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Iceland, officially the Republic of Iceland (in Icelandic Lýðveldið Ísland Ísland or simply, literally" land of ice "), is an island of the North Atlantic Ocean, located between Greenland and Scotland, north-west of the Faroe Islands. Located on the Mid-Atlantic, it has many volcanoes. The country has an area of 103 000 square kilometers and a population of about 320 000 inhabitants. Its capital, its largest city is Reykjavík. Icelandic is the official language. Before the economic crisis of 2008, Iceland was the second most highly developed countries in the world according to the Human Development Index (HDI) in 2006 after Norway. Its economy is based on a mixed economy where service, finance, fisheries and industry are key sectors. The country is a member of the UN, NATO, EFTA, OECD and EEA. The State is not part of the European Union, but following the application filed July 17, 2009, she could return to the Union.