Legislative branch: unicameral Parliament (Althing): elections last held on 8 April 1995 (next to be held by April 1999); results - Independence Party 37.1%, Progressive Party 23.3%, Social Democratic Party 11.4%, Socialists 14.3%, People's Movement 7.2%, Women's Party 4.9%; seats - (63 total) Independence 25, Progressive 15, Social Democratic 7, Socialists 9, People's Movement 4, Women's Party 3
Judicial branch: Supreme Court (Haestirettur), justices are
appointed for life by the president
Political parties and leaders: Independence Party (conservative),
David ODDSSON; Progressive Party (liberal), Halldor ASGRIMSSON;
Social Democratic Party, Jon Baldvin HANNIBALSSON; People's Alliance
(left socialist), Margret FRIMANNSDOTTIR; Women's Party, Kristin
ASTGEIRSDOTTIR; People's Movement (centrist); National Awakening
(People's Revival Party), Johanna SIGURDARDOTTIR
International organization participation: Australia Group, BIS,
CCC, CE, EBRD, ECE, EFTA, FAO, 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, WTrO
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, Reykjavik
mailing address: US Embassy, PSC 1003, Box 40, FPO AE 09728-0340
telephone: [354] 5629100
FAX: [354] 5629139
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)
Economy ———-
Economic overview: Iceland's Scandinavian-type economy is basically capitalistic, but with an extensive welfare system, 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. 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.
GDP: purchasing power parity - $5 billion (1995 est.)