roup, BIS, CBSS, CE, EAPC, EBRD, EFTA,
FAO, IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO,
ILO, IMF, IMO, IMSO, Interpol, IOC, IPU, ISO, ITSO, ITU, ITUC, MIGA,
NATO, NC, NEA, NIB, OAS (observer), OECD, OPCW, OSCE, PCA, Schengen
Convention, UN, UNCTAD, UNESCO, UPU, WCO, WEU (associate), WFTU,
WHO, WIPO, WMO, WTO

Diplomatic representation in the US:

chief of mission: Ambassador Albert JONSSON
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
6% 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.
Substantial foreign investment in the aluminum and hydropower
sectors has boosted economic growth which, nevertheless, has been
volatile and characterized by recurrent imbalances. 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
ecoto