Diplomatic representation in the US:
chief of mission: Ambassador Helgi AGUSTSSON
chancery: Suite 1200, 1156 15th Street NW, Washington, DC 20005-1704
telephone: [1] (202) 265-6653
FAX: [1] (202) 265-6656
consulate(s) general: New York
Diplomatic representation from the US: chief of mission: Ambassador Carol VAN VOORST embassy: Laufasvegur 21, 101 Reykjavik mailing address: US Department of State, 5640 Reykjavik Place, Washington, D.C. 20521-5640 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
4% 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 current account deficit,
limiting foreign borrowing, containing inflation, revising
agricultural and fishing policies, and diversifying the economy. 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 estimates call for strong growth until 2007,
slowly dropping until the end of the decade.
GDP (purchasing power parity):
$10.59 billion (2005 est.)
GDP (official exchange rate):
$13.05 billion (2005 est.)
GDP - real growth rate:
5.6% (2005 est.)
GDP - per capita (PPP):
$35,700 (2005 est.)
GDP - composition by sector: agriculture: 8.6% industry: 15% services: 76.5% (2005 est.)