Full Year GDP Growth in Iceland increased to 4.40 percent in 2021 from -6.84 percent in 2020. source: Statistics Iceland

Full Year GDP Growth in Iceland averaged 2.74 percent from 1981 until 2021, reaching an all time high of 8.55 percent in 1987 and a record low of -7.66 percent in 2009. This page includes a chart with historical data for Iceland Full Year GDP Growth. Iceland Full Year GDP Growth - values, historical data and charts - was last updated on December of 2022.

Full Year GDP Growth in Iceland is expected to reach 6.50 percent by the end of 2022, according to Trading Economics global macro models and analysts expectations. In the long-term, the Iceland Full Year GDP Growth is projected to trend around 2.60 percent in 2023 and 2.20 percent in 2024, according to our econometric models.

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Iceland Full Year GDP Growth

Related Last Previous Unit Reference
GDP Growth Rate -0.50 3.70 percent Sep 2022
GDP Annual Growth Rate 7.30 6.60 percent Sep 2022
GDP 25.46 21.72 USD Billion Dec 2021

Iceland Full Year GDP Growth
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.
Actual Previous Highest Lowest Dates Unit Frequency
4.40 -6.84 8.55 -7.66 1981 - 2021 percent Yearly
Constant 2015 Prices, NSA