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GDP: US$6.2 billion
GDP per head: US$23,700
Annual growth: 1.7%
Inflation: 4.9%
Major industries: Fishing, aquaculture, aluminium smelting & geothermal power
Major trading partners: EU (esp. Germany, Norway, UK, Denmark, Sweden), USA
Member of EU: no

Events

The largest nationwide festival of the year is Independence Day (17 June), a time of colourful parades, street music and dancing, outdoor theatre and general merriment. Other nationwide celebrations include: Sjómannadagurinn (first week in June), which is dedicated to seafarers, and has participants competing in swimming contests, tugs-of-war and sea rescues; Midsummer (24 June), when tradition has it that Midsummer Night's dew possesses magical healing powers and that to roll in it will cure 19 different health problems; and Sumardagurinn Fyrsti (the third Thursday in April), a carnival-style celebration on the first day of summer. Among the local festivals is Pjódhátíð Vestmannaeyjar (August; Vestmannaeyjar), an earth-shaking event of immense bonfires, outdoor camping, dancing, singing, eating and getting uproariously drunk. Elsewhere in Iceland Verslunarmannahelgi (August also) is celebrated with barbecues, horse competitions, camping out, family reunions and excessive alcohol consumption.

Traveling Guidelines

Visas: Western Europeans and citizens of the USA, Canada, Australia, New Zealand, Hong Kong, Singapore and at least two dozen other countries do not require visas. Tourist stays are granted for up to three months, and can be easily extended at local police stations.
Health risks: Hypothermia if trekking
Time: GMT/UTC
Electricity: 220V, 50 cycles
Weights & measures: Metric
Tourism: 150,000 visitors per year

Ideal Time to Visit

Every year after August 31st, someone puts on the brakes and Icelandic tourism grinds slowly to a halt. Hotels close, youth hostels and campgrounds shut down and buses stop running. Many late-summer travellers are disappointed to find that all the most popular attractions are practically inaccessible by September 15, and by September 30 it seems the entire country, save Reykjavík has gone into hibernation. Although it's safe to predict that the situation will change in coming years, for now it's a good idea to plan your trip with this in mind.