n The country of Iceland, located in the North Atlantic Ocean, is made up of a total of 340 islands and islets. The capital and largest city is Reykjavik. Iceland is a parliamentary republic and its president is the head of state. The judiciary is independent and provides impartial justice. The legislative power is vested in the Althing, which consists of 91 members elected by proportional representation to four-year terms. The government cabinet is responsible to the Althing. The economy is primarily based on natural resources (fishing, hydrocarbons, farmland), exports (fish, frozen meat, logs), service industries (transportation, banking and insurance) and tourism. The currency is the Icelandic króna.