hot springs are spouting springs or geysers, the most famous being Geysir in Haukadalur in south Iceland, from which the international word geyser is derived. It ejects a water column to a height of about 180 feet. Population: The original population of Iceland is remarkably homogeneous of Nordic and Celtic origin. This is evident by literary evidence from the settlement period as well as from later scientific studies such as blood type and genetic analysis. One such genetics study has indicated that the majority of the male settlers were of Nordic origin while the majority of the women were of Celtic origin. According to Icelandic Government statistics, 93% of the nation's inhabitants live in urban areas localities with populations greater than 200 and about 60% live in the Reykjavik metropolitan area. In 2004, 20,669 people that are 7% of the total population who were living in Iceland had been born abroad, including children of Icelandic parents living abroad. 10,636 people that are 3.6% of the total population had foreign citizenship. Age structure of the population in Iceland: Population Under 15 years is 21.7 %. 15-64 years is 66.5 %. Over 65 years is 11.7 %. The age structure of the population is young by European standards. It is comparable to that of the US. This is due to longevity and unusually high fertility rates for an industrialized country. Life expectancy at birth is the highest in the world for females is 82.48 years and the second highest after Japan for males is 78.23 years. Infant mortality is among the lowest in the world 3.3 per 1000 live births. 6.72 deaths/1,000 population (2006 est.) Morbidity rates are also low in Iceland, indicating that costs arising from disability are low in the country. The Icelandic health care system is a tax-financed universal system for all persons who have been legally resident in Iceland for more than 6months. Health care services are provided mostly free of charge, although user charges have been on the rise. Early retirement is almost unheard of. People normally do not retire until the age of 70 although they could retire at the age of 65 and collect benefits from their pension fund. The official retirement age an entitling people social security benefit from the state is 67 years. As a result, Iceland has the highest labour force participation rate of older workers in the world. Total costs from retirement pension benefits amount to approximately 6% of GDP. Language: Icelandic is the national language and it has changed very little from the original tongue spoken by the Norse settlers. English and Danish are widely spoken and understood. Icelandic has two letters of its own, / and /, which were used in old English. '' is pronounced 'th' as in 'thing' and '' is pronounced 'th' as in 'them'. Icelandic Names: By law, Icelanders must follow the ancient tradition of deriving their last name from the first name of their father known as patronymic system. For example, if a man named Erik names his son Leif, his last name will be Eriksson (the son of Erik). His daughter Thordis would be named Thordis Eriksdaughter (actually Eirksdttir, the daughter of Erik). For this reason, Icelanders always have to be referred to by their first names. Women normally maintain their original surnames after marriage. This system of surnames is required by law, except for the descendants of those who had acquired family names before 1913. Last names are never used alone. Because of its small size and relative homogeneity, Iceland holds all the characteristics of a very close-knit society. Religion: About 91% of the population belongs to the state church, the Evangelical Lutheran Church, or other Lutheran Churches. However, Iceland has complete religious liberty, and about 20 other religious congregations are present. There is also a Catholic church in Reykjavik, and a number of churches for other groups. The breakdown is as follows: Church of Iceland: 92.2% Other Lutherans: 3.1% Roman Catholics: 0.9% Others: 3.8%. Education: Education standards are high with over 56% of the labour force educated at secondary level vocational qualifications, right to university admission or a university degree. Education in Iceland ranked third out of 49 countries. Education is compulsory for ten years, from 6-16 years of age. In 2000, there were 43,644 young people of compulsory education age. Students enrolled in upper secondary school were 19,909 in 2000 and 20,325 in 2001. Students at university level were 10,495 in 2000 and 12,422 in 2001. Approximately 85% of pupils who complete their compulsory education continue directly to upper secondary school. The enrolment rate of people 21 years of age is 40% thereof 23% at university level. A high proportion of people in Iceland have a good command of at least one foreign language, usually English. Employment Structure: Around 84% of the Icelandic population between