Judicial branch:
Supreme Court or Haestirettur (justices are appointed for life by
the Minister of Justice); eight district courts (justices are
appointed for life by the Minister of Justice)
Political parties and leaders:
Independence Party or IP [David ODDSSON]; Left-Green Alliance or
LGP [Steingrimur SIGFUSSON]; Liberal Party or LP [Gudjon
KRISTJANSSON]; Progressive Party or PP [Halldor ASGRIMSSON]; Social
Democratic Alliance (includes People's Alliance or PA, Social
Democratic Party or SDP, Women's List) or SDA [Ossur SKARPHEDINSSON]
Political pressure groups and leaders:
NA
International organization participation:
Australia Group, BIS, CBSS, CE, EAPC, EBRD, EFTA, FAO, IAEA, IBRD,
ICAO, ICC, ICCt, ICFTU, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF,
IMO, Interpol, IOC, ISO, ITU, MIGA, NATO, NC, NEA, NIB, OECD, OPCW,
OSCE, PCA, UN, UNCTAD, UNESCO, UPU, WCO, WEU (associate), WHO, WIPO,
WMO, WTO
Diplomatic representation in the US:
chief of mission: Ambassador Helgi AGUSTSSON
consulate(s) general: New York
FAX: [1] (202) 265-6656
telephone: [1] (202) 265-6653
chancery: Suite 1200, 1156 15th Street NW, Washington, DC 20005-1704
Diplomatic representation from the US:
chief of mission: Ambassador James I. GADSDEN
embassy: Laufasvegur 21, 101 Reykjavik
mailing address: US Embassy, PSC 1003, Box 40, FPO AE 09728-0340
telephone: [354] 562-9100
FAX: [354] 562-9118
Flag description:
blue with a red cross outlined in white extending 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 Iceland
Economy - overview:
Iceland's Scandinavian-type economy is basically capitalistic, yet
with an extensive welfare system (including generous housing
subsidies), low unemployment, and remarkably even distribution of
income. In the absence of other natural resources (except for
abundant geothermal power), the economy depends heavily on the
fishing industry, which provides 70% of export earnings and employs
12% of the work force. The economy remains sensitive to declining
fish stocks as well as to fluctuations in world prices for its main
exports: fish and fish products, aluminum, and ferrosilicon.
Government policies include 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. Iceland's economy has
been diversifying into manufacturing and service industries in the
last decade, and new developments in software production,
biotechnology, and financial services are taking place. The tourism
sector is also expanding, with the recent trends in ecotourism and
whale watching. Growth had been remarkably steady in 1996-2001 at
3%-5%, but could not be sustained in 2002 in an environment of
global recession. Growth resumed in 2003, and inflation dropped back
from 5% to 2%.
GDP:
purchasing power parity - $8.678 billion (2003 est.)