Iceland is an island located in the North Atlantic Ocean.It has a population of about 320,000 and a total area of 103,000 km2. Its capital and the largest city is Reykjavík. Iceland is volcanically and geologically active. Iceland is a republic with a directly elected president, who is formally responsible for appointing the prime minister. The parliament, Althing, is Iceland’s highest authority. Reykjavik is the capital city. Iceland is not a member of the EU, but takes part in European economic co-operation through the EEA Agreement. Iceland is a member of NATO. The króna is the currency of Iceland.
Iceland has a free market economy with relatively low taxes while maintaining a Nordic welfare system.Iceland is considered to be one of the wealthiest and most developed nations in the world. In 2011, it was ranked as the 14th most developed country in the world by the United Nations’ Human Development Index. In 2008, political unrest occurred as the nation’s entire banking system systemically failed. Fish and fish products are still Iceland’s most important revenue sources, followed by exports of aluminium and iron silicon. In recent years, Iceland has experienced growth in sectors including biotechnology, software and tourism.
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