1. Iceland is the 11th largest fishing nation in the world. The economy is heavily dependent on that industry; seafood exports account for nearly three-quarters of merchandise exports and approximately half of all foreign exchange earnings. Yet less than 10 per cent of the workforce is involved in fishing and fish processing. The travel industry makes up the second largest export industry in Iceland.
2. QUICK FACTS Population: 0.3 million GDP (PPP): $12.8 billion 1.6% growth -1.1% 5-year compound annual growth $39,224 per capita Unemployment: 5.8% Inflation (CPI): 5.2% FDI Inflow: $510.7 million
5. The President is bound to follow the will of the majority of Parliament. He has the obligation to invite the Party which is most likely to be able to form a Government. If it proves to be impossible to form a Government that has a majority of seats in Parliament, a Government based on a minority can be formed or a Government of members outside of Parliament. The latter scenario has only happened once since the establishment of the Republic, during 1942-1944.
5.1. Schedule
5.2. Budget
6. Executive
7. Legistative
8. According to the Constitution, the Althingi and the President of Iceland jointly exercise legislative power. In reality it is the Althingi which holds the power of legislating while the President gives parliamentary bills formal consent, of the Constitution
9. Judicial
10. The judicial court system of Iceland comprises 8 District Courts, of which the Reykjavík District Court is by far the largest, and the Supreme Court (Hæstiréttur Íslands). Additionally, there are two Special Courts; the Labour Court (in Icelandic Félagsdómur) which deals with trade union matters and industrial disputes according to the Act on Trade Unions and Industrial Disputes.
