Iceland GDP Growth Rate
The Gross Domestic Product (GDP) in Iceland contracted 0.70 percent in the first quarter of 2014 over the previous quarter. GDP Growth Rate in Iceland averaged 0.70 Percent from 1997 until 2014, reaching an all time high of 10.20 Percent in the second quarter of 1998 and a record low of -6.50 Percent in the second quarter of 2013. GDP Growth Rate in Iceland is reported by the Statistics Iceland.
||1997 - 2014
Iceland's Scandinavian-type social-market economy combines a capitalist structure and free-market principles with an extensive welfare system, including generous housing subsidies. Prior to the 2008 crisis, Iceland had achieved high growth, low unemployment, and a remarkably even distribution of income. The economy depends heavily on the fishing industry, which provides 40% of export earnings and employs 5% of the work force. Iceland's economy has been diversifying into manufacturing and service industries in the last decade, with new developments in software production, biotechnology, and tourism. This page provides - Iceland GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.