Iceland’s gross domestic product advanced 6 percent year-on-year in the third quarter of 2021, slowing from a downwardly revised 6.7 percent expansion in the previous three-month period, which was the fastest in over four years. Still, it was the second consecutive quarter of robust growth following a pandemic-induced contraction, underpinned by positive contribution from net foreign demand as exports surged 31.2 percent (vs 27.2 percent in Q2) while imports rose at a softer 29.2 percent (vs 33.5 percent). Meanwhile, private consumption (6.1 percent vs 8.8 percent in Q2); public spending (0.7 percent vs 2.4 percent); and gross fixed capital formation (15.7 percent vs 24.8 percent) eased whereas changes in inventories (-79.4 percent vs 567 percent) declined sharply. On a seasonally adjusted quarterly basis, the economy contracted 2.3 percent compared to a 4.2 percent expansion in the previous quarter. source: Statistics Iceland
GDP Annual Growth Rate in Iceland averaged 6.30 percent from 1995 until 2021, reaching an all time high of 94.80 percent in the first quarter of 2008 and a record low of -10.50 percent in the second quarter of 2020. This page provides - Iceland GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Iceland GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on January of 2022.
GDP Annual Growth Rate in Iceland is expected to be 6.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Iceland GDP Annual Growth Rate is projected to trend around 3.10 percent in 2022 and 2.60 percent in 2023, according to our econometric models.