the ages of 16 and 74 (162,700 persons) belong to the labour force. Total participation rate is 88% for men and 79% for women, which is high compared to most other countries. The participation rate has increased considerably in the last decade, largely due to increased participation by women in the labour market. The participation rate for both the elderly and the young is relatively high compared with neighbouring countries. Employment by sector has been changing in line with developments in other industrialized countries. Technological advances and increased tourism have led to an expansion of Iceland's service sector, while the more traditional sectors such as agriculture and fishing have contracted. Iceland's population has an exceptionally large component of young age groups. Future labour growth is expected to be high, or 0.7-0.8% per year according to the National Economic Institute. Unemployment only emerged on any scale in the early 1990s and the residual rate now appears to have stabilized at around 2-3%, which is much lower than in other OECD countries or member countries of the European Union. Government Type: Semi-Presidential, Parliamentary. Independence: Became Sovereign State' under Danish Crown in 1918 Establishment of Republic in 1944. Constitution: 1874. Executive: President (Head of state), Prime minister (Head of government), Cabinet (12 Ministers). Legislative: 63 Member unicameral Parliament (Althingi). Judicial: Supreme Court, District Courts, And Special Courts. Subdivisions: 26 Administrative districts and 104 Municipalities. Major political parties: Independence (IP), Progressive (PP), Social Democratic Alliance (SDA), Left-Green Party (LGP), Liberal Party (LP). Suffrage: Universal 18 years and above. National holiday: June 17 is Anniversary of the Establishment of the Republic. Administrative Divisions: Iceland is divided into regions, constituencies, counties, and municipalities. There are eight regions which are primarily used for statistical purposes the district court jurisdictions also use an older version of this division. Until 2003, the constituencies for the parliament elections were the same as the regions, but by an amendment to the constitution they were changed to the current six constituencies. The change was made in order to balance the weight of different districts of the country since a vote cast in the sparsely populated areas around the country would count much more than a vote cast in the Reykjavk city area. Iceland's 23 counties are for the most part historical divisions. Currently, Iceland is split up among 26 magistrates that represent government in various capacities. Among their duties are running the local police except in Reykjavk, where there is a special office of police commissioner, tax collection, administering bankruptcy declarations, and performing nonreligious weddings. There are 79 municipalities in Iceland which govern most local matters like schools, transportation and zoning. Constitution: Iceland has a written constitution and a parliamentary form of government. A president is elected by direct popular vote for a term of four years, with no term limit. Most executive power however rests with the Government, which is elected separately from the presidential elections every four years. The president elected to a 4-year term, has limited powers. The prime minister and cabinet exercise most executive functions. The parliament is composed of 63 members, elected every 4 years unless it is dissolved sooner. Suffrage for presidential and parliamentary elections is universal for those 18 and older, and members of the parliament are elected on the basis of parties' proportional representation in six constituencies. The judiciary consists of the Supreme Court, district courts, and various special courts. The constitution protects the judiciary from infringement by the other two branches. The Althingi is a legislative body of 63 members elected for a term of four years by a popular vote. Anyone who is eligible to vote can run for a Parliamentary seat, with the exception of the President and the judges of the Supreme Court. After every election, the President gives one of the parliamentary leaders of the political parties the authority to form a cabinet, usually of the largest party first. If he is not successful, the President will ask another political party leader to form a Government. Cabinet ministers are in power until the next general election or a new government is formed. The ministers sit in the Althingi, but if they have not been elected, they do not have the right to vote in parliament. Political Parties: The current government is a coalition of the conservative Independence Party (IP) and the moderate Progressive Party (PP). The two parties, which have been in coalition since the 1995 election, hold a majority in parliament, even though the IP lost some