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.

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Iceland GDP Annual Growth Rate


Iceland GDP Annual Growth Rate
Iceland's economy depends heavily on the fishing industry, which provides 40 percent of export earnings, more than 12 percent of GDP, and employs nearly 5 percent of the work force. Its economy has been diversifying into manufacturing and service industries in the last decade, particularly within the fields of software production, biotechnology, and tourism. On the expenditure side, household consumption is the main component of GDP and accounts for 53 percent of its total use, followed by government expenditure (24 percent) and gross fixed capital formation (17 percent). Exports of goods and services account for 54 percent of GDP while imports account for 47 percent, adding 7 percent of total GDP.
Actual Previous Highest Lowest Dates Unit Frequency
6.00 7.30 94.80 -10.50 1995 - 2021 percent Quarterly
NSA

Calendar GMT Actual Previous Consensus TEForecast
2021-08-31 09:00 AM Q2 7.3% -0.2% 15%
2021-11-30 09:00 AM Q3 6% 6.7% 6.1%
2022-02-28 09:00 AM Q4 6%


Related Last Previous Unit Reference
GDP Growth Rate -2.30 4.20 percent Sep/21
GDP Annual Growth Rate 6.00 7.30 percent Sep/21
GDP Constant Prices 652151.00 667465.00 ISK Million Sep/21
Gross National Product 2612659.00 1500248.00 ISK Million Dec/20
Gross Fixed Capital Formation 158926.00 165346.00 ISK Million Sep/21


News Stream
Iceland GDP Growth Slows to 6% in Q3
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.
2021-11-30
Iceland Economy Expands the Most in Over 4 Years
Iceland’s gross domestic product jumped 7.3 percent year-on-year in the second quarter of 2021 rebounding from a downwardly revised 0.2 percent contraction in the previous period. It was the strongest pace of expansion since the last quarter of 2016, underpinned by a steeper rise in private consumption (8.5 percent vs 1.0 percent in Q1) and a sharp rebound in gross fixed capital formation (25.9 percent vs -0.7 percent). Additionally, Iceland’s foreign trade also improved significantly, with exports surging 27.9 percent (vs -19.0 percent), in spite of a faster increase of imports (32.8 percent vs -12.2 percent). Meanwhile, public spending eased slightly (2.6 percent vs 2.9 percent) and changes in inventories contributed negatively (-1.2 percent vs 1.2 percent). On a seasonally adjusted quarterly basis, the economy advanced 4.2 percent, recovering from a 3.3 percent fall in the first quarter.
2021-08-31
Iceland’s Economic Contraction Eases in Q1
Iceland’s gross domestic product slumped 1.7 percent year-on-year in the first quarter of 2021 following a 5.1 percent decline in the previous period. It was the smallest contraction since the first quarter of 2020, amid a slower fall in gross fixed capital formation (-2.9 percent vs -4.6 percent in Q4), exports (-20 percent vs -25 percent) and imports (-11.3 percent vs -20 percent). Meantime, private consumption recovered (0.8 percent vs -3.1 percent) and government consumption increased at a faster pace (2.9 percent vs 2.8 percent). On a seasonally adjusted quarterly basis, the economy shrank 5.2 percent, reversing from a 4.8 percent expansion in Q4.
2021-05-31