Iceland GDP Growth Rate  1997-2016 | Data | Chart | Calendar | Forecast

The GDP in Iceland contracted 1.1 percent on quarter in the three months to December of 2015, slowing from an upwardly revised 1.2 percent expansion in the previous period. Private consumption grew 1.8 percent (1.3 percent in Q3), gross fixed capital formation surged 5.2 percent (9.5 percent in Q3) and government spending increased 0.5 percent (-0.1 percent in Q3). Imports rose 8.3 percent (-1.7 percent in Q3) while exports at slower 2.3 percent (-4 percent in Q3). On a yearly basis, the economy expanded 3.2 percent, higher than a 2.0 percent increase in the previous period, bringing 2015 growth to 4.0 percent. GDP Growth Rate in Iceland averaged 0.78 percent from 1997 until 2015, reaching an all time high of 9.60 percent in the second quarter of 1998 and a record low of -7.60 percent in the first quarter of 2009. GDP Growth Rate in Iceland is reported by the Statistics Iceland.

Iceland GDP Growth Rate
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Actual Previous Highest Lowest Dates Unit Frequency
-1.10 1.20 9.60 -7.60 1997 - 2015 percent Quarterly
SA
Iceland's Scandinavian-type social-market economy combines a capitalist structure and free-market principles with an extensive welfare system, including generous housing subsidies. The economy is highly affected by fluctuations in world prices for its main exports: fish and fish products, aluminum, and ferrosilicon. Prior to the 2008 crisis, Iceland had achieved high growth, low unemployment, and a remarkably even distribution of income. However, GDP contracted by 4.7 percent in 2009 and by 3.6 percent in 2010 and since 2011 growth has been weak, expanding only by 1.8 percent in 2014, as exports of goods and services struggled to recover at the same pace than imports. 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. This page provides - Iceland GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Iceland GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on May of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-09-11 10:00 AM Q2 3.3% -1.1% 1.79%
2015-12-08 09:20 AM Q3 0.7% 3.7% 4% 1.03%
2016-03-10 09:00 AM Q4 -1.1% 1.2% 0.9%
2016-06-07 09:00 AM Q1 -1.1% 0.7%
2016-09-09 09:00 AM Q2 1.8%
2016-12-07 09:00 AM Q3 0.9%

Iceland GDP Last Previous Highest Lowest Unit
GDP Growth Rate -1.10 1.20 9.60 -7.60 percent [+]
GDP Annual Growth Rate 3.20 2.00 13.60 -7.20 percent [+]
GDP 17.04 15.38 21.29 0.25 USD Billion [+]
GDP Constant Prices 323142.00 326791.00 326791.00 182018.00 ISK Million [+]
Gross National Product 1232150.00 1133236.00 1232150.00 496273.00 ISK Million [+]
Gross Fixed Capital Formation 59302.00 56379.00 109547.00 30713.00 ISK Million [+]
GDP per capita 59692.87 59288.54 61662.47 15049.46 USD [+]
GDP per capita PPP 41236.93 40957.62 42597.57 26977.05 USD [+]




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