s:
President:
last held on 29 June 1980 (next scheduled for June 1992); results - there
were no elections in 1984 and 1988 as President Vigdis FINNBOGADOTTIR was
unopposed
Althing:
last held on 20 April 1991 (next to be held by April 1995); results -
Independence Party 38.6%, Progressive Party 18.9%, Social Democratic Party
15.5%, People's Alliance 14.4%, Womens List 8.13%, Liberals 1.2%, other
3.27% seats - (63 total) Independence 26, Progressive 13, Social Democratic
10, People's Alliance 9, Womens List 5

:Iceland Government

Member of:
BIS, CCC, CE, CSCE, EBRD, ECE, EFTA, FAO, GATT, IAEA, IBRD, ICAO, ICC,
ICFTU, IDA, IFC, ILO, IMF, IMO, INTELSAT, INTERPOL, IOC, ISO
(correspondent), ITU, LORCS, NACC, NATO, NC, NEA, NIB, OECD, PCA, UN,
UNCTAD, UNESCO, UPU, WHO, WIPO, WMO
Diplomatic representation:
Ambassador Tomas A. TOMASSON; Chancery at 2022 Connecticut Avenue NW,
Washington, DC 20008; telephone (202) 265-6653 through 6655; there is an
Icelandic Consulate General in New York
US:
Ambassador Charles E. COBB, Jr.; Embassy at Laufasvegur 21, Box 40,
Reykjavik (mailing address is FPO AE 09728-0340); telephone [354] (1) 29100
Flag:
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

Overview:
Iceland's prosperous Scandinavian-type economy is basically capitalistic,
but with extensive welfare measures, low unemployment, and comparatively
even distribution of income. The economy is heavily dependent on the fishing
industry, which provides nearly 75% of export earnings. In the absence of
other natural resources, Iceland's economy is vulnerable to changing world
fish prices. The economic improvements resulting from climbing fish prices
in 1990 and a noninflationary labor agreement probably will be reversed by
tighter fish quotas and a delay in the construction of an aluminum smelting
plant. The conservative government's economic priorities include reducing
the budget and current account deficits, containing inflation, revising
agricultural and fishing policies, diversifying the economy, and tying the
krona to the EC's European currency unit in 1993. The fishing industries -
notably the shrimp industry - are experiencing a series of ba