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.