opular vote to serve four-year terms)
elections : last held on 8 April 1995 (next to be held by April 1999)
election results: percent of vote by party - Independence Party 37.1%,
Progressive Party 23.3%, Social Democratic Party 11.4%, Socialists
14.3%, People's Movement 7.2%, Women's Party 4.9%; seats by party -
Independence 25, Progressive 15, Social Democratic 7, Socialists 9,
People's Movement 4, Women's Party 3

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]; Progressive Party (liberal) or PP [Halldor
ASGRIMSSON]; Social Democratic Party or SDP [Sighvatur BJORGVINSSON];
People's Alliance (left socialist) or PA [Margret FRIMANNSDOTTIR];
Women's Party or WL [Kristin ASTGEIRSDOTTIR]; People's Movement
(centrist); National Awakening (People's Revival Party) or PR [Johanna
SIGURDARDOTTIR]

International organization participation: Australia Group, BIS, CCC,
CE, EBRD, ECE, EFTA, FAO, IAEA, IBRD, ICAO, ICC, ICFTU, ICRM, IDA,
IFC, IFRCS, IHO, ILO, IMF, IMO, Inmarsat, Intelsat, Interpol, IOC,
ISO, ITU, MTCR, NACC, NATO, NC, NEA, NIB, OECD, OSCE, PCA, UN, UNCTAD,
UNESCO, UNU, UPU, WEU (associate), WHO, WIPO, WMO, WTrO

Diplomatic representation in the US:
chief of mission: Ambassador Einar BENEDIKTSSON
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)

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