U, UPU, WEU (associate), WHO, WIPO, WMO,
WTrO

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)

Labor force:
total: 131,000 (1996 est.)
by occupation: manufacturing 12.9%, fishing and fish processing 11.8%,
construction 10.7%, other services 59.5%, agriculture 5.1% (1996 est.)

Unemployment rate: 3.8% (1997 est.)

Budget:
revenues: $1.9 billion
expenditures: $2.1 billion, including capital expenditures of