ground in the May 2003 election. Three left-wing parties The Social Democratic Party, the People's Alliance and the Women's List formed an electoral coalition prior to the 1999 parliamentary election in the hope of mounting a credible challenge to the long-dominant Independence Party. But the dream of creating a united left coalition failed when disaffected leftists formed a new splinter party called the Left Green Movement, led by former deputy People's Alliance leader Steingrimur Sigfusson. The Left Greens, on the other hand, surprised everyone by winning a respectable 9% of the vote (6 seats), and clinging to that support in 2003. The Liberal Party won 3% of the vote (2 seats) in 1999 based on its strong opposition to the current fishing management system, and managed to double that support to just over 7% (4 seats) in 2003. Economy & Industry GDP (2005): $13.5 billion GDP growth rate (2005): 6.5%. Per capita GDP: $53,555 (2005). Inflation rate (2006): 4.1%. Unemployment: 2.1%. Labor force: 165,900 Agriculture, Fishing and Fish processing 10.3%, Industry 18.3%, Services 71.4% Budget (2006): $5.3 billion. Annual budget surplus (2006): 2.0% of GDP. Net public debt (2006): 7.1% of GDP. Literacy rate: 100% (1997 est.) Natural resources: Marine products, Hydroelectric and Geothermal power. Agriculture: Products- Potatoes, Tomatoes, Cucumbers, Turnips, Livestock. Industry: Aluminum smelting, Fishing and Fish processing technology, Ferro-silicon alloy production, Hydro and Geothermal power, Tourism, Information Technology. Trade: Exports of goods (2004)-$2.82 billion: Marine products 62%, Industrial products 34%, Agriculture 2%, and Miscellaneous 2%. Major trading Partners- EU 72% (UK 18%, Germany 17%, Netherlands 11%, Spain 6%, Denmark 5%) US 9% ($218 million) EFTA 6% Japan 3%. Imports - $4.582 billion (2005 est.) Industrial Supplies 27% Capital Goods, Parts, Accessories 23% Consumer Goods 20% Transport Equipment 14% Food and Beverages 9% Fuels and Lubricants 8%. Major trading Partners- EU 62% (Germany 13%, Denmark 9%, U.K. 8%, Sweden 7%, Netherlands 7%) US 8% ($208 million) EFTA 9% Japan 4% Economy: Iceland achieved an impressive economic record for most of the 1990s, with one of the highest consistent growth rates in the world and low inflation and unemployment. Among the factors contributing to economic growth have been successful resource management in the mainstay fisheries sector, price stability, diversification of industry, privatization, liberalization and deregulation, development of the Iceland Stock Exchange, growth in foreign investment and business-friendly tax reforms. Iceland is the 5th richest country in the world based on GDP per capita at purchasing power parity. It is also ranked number two on the 2005 United nations Development Index. The economy historically depended heavily on the fishing industry, which still provides almost 40% of export earnings and employs 8% of the work force. In the absence of other natural resources except for abundant hydro-electric and geothermal power. Iceland's economy is vulnerable to changing world fish prices. The economy remains sensitive to declining fish stocks as well as to drops in world prices for its main material exports: fish and fish products, Aluminium, and Ferro-silicon. Although the Icelandic economy still relies heavily on fishing it is constantly becoming less important as the travel industry and other service, technology, energy intensive and various other industries grow. Iceland's economy has been diversifying into manufacturing and service industries in the last decade, and new developments in software production, biotechnology, and financial services are taking place. The tourism sector is also expanding, with the recent trends in ecotourism and whale-watching. Inflation & Unemployment rates: In recent decades, Iceland's economy has been prone to inflation due to periods of rapid growth and its dependence on just a few key export sectors (i.e., fish, and increasingly tourism), which can fluctuate significantly from one year to the next. The 1970s oil shocks hit Iceland hard. Inflation rose to 43% in 1974 and 59% in 1980, falling to 15% in 1987 but rising to 30% in 1988. Growth slowed between 2000 and 2002, but the economy expanded by 4.3% in 2003 and grew by 6.2% in 2004. The unemployment rate of 1.8% (3rd quarter of 2005) is among the lowest in the European Economic Area. Since 1990, due to economic reforms and deregulation, inflation has dramatically fallen, averaging around 4% in the 1990s. Due to several years of strong economic growth, Iceland experienced the most positive economic period in its history during that decade. However, as with many advanced countries, Iceland's economy experienced a mild recession during 2002 due to global conditions. That recession was short-lived, and healthy growth of 3% was registered during 2003. In 2004, the economy