Diplomatic representation in the US: chief of mission: Ambassador Jon-Baldvin HANNIBALSSON 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
Diplomatic representation from the US: chief of mission: Ambassador Day Olin MOUNT (22 August 1996) embassy: Laufasvegur 21, Reykjavik mailing address: US Embassy, PSC 1003, Box 40, FPO AE 09728-0340 telephone: [354] 5629100 FAX: [354] 5629118
Flag description: 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
Economy-overview: Iceland's Scandinavian-type economy is basically capitalistic, yet with an extensive welfare system, low unemployment, and remarkably even distribution of income. The economy depends heavily on the fishing industry, which provides 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 remains sensitive to declining fish stocks as well as to drops in 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 remains opposed to EU membership, primarily because of Icelanders' concern about losing control over their fishing resources. Growth is likely to slow in 1998, to a still respectable 3.9%.
GDP: purchasing power parity-$5.71 billion (1997 est.)
GDP-real growth rate: 4.9% (1997 est.)
GDP-per capita: purchasing power parity-$21,000 (1997 est.)
GDP-composition by sector: agriculture: 9.6% industry: 22.1% services: 68.3% (1991)
Inflation rate-consumer price index: 2.3% (1996)