Iceland in summer - - In July, Iceland's central bank kept its benchmark interest rate unchanged at a record high and said it won't cut rates until the first half of 2008, putting back its previous forecast of November. Sedlabanki left the rate at 13.3 percent after 18 increases in three years.

Ireland's quality of life is ranked fourth best in the world, after Norway, Iceland and Australia. And our standard of living stands at sixth in the world, in the wake of Luxembourg, Bermuda, Norway, Iceland and Switzerland.

The latest rankings, reported last week are revealed in the Economist Pocket World in Figures for 2008. After a dreadful summer, this news may come as a surprise to the Irish and for those who prefer ice to rain, life seems to be pretty good in Norway and Iceland.

The Economist uses the Human Development Report 2006, which has published the human development index (HDI) annually from 1990, that looks beyond GDP to a broader definition of well-being. The HDI provides a composite measure of three dimensions of human development: living a long and healthy life (measured by life expectancy), being educated (measured by adult literacy and enrolment at the primary, secondary and tertiary level) and having a decent standard of living (measured by purchasing power parity, PPP, income). The report says that the index is not in any sense a comprehensive measure of human development. It does not, for example, include important indicators such as inequality and difficult to measure indicators like respect for human rights and political freedoms. What it does provide is a broadened prism for viewing human progress and the complex relationship between income and well-being.

A commuter travelling into Ireland's capital city Dublin every day or between the principal cities where there isn't one complete motorway linking any two, may understandably be sceptical, but they should spare a thought for counterparts in Japan, which has a seventh ranking and is considered the wealthiest nation on earth after Ireland.

For most Japanese, earnings have fallen since 2002; the typical worker with a family got a $100 annual pay increase from big companies this year and domestic car sales have fallen to a 30-year low (report).

So, the salt cellar should be kept at the ready in regard to quality of life!

The 2008 edition of the Economist publication has been completely updated, revised, refreshed and expanded. As regulars will know, Pocket World in Figures contains rankings on more than 200 topics in subject areas as wide-ranging as geography, population, business, the economy, trade, transport, finance, industry, demographics, the environment, society, culture and crime.

If you want to know:

• the highest mountain or longest river

• where economic growth is fastest or inflation is highest

• who consumes the most energy

• where innovation is highest

• where computer and mobile phone ownership is highest

• which countries have the most asylum seekers

• who spends most, and who the least, on healthcare

• the heaviest drinkers and smokers

• who recycles most

• facts about obesity

Besides quality of life, South Africa has the highest house price inflation and Ecuador the most murders per capita.

Australians drink the most alcohol, Greeks smoke the most cigarettes, Japan reads the most newspapers. Japan also has the world's largest proportion of elderly people with 26% of its population over 60, while European country Luxembourg has the highest GDP per capita - because part of its workforce lives in neighbouring countries.

While the United States and Japan remain the biggest economies, they come in at eighth and seventh respectively on the quality of life stakes, according to the book, which compares about 183 countries.

The UK which is the world's fifth biggest economy, has a 17th ranking in the "human development" index.

At the bottom of the scale comes the west African state of Niger, while Sierra Leone, Mali and other African countries occupy the last 20 positions.

The United States heads the rankings of the world's biggest producers of carbon emissions with about 4,800 million tonnes, followed by China on 4,140 million. Russia comes in third place on 1,500 million tonnes.

The book, which is put together by the influential British magazine, also reveals a string of interesting facts about lifestyle trends.

On crime, Ecuador has 18.3 murders per 100,000 inhabitants, followed by Swaziland on 13.6 and Mongolia on 12.8.

The United States has by far the biggest prison population with 2.2 million behind bars, while China carries out by the far the most executions - 3,400 in 2004.

Some of the economic figures could raise eyebrows, especially in the Economist's home country.

For example, house price inflation is highest in South Africa, where prices rose 351% from 1997-2006, followed by Ireland on 253% and the UK  on 191%.

The publication also includes an update of the Economist's so-called Big Mac Index, which attempts to reflect purchasing power by the cost of a McDonald's burger.

The cheapest is in China at US$1.41, with Hong Kong on 1.54 and Malaysia on 1.57, while the most expensive Big Mac in the world is to be found in Iceland, at nearly seven and a half dollars.

Some figures:

Quality of life:
Top: 1. Norway; 2. Iceland; 3. Australia; 4. Ireland; 5. Sweden.
Bottom: 1. Niger; 2. Sierra Leone; 3. Mali; 4. Burkina Faso; 5. Guinea-Bissau.

Alcohol consumption (litres per head of population per year)
Most: 1. Australia 99.2; 2. Czech Republic 98.2; 3. Germany 96.2; 4. Finland 92; 5 Austria 87.8.

Life expectancy (years)
Highest: Andorra 83.5; Japan 82.6; Hong Kong 82.2; Iceland 81.8; Switzerland 81.7.

Newspaper readership (copies read per thousand of population)
Most: 1. Japan, 546; 2. Norway 514; Sweden 488; Finland 436; Singapore 380.

Music sales (dollars spent per head on music)
Most: UK 36.2; Japan 29; Norway 28.9; Switzerland 28.2; United States 23.5.