boomed, growing 5.8%, and inflation was close to the Central bank's upper limit (4%) at 3.95%, while unemployment decreased to about 3.2%. Agriculture: The agricultural sector remains heavily subsidized and protected. Iceland's agriculture industry consists mainly of potatoes, green vegetables, mutton, dairy products and fish. Agricultural land in Iceland is mostly used for growing grass for the making of hay and silage as fodder for livestock. Sheep and dairy cattle make up the main livestock in Icelandic farming. Industry in Iceland The industry sectorin Iceland has been through major changes over the past few years. Innovation has been stimulated, primarily by a more liberal business climate and rapid progress in science and technology, particularly information and technology. This has provided Icelandic industry with numerous opportunities to create a variety of jobs in new and demanding areas, and enabled it to play an active and profitable role in international trade. Five Main Industry sectors In Iceland 1. Seafood and Food manufacturing in Iceland 2. Fish Processing and Fishing gear in Iceland 3. Industry in Iceland 4. Medical, Cosmetics, Health Technology in Iceland 5. IT and Communication Technology in Iceland Export: The total value of export goods from Iceland, January-December 2003 amountedfor ISK 182,600 million. Of total export Marine products constituted 113,693 million or 62.3%, manufacturing productsconstituted 61,835 millionor 33.9% and agricultural products and other productsconstituted 7,053 million or3.9%. Manufacturing products accounted for 33.9% of total export from Iceland. The largest commodity export within manufacturing products was aluminium with ISK 34,300 million or 18.8% of total commodities exports from Iceland followed by Ferro-Silicon with ISK 6,000 million, medicinal products with ISK 5,200 million and Medicinal products with ISK 3,300 million. Exports by Commodity Groups 2000 Millions of krnur Total Value of Exports ISK 182,600 million 1.Marine products............................... ISK 113,693 million 2.Agricultural products....................... ISK 2,576 million 3.Manufacturing products................... ISK 61,835 million 4.Aluminium........................................ISK 34,300 million 5.Ferro-Silicon.....................................ISK 6,000 million Imports by Economic Category 2000 Millions of krnur Total merchandise ImportsISK 203,222 million 1.Food and Beverages...........................ISK 16,952 million 2.Industrial Supplies ................ ISK 48,678 million 3.Fuels and Lubricants..........................ISK 18,525 million 4.Capital Goods ISK 46,963 million 5.Transport Equipment..........................ISK 33,753 million Iceland's largest companies 1. Landsvirkjun made a profit of ISK 6.3 billion Total productions 7,143 GWst With hydropower 6,676 GWst With geothermal power 467 GWst. 2. Eimskip is a leading transportation and Investment Company in Iceland and one of the country's largest privately owned companies. The company has evolved over the years from being a shipping line to a total transportation and Logistics Company as well as an investment company holding shares in many other Icelandic companies. Eimskip is a subsidiary of Burdaras a holding company. Total assets increased by 203% from IQ 2005 to IQ 2006 and amount to ISK 331 billion. Net profit after tax was ISK 19 billion. 3. Actavis is a leading player in the development, manufacture and sale of high-quality generic pharmaceuticals. Net profit trebled to EUR30.1 million in the second quarter and earnings per share was EUR0.00586, representing an increase of 65.5% in the quarter. The Central Bank of Iceland also known, as Selabanki slands is an independent institution, owned by the Icelandic state but under separate administration. The Central Bank is in charge of monetary policy implementation in Iceland and performs a wide range of functions to this end. The main objective of monetary policy is price stability. The Central Bank undertakes standard central banking tasks, such as maintaining external reserves and promoting an efficient and safe financial system, including payment systems domestically and with foreign countries. It is also responsible for the issue of notes and coin, exchange rate matters and other duties, as specified in the Central Bank Act. Icebank also known as Sparisjdabanki slands hf., established in 1986, is the central banking institution for the Icelandic savings banks and their subsidiaries. It is solely owned by the 24 savings banks in Iceland. Icebank is registered as a commercial bank providing a full range of services to foreign and domestic banks and other financial institutions, municipalities and corporate customers in collaboration with the respective savings banks. Corporation Tax: The Icelandic tax system is relatively simple and effective. Due to recent tax