Country explorer: Iceland
EXPERIMENTAL
2024
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Overview
Iceland is a volcanic, high-income country in Europe with a very small population. Its economy has grown stably in recent decades, and is based on tourism, fisheries and renewable energy.
Iceland is known as the "Land of Fire and Ice" due to its active volcanoes and glaciers.
Economy
Iceland has experienced rapid economic growth with significant fluctuations, demonstrated by its GDP per capita growth, reduced poverty levels, low unemployment rates, and periods of high inflation, distinguishing it as a resilient economy with a strong social safety net when compared to its high-income country peers.
Demographics
Over the last two decades, Iceland has experienced notable demographic changes, characterized by a growing population, a relatively stable but positive net migration, above-average fertility rates compared to high-income countries, and consistently high life expectancy, illustrating its unique position as a nation with a robust social and healthcare system amid its peers.
Basic needs
Iceland has consistently ensured universal access to electricity, clean cooking fuels, and safely managed drinking water, reflecting a stable and inclusive advancement in meeting its population's basic needs, a standard that aligns with the highest achievers among high-income countries.
Human development
Iceland has consistently advanced in human development aspects such as health, education, and living standards, maintaining performance comparable to or surpassing that of high-income countries, reflecting its commitment to fostering a highly developed, equitable society.
Environment & energy
Iceland has distinguished itself by substantially increasing its forest area and significantly leveraging renewable energy sources, mirroring a society deeply committed to environmental sustainability and energy independence.
Technology & innovation
Iceland has demonstrated significant advancements in technological access and innovation, evidenced by nearly universal internet usage, high mobile phone subscription rates, consistent investment in research and development, and a robust output of scientific and technical publications, positioning it as a leader in technology and innovation among high-income countries.
Culture & society
Iceland has experienced significant societal transformations, reflected by an increasing share of the population born abroad, consistent high self-reported life satisfaction, declining gender inequality, and a stable age dependency ratio, showcasing its unique blend of welcoming inclusivity, robust welfare, and social equality, placing it in a distinctive position even among high-income countries.
Governance
Iceland has demonstrated consistently high performance in governance indicators such as the rule of law, corruption perception, political and civil liberties, and press freedom, reflecting its robust and transparent institutions akin to its Nordic counterparts.