The economy of Iceland shrank at a record 9.3 percent year-on-year in the second quarter of 2020, due to the impact of the coronavirus pandemic and measures taken to control its spread. The country did not impose a lockdown but some types of businesses like night clubs and hair salons were ordered to close which had an effect on demand for goods and services. Also, travel restrictions had a significant impact on both imports and exports of services. Private spending went down 8.3 percent, investment shrank 18.7 percent, exports plunged 38.8 percent and imports 34.8 percent. In contrast, government consumption increased 3 percent. On a quarterly basis, the economy contracted 9.1 percent. source: Statistics Iceland

GDP Annual Growth Rate in Iceland averaged 3.37 percent from 1995 until 2020, reaching an all time high of 13.40 percent in the first quarter of 1999 and a record low of -9.30 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 November of 2020.

GDP Annual Growth Rate in Iceland is expected to be -6.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Iceland to stand at 8.80 in 12 months time. In the long-term, the Iceland GDP Annual Growth Rate is projected to trend around 1.50 percent in 2021 and 2.60 percent in 2022, according to our econometric models.

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Iceland GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-9.30 -1.70 13.40 -9.30 1995 - 2020 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2019-11-29 09:00 AM Q3 -0.1% 2% 1.5%
2020-02-28 09:00 AM Q4 4.7% 0.4% -0.5%
2020-05-29 09:00 AM Q1 -1.2% 4.7% -2%
2020-08-31 09:00 AM Q2 -9.3% -1.7% -9.5%
2020-11-30 09:00 AM Q3 -9.3% -6%
2021-03-01 09:00 AM Q4
2021-05-28 09:00 AM Q1
2021-08-31 09:00 AM Q2


News Stream
Iceland GDP Contracts at Record 9.3% in Q2
The economy of Iceland shrank at a record 9.3 percent year-on-year in the second quarter of 2020, due to the impact of the coronavirus pandemic and measures taken to control its spread. The country did not impose a lockdown but some types of businesses like night clubs and hair salons were ordered to close which had an effect on demand for goods and services. Also, travel restrictions had a significant impact on both imports and exports of services. Private spending went down 8.3 percent, investment shrank 18.7 percent, exports plunged 38.8 percent and imports 34.8 percent. In contrast, government consumption increased 3 percent. On a quarterly basis, the economy contracted 9.1 percent.
2020-08-31
Iceland GDP Contracts the Most in 10 Years
The economy of Iceland shrank 1.2 percent year-on-year in the first three months of 2020, the worst contraction since 2010, mainly due to a decline in tourism after several countries imposed coronavirus lockdown restrictions. External trade contributed negatively, as exports of goods and services plunged 17.2 percent and imports 9.7 percent. On the other hand, private spending rose 0.9 percent and public expenditure went up 2.3 percent. Gross fixed capital formation increased 4.1 percent, largely due to base effect, as a considerable decrease was measured in business sector investment in Q1 2019, when sale and export of aircraft took place following a bankruptcy of Icelandic airlines. On a quarterly basis, the economy plunged 7 percent, the biggest contraction since the first quarter of 2009.
2020-05-29
Iceland GDP Expands the Most in Over a Year
The economy of Iceland grew 4.7 percent year-on-year in the last quarter of 2019, following a revised 0.4 percent expansion in the previous period. It was the strongest growth since the first quarter of 2018, with net trade contributing positively to growth, as exports advanced 0.5 percent (vs -13.0 percent in Q3) while imports slumped 10.2 percent (vs -8.6 percent in Q3). Meantime, both private (1.0 percent vs 2.0 percent) and government consumption (3.8 percent vs 4.6 percent) slowed while gross fixed capital formation dropped (-3.0 percent vs 3.9 percent). On a quarterly basis, the economy expanded 4.8 percent, after a revised 1.0 percent contraction in the prior period. For the whole 2019, the GDP advanced 1.9 percent, below 3.8 percent in the previous year.
2020-02-28
Iceland Economy Contracts 0.1% in Q3
The economy of Iceland shrank 0.1 percent year-on-year in the third quarter of 2019, following a 2 percent expansion in the previous period. Government expenditure slowed (2.9 percent from 3 percent); and net foreign trade contributed negatively to the GDP, as exports dropped 12.9 percent (from -6.8 percent in Q2) and imports fell at a softer 8.6 percent (from -12.2 percent in Q2). Meanwhile, gross fixed capital formation rebounded (2.9 percent from -10.4 percent); and household spending (2.1 percent from 1.6 percent) and inventories rose at a faster pace (1 percent from 0.6 percent). On a quarterly basis, the economy contracted 0.7 percent, after growing 3.1 percent in the prior quarter.
2019-11-29

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.