The Gross Domestic Product (GDP) in Iceland contracted 7 percent in the first quarter of 2020 over the previous quarter. It is the biggest contraction since the first quarter of 2009, mainly due to a decline in tourism after several countries imposed coronavirus lockdown restrictions.
GDP Growth Rate in Iceland averaged 0.80 percent from 1997 until 2020, reaching an all time high of 10 percent in the second quarter of 1998 and a record low of -8.70 percent in the first quarter of 2009. This page provides - Iceland GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Iceland GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2020.
GDP Growth Rate in Iceland is expected to be -9.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Iceland to stand at 1.00 in 12 months time. In the long-term, the Iceland GDP Growth Rate is projected to trend around 1.30 percent in 2021 and 0.90 percent in 2022, according to our econometric models.