son; Progressive, Steingrimur Hermannsson; Social Democratic, Jon
Baldvin Hannibalsson; People's Alliance (left socialist), Olafur Ragnar
Grimsson; Citizens Party (conservative nationalist), Julius Solnes;
Women's List

Suffrage: universal at age 20

Elections:
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;

Parliament--last held on 25 April 1987 (next to be held by
25 April 1991);
results--Independence 27.2%, Progressive 18.9%, Social Democratic 15.2%,
People's Alliance 13.4%, Citizens Party 10.9%, Womens List 10.1%, other 4.3%;

seats--(63 total) Independence 18, Progressive 13, Social Democratic 10,
People's Alliance 8, Citizens Party 7, Womens List 6, Regional Equality
Platform 1

Communists: less than 100 (est.), some of whom participate in the
People's Alliance

Member of: CCC, Council of Europe, EC (free trade agreement pending
resolution of fishing limits issue), EFTA, FAO, GATT, IAEA, IBRD, ICAO, ICES,
IDA, IFC, IHO, ILO, IMF, IMO, INTELSAT, INTERPOL, IPU, ITU, IWC--International
Whaling Commission, NATO, Nordic Council, OECD, UN, UNESCO, UPU, WHO, WMO, WSG

Diplomatic representation: Ambassador Ingvi S. INGVARSSON; 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; Embassy at Laufasvegur 21, Reykjavik
(mailing address is FPO New York 09571-0001); telephone p354o (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)

- 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. National output declined for the second consecutive year in
1989, and two of the largest fish farms filed for bankruptcy. Other economic
activities include livestock raising and aluminum smelting. A fall in the fish
catch is expected for 1990, resulting in a continuation of the recession.

GDP