Strandasysla, Sudhur-Mulasysla, Sudhur-Thingeyjarsysla,Vesttmannaeyjar*, Vestur-Bardhastrandarsysla, Vestur-Hunavatnssysla,
Vestur-Isafjardharsysla, Vestur-Skaftafellssysla
note: there may be four other counties
Independence: 17 June 1944 (from Denmark)
National holiday: Independence Day, 17 June (1944)
Constitution: 16 June 1944, effective 17 June 1944
Legal system: civil law system based on Danish law; has not accepted compulsory ICJ jurisdiction
Suffrage: 18 years of age; universal
Executive branch: chief of state: President Olafur Ragnar GRIMSSON (since 1 August 1996)
head of government: Prime Minister David ODDSSON (since 30 April 1991)
cabinet: Cabinet appointed by the prime minister and approved by Parliament
elections: president elected by popular vote for a four-year term; election last held 29 June 1996 (next to be held NA June 2004); President GRIMSSON ran unopposed in June 2000 so there were no elections; prime minister appointed by the president
election results: Olafur Ragnar GRIMSSON elected president; President GRIMSSON ran unopposed
Legislative branch: unicameral Parliament or Althing (63 seats; members are elected by popular vote to serve four-year terms)
elections: last held on 8 May 1999 (next to be held by April 2003)
election results: percent of vote by party - Independence Party 40.7%, The Alliance (PA, People's Party, Women's List) 26.8%, Progressive Party 18.4%, Left-Green Alliance 9.1%, Liberal Party 4.2%; seats by party - Independence Party 26, The Alliance 17, Progressive Party 12, Left-Green Alliance 6, Liberal Party 2
Judicial branch: Supreme Court or Haestirettur (justices are appointed for life by the president)
Political parties and leaders: Independence Party (conservative) or
IP [David ODDSSON]; Left-Green Alliance [Steinsvimur SIGFUSSON];
Liberal Party [Sverrir HERMANNSSON]; People's Party (Social
Democratic Party) or SDP [Sighvatyr BJORGIVINSSON]; Progressive
Party (liberal) or PP [Halldor ASGRIMSSON]; The Alliance (includes
People's Alliance or PA, Social Democratic Party or SVP, People's
Movement, Women's List) [Ossur SKARPHEDINSSON]; Women's List or WL
[Kristin ASTGEIRSDOTTIR]
Political pressure groups and leaders: NA
International organization participation: Australia Group, BIS,
CBSS, CCC, CE, EAPC, EBRD, ECE, EFTA, FAO, IAEA, IBRD, ICAO, ICC,
ICFTU, ICRM, IDA, IEA (observer), IFC, IFRCS, IHO, ILO, IMF, IMO,
Inmarsat, Intelsat, Interpol, IOC, ISO, ITU, NATO, NC, NEA, NIB,
OECD, OPCW, OSCE, UN, UNCTAD, UNESCO, UNHCR, UNMIBH, UNMIK, UNU,
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
FAX: [1] (202) 265–6656
consulate(s) general: New York
Diplomatic representation from the US: chief of mission: Ambassador
Barbara J. GRIFFITHS
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. In the absence of other natural resources (except for abundant hydrothermal and 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 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. 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 has been remarkably steady over the past five years at 4%-5%.
GDP: purchasing power parity - $6.85 billion (2000 est.)
GDP - real growth rate: 4.3% (2000 est.)
GDP - per capita: purchasing power parity - $24,800 (2000 est.)
GDP - composition by sector: agriculture: 15% (includes fishing 13%)
industry: 21%
services: 64% (1999 est.)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices): 3.5% (2000 est.)
Labor force: 159,000 (2000)
Labor force - by occupation: agriculture 5.1%, fishing and fish processing 11.8%, manufacturing 12.9%, construction 10.7%, other services 59.5% (1999)
Unemployment rate: 2.7% (January 2001)
Budget: revenues: $3.5 billion
expenditures: $3.3 billion, including capital expenditures of $467 million (1999)
Industries:
