The economy of Iceland expanded 1.7 percent year-on-year in the first quarter of 2019, easing from a 4.0 percent expansion in the previous period. It is the lowest growth rate since the first quarter of 2014 when the economy contracted 1 percent. Household spending slowdown (2.8 percent compared to 3.3 percent in Q4) while both gross fixed capital formation (-9.4 percent vs 2.5 percent) and inventories (-2.9 percent vs 0.9 percent) fell. Meanwhile, public expenditure increased faster (2.8 percent vs 2.6 percent). Regarding net foreign trade, exports went up 2.6 percent (from -5.9 percent in Q4) while imports dropped 8.1 percent (from 6.0 percent in Q4). On a quarterly basis, the economy advanced 0.6 percent, after a 1.7 percent expansion in the previous quarter. GDP Annual Growth Rate in Iceland averaged 3.52 percent from 1998 until 2019, reaching an all time high of 13.40 percent in the first quarter of 1999 and a record low of -8.70 percent in the fourth quarter of 2009.

GDP Annual Growth Rate in Iceland is expected to be 0.90 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 1.90 in 12 months time. In the long-term, the Iceland GDP Annual Growth Rate is projected to trend around 2.60 percent in 2020, according to our econometric models.

Iceland GDP Annual Growth Rate
Forecast Data Chart
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Calendar GMT Actual Previous Consensus TEForecast
2018-09-07 09:00 AM GDP Growth Rate YoY Q2 7.2% 5.6% 4.1%
2018-12-07 09:00 AM GDP Growth Rate YoY Q3 2.6% 6.7% 3.4%
2019-03-01 09:00 AM GDP Growth Rate YoY Q4 5.2% 2.5% 3.2%
2019-05-31 09:00 AM GDP Growth Rate YoY Q1 1.7% 4% 1.2%
2019-08-30 09:00 AM GDP Growth Rate YoY Q2 1.7% 0.9%
2019-11-29 09:00 AM GDP Growth Rate YoY Q3 0.5%

Iceland GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.60 1.70 7.60 -7.60 percent [+]
GDP Annual Growth Rate 1.70 4.00 13.40 -8.70 percent [+]
GDP 25.88 24.49 25.88 0.25 USD Billion [+]
GDP Constant Prices 383461.00 385392.00 385392.00 181908.00 ISK Million [+]
Gross National Product 1468662.00 1420499.00 1468662.00 496273.00 ISK Million [+]
Gross Fixed Capital Formation 64633.00 82745.00 108559.00 29062.00 ISK Million [+]
GDP per capita 52103.20 51282.00 52103.20 11465.03 USD [+]
GDP per capita PPP 48605.58 47839.52 48605.58 28295.13 USD [+]

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. This page provides - Iceland GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Iceland GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on August of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.70 4.00 13.40 -8.70 1998 - 2019 percent Quarterly

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