reforms, Iceland has one of the lowest levels of corporate income tax in Europe and within the OECD member countries, at 18% of net income. Companies resident in Iceland are liable for corporate income tax (state income tax) on their net earnings from worldwide income. Non-resident companies are liable to income tax on their income from Icelandic sources. The income tax rate on net profit of corporations is 18%. Partnerships registered as taxable entities pay 26%. Non-resident corporations are subject to income tax on their income from Icelandic sources. They are taxed inconformity with the rules that apply to companies domiciled in Iceland. Value-added tax VAT: Tax-free shopping is available in most shops. VAT in Iceland is 24.5%, but can be reclaimed if at least ISK 3000 is spent in a single shop. Visitors taking the goods away with them must pay the tax in full and reclaim it at customs on departure. The general rate is 24.5% but there is a lower rate of 14% on food and some other categories. All corporations, individuals, and state and municipal entities that sell or provide any kind of taxable goods or services are liable for VAT. Legal Restrictions: There are two types of limited companies in Iceland, public and private, regulated by two separate Acts. These Acts are in line with the requirements of the company law provisions of the EEA agreement. Foreigners investing in Iceland have customarily chosen to establish limited companies or branches of limited companies. Tax considerations have played a large role in that decision since the income tax rate for limited companies and their branches is now 18%, compared to 38 % for partnerships. Furthermore, corporate form offers the benefits of limited liability, while partnerships entail full and unlimited liability for all partners. Mergers and Acquisitions: The Competition and Fair Trade Authority is entitled to take action including the imposition of limiting conditions if a company which is created by a merger is likely to acquire a dominant market position. Planned or possible mergers may be referred to the Authority for consideration, and it can do so on its own initiative. An appeal against the Authority's ruling may be lodged with its appeals board. A shareholder owning nine-tenths of stock in a company and controlling the same proportion of votes may jointly decide with the board of directors to redeem the holdings of other shareholders. If a company's articles of association do not stipulate how to determine the buying price of shares and no agreement can be reached, the value of the shares for redemption is assessed by officials appointed by a court Stock Market in Iceland: The Iceland Stock Exchange was established in 1985 as a joint venture of several banks and brokerage firms at the initiative of the Central Bank. Trading began in 1986. Trading has always been electronic by remote access the exchange has never had a trading floor. The ICEX-15 index, made up of shares in the 15 companies listed on the Iceland Stock Exchange, has risen steadily since early August and shows no signs of stopping. The index rose above 6,000 index points for the first time since last March. The ICEX-15 rose almost continuously from October last year to February of this year, going from 4,500 points to nearly 7,000 points. Investors have growing faith in the Icelandic market, and most of the ICEX-15 companies showed very good results for the first six months of the year. On-line databases Google: Icelandic language access to Google's general database (slenska). Sidusafind: Searchable database of Icelandic websites (slenska & Multilingual). Iceland on the Web: Largest index of Icelandic websites in English. Newspapers & Magazines: 1. Morgunblai: has for a long time been Iceland's largest and most influential newspaper. Its circulation exceeds 50,000 copies a day, making it one of the most widely read newspapers in the world in relation to the size of its market. 2. DV: Vsir was merged in 1981 with Dagblai to form a new afternoon paper. 3. Iceland Review: is an English language magazine on all things Iceland. It covers art, music, fashion, business, and politics through profiles, in-depth features, interviews, andphoto essays. Iceland Review is published quarterly and reaches subscribers in over 100 countries. Information Technology: Icelanders are the world's greatest computer users, on a per capita basis and nowhere has the Internet become as widely used as in Iceland. In 2005 about 86% of the population had access to the Internet and 88% used computers in one way or another. Computers are in use everywhere, in banks, information centers, schools, businesses and libraries. 