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Canada-Iceland fact sheet

Official Title:
Republic of Iceland

General Information

Capital: Reykjavik
Population (million): .37
Total Area: 103,000km2
Currency: 1 CAN$ = 92.68 Krona (ISK) (2021- Annual average)
National Holiday: June 17, Proclamation of the Republic (1944)
Language(s): Icelandic

Political Information

Type of State:
Republic

Type of Government:
Parliamentary democracy. Unicameral with a 63-seat Parliament (Althing). Prime Minister appointed by the President. Cabinet appointed by the Prime Minister and approved by Parliament. Administrative divisions: 23 counties and 14 independent towns. Governing coalition: Independence Party and Progressive Party.

Head of State:
President Guðni Th. Jóhannesson

Head of Government:
Prime Minister Katrín Jakobsdóttir (VG)

Ministers:
Foreign affairs and External Trade: Guðlaugur Þór Þórðarsson (SSF)
Finance and Economic Affairs: Bjarni Benediktsson (SSF)
Tourism, Industry and Innovation: Thordís Kolbrún R. Gylfadóttir (SSF)

Main Political Parties:
Coalition: Independence Party (SSF) 16 / Left-Green Movement (LG) 11 / Progressive Party (FSF) 8. Opposition parties: Social Democratic Alliance (SF) 7 / Mid Party (MF) 7 / Pirate Party (PF) 6 / Peoples Party (FF) 4 / Reform Party (RP) 4.

Elections:
President and Deputies (4 year term): Last in October 2017.

Economic Information (2021)

Comparative figures
Type Iceland Canada
GDP: ($ billion) 32.24 2,520.82
GDP per capita: ($) 87,414.15 65,944.96
GDP growth rate: (%) 4.35 4.56
Inflation: (%) 4.45 3.4
Unemployment: (%) 6.02 7.43

Source: IMF (estimates)

Product Trade and Investment (2021)

Canadian exports to country: $88,421,199
Canadian imports from country: $113,509,993
FDI in Canada: $ million
CDI in the country: $ million

Source: Statistics Canada

Representation

Foreign Representation in Canada:
Ambassador Hlynur Gudjónsson

Canadian Representation Abroad:
Ambassador Jeannette Menzies

Please note that all statistics reflect Canadian dollars, with some figures reflecting the yearly averages for the year. If listed as ’0’ or absent, the figure is unavailable.

Bilateral Product trade
Canada - Iceland
Year Exports Imports
2017 $79,227,445 $97,429,942
2018 $199,237,260 $135,241,848
2019 $76,850,233 $150,379,472
2020 $68,231,885 $83,993,073
2021 $88,421,199 $113,509,993
21 HS Sections (2021)
Canada - Iceland
Section Exports Imports
01 Animal & Prod. $28,845,560 $72,797,723
02 Veg. Prod. $375,462 $454,214
03 Fats, Oils & Waxes Prod. $3,416 $1,838,460
04 Food Prod. $4,395,261 $4,035,768
05 Mineral Prod. $70,004 $4,157
06 Chemical Prod. $1,894,686 $2,163,435
07 Plastics, Rubber Prod. $553,342 $583,628
08 Leather, Fur Prod. $170,826 $1,332
09 Wood Prod. $3,020,244 $1,055
10 Paper Prod. $2,013,738 $12,774
11 Textiles Prod. $821,846 $277,377
12 Dress Access. $239,162 $10,688
13 Glass & Stone Prod. $878,124 $1,554
14 Precious Metals/stones $15,966 $3,645
15 Base Metal Prod. $19,800,716 $7,704,379
16 Mach. Mech. Elec. Prod. $3,917,006 $12,373,306
17 Vehicles and Equip. $13,605,794 $2,080
18 Specialized Inst. $6,166,203 $10,718,198
19 Arms & Ammunition $79,330 $
20 Misc. Articles $254,232 $107,168
21 Antiques $7,664 $19,792


May 2022
Sources include: Statistics Canada, IMF

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