Political parties and leaders: Independence Party (conservative),
David ODDSSON; Progressive Party, Halldor ASGRIMSSON; Social
Democratic Party, Jon Baldvin HANNIBALSSON; People's Alliance (left
socialist), Olafur Ragnar GRIMSSON; Women's Party; People's Movement
(moderate left); National Awakening, Johanna SIGURDARDOTTIR
Member of: Australia Group, BIS, CCC, CE, EBRD, ECE, EFTA, FAO, GATT,
IAEA, IBRD, ICAO, ICC, ICFTU, ICRM, IDA, IFC, IFRCS, ILO, IMF, IMO,
INMARSAT, INTELSAT, INTERPOL, IOC, ISO, ITU, MTCR, NACC, NATO, NC,
NEA, NIB, OECD, OSCE, PCA, UN, UNCTAD, UNESCO, UNU, UPU, WEU
(associate), WHO, WIPO, WMO
Diplomatic representation in US: chief of mission: Ambassador Einar BENEDIKTSSON chancery: Suite 1200, 1156 15th Street NW, Washington, DC 20005 telephone: [1] (202) 265-6653 through 6655 FAX: [1] (202) 265-6656 consulate(s) general: New York
US diplomatic representation:
chief of mission: Ambassador Parker W. BORG
embassy: Laufasvegur 21, Box 40, Reykjavik
mailing address: US Embassy, PSC 1003, Box 40, Reykjavik; FPO AE
09728-0340
telephone: [354] (1) 629100
FAX: [354] (1) 629139
Flag: blue with a red cross outlined in white that extends to the edges of the flag; the vertical part of the cross is shifted to the hoist side in the style of the Dannebrog (Danish flag)
@Iceland:Economy
Overview: Iceland's Scandinavian-type economy is basically capitalistic, but with an extensive welfare system, relatively low unemployment, and comparatively even distribution of income. The economy is heavily dependent on the fishing industry, which provides nearly 75% of export earnings and employs 12% of the work force. In the absence of other natural resources - except energy - Iceland's economy is vulnerable to changing world fish prices. The economy, in recession since 1988, began to recover in 1993, posting 0.4% growth, but was still hampered by cutbacks in fish quotas as well as falling world prices for its main exports: fish and fish products, aluminum, and ferrosilicon. Real GDP grew by perhaps 2.4% in 1994. The center-right government plans to continue its policies of reducing the budget and current account deficits, limiting foreign borrowing, containing inflation, revising agricultural and fishing policies, diversifying the economy, and privatizing state-owned industries. The government, however, remains divided on the issue of EU membership, primarily because of Icelanders' concern about losing control over their fishing resources.
National product: GDP - purchasing power parity - $4.5 billion (1994 est.)
National product real growth rate: 2.4% (1994 est.)
National product per capita: $17,250 (1994 est.)