Settled by Norwegian and Celtic immigrants over 1000 years ago, Iceland boasts the world's oldest functioning legislative assembly, established in 930. Denmark granted limited home rule in 1874 and complete independence in 1944.

The second half of the 20th century saw substantial economic growth driven primarily by the fishing industry. The economy diversified greatly after the country joined the European Economic Area in 1994, but Iceland was especially hard hit by the global financial crisis in the years following 2008.

The economy is now on an upward trajectory, fueled primarily by a tourism and construction boom. Literacy, longevity, and social cohesion are first-rate by world standards and Iceland is a world leader in renewable, geothermal energy.