89% of the population has a mobile phone. It is estimated that nearly half of the population owns a mobile phone. Transport: Iceland has no railroads. The current national road system connecting most of the population centers is largely in the coastal areas and consists of about 13,000 kilometers (8,125 mi.) of roads with about 4,330 kilometers (2,706 mi.) paved. The national airline, Air Iceland, flies from Iceland to Europe and North America, and is one of the country's largest employers. About 6.8% of those employed work in the transport and communications sector. A distinguishing feature of domestic transportation is the importance of air transport. In 2000, over 860,000 passengers travelled through domestic airports.The merchant fleet consisted of 37 vessels in 2005 with gross tonnages of 9,285. Television: Almost every household in Iceland (97.7%), has a television, radio (99.2%) and video recorder (89.2%). There are eleven television stations that broadcast a total of 53,633 hours (2003) and 27 radio stations broadcasting 137,099 hours per year. Restrictions on Television Advertising: Special standards are laid down for television advertising because of the medium's special power of influence and the characteristics exhibited by this type of advertising. There is little chance of limiting advertising here to special target groups. On the contrary, it reaches all age groups. Television advertising aimed at children should be prohibited. Advertising should not be broadcast in conjunction with children's programs. No advertising should be shown on television before 20.00 Hrs. The rules are based on the general provisions of legislation on marketing, the prohibition on advertising and other promotion activities considered unfair or improper under this legislation from the consumer's point of view. The standards here are based on many years' experience with advertising on television. They are found in most recent form in the Code of the Independent Television Commission, ITC, for "Advertising Standards and Practice," in force since 1991. Address of Statistics Iceland: Statistics Iceland | Borgartni 21a | 150 Reykjavk Telephone: 528 1000 | Fax: 528 1099 | E-mail: information@statice.is Definitions: Gross domestic product (GDP) Purchasing power parity (PPP) Gross national product (GNP) SELECTED LINKS OF THE ICELANDIC ECONOMY AND ITS INSTITUTIONS Central Bank of Iceland www.sedlabanki.is Chamber of Commerce www.chamber.is Iceland Export Directory www.icelandexport.is Iceland Stock Exchange www.icex.is Icelandic Banks Data Centre www.rb.is Institute of Economic Studies www.ioes.hi.is Invest in Iceland Agency www.invest.is Ministry of Commerce www.vidskiptaraduneyti.is Ministry of Finance www.ministryoffinance.is Ministry for Foreign Affairs www.mfa.is Statistics Iceland www.statice.is Straumur - Burdaras Investment Bank www.straumur.net Trade Council of Iceland www.icetrade.is References: Carl E. Gjersem (2002). "Generational Accounting in the Nordic Countries," Nordic Journal of Political Economy 28, pp. 3-11. 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Retirement in the Nordic Countries: Prospects and Proposals for Reform, a report to the Nordic Council of Ministers (ECOFIN), TemaNord No. 2000:548, Nordic Council of Ministers, Copenhagen Herbertsson, Tryggvi Thor (2006). "Collective Pension Arrangements: The Case of Iceland," paper prepared for the OECD. Iceland. (2006, August 23). In Wikipedia, The Free Encyclopedia. Retrieved 11:37, August 23, 2006, from http://en.wikipedia.org/w/index.phptitle=Iceland&oldid=71353878 Iceland Stock Exchange (2006) http:// www.vi.is/ Retrieved on 20 August 2006. Iceland Naturally (2006) http://www.icelandnaturally.com/ Retrieved on 20 August 2006. Iceland Economy and Industry (2006) http://www.iceland.is/economy-and-industry/IndustryinIceland/ Retrieved on 8 August 2006. Iceland Economy and Industry Government (2006) http://www.iceland.is/economy-and-industry/Government/ Retrieved on 8 August 2006. Iceland Labour Market (2006) http://www.iceland.is/economy-and-industry/Labourmarket/ Retrieved on 16 August 2006. National Land Survey of Iceland. www.statice.is (Unknown Publish Date). Retrieved on 6 August 2006. Nordal,Jhanne, Kristinsson ,Valdimar (1996) Adapted from "Iceland - The Republic", Handbook published by the Central Bank of Iceland, Reykjavik ed. Nordal,Jhannes, Kristinsson,Valdimar, (1996) Adapted by the Directorate of Labor (November 2000) from "Iceland - The Republic", Handbook published by the Central Bank of Iceland, Reykjavik ed. Population Issue date: 2004 24 pages.06.16 89. year 31. volume ISSN: 1670-4479 Population Issue date: 2005 12 pages.06.07 90. year 30. volume ISSN: 1670-4479 Statistics Iceland, (2006) www.statice.is 28 July 2006. Retrieved on 6 August 2006. The World Fact book (2001) Center for International Research, U.S. Bureau of the Census The Columbia Encyclopedia, The World Book Encyclopedia, Encyclopdia Britannica U.S. State Dept., and various newspapers. Wages, income and labour market Issue date: 2006 24 pages.07.14 91. year 40. volume ISSN: 1670-4495. Read More