Iceland’s economy expanded by 7.3 percent year-on-year in the third quarter of 2022, accelerating from an upwardly revised 6.6 percent expansion in the previous three-month period. Government spending increased (1.8 percent vs. 1.7 percent in Q2) while private consumption moderated (7.2 percent vs. 15.0 percent). At the same time, gross fixed capital formation rebounded (2.2 percent vs. -4.4 percent). Regarding net trade, exports advanced 22.9 percent (vs. 21.5 percent in Q2), while imports grew 18 percent (vs. 17.6 percent in Q2). Economic activity contracted by 0.5 percent over the prior quarter on a seasonally adjusted basis. source: Statistics Iceland
GDP Annual Growth Rate in Iceland averaged 6.31 percent from 1995 until 2022, reaching an all time high of 94.80 percent in the first quarter of 2008 and a record low of -11.00 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 February of 2023.
GDP Annual Growth Rate in Iceland is expected to be 3.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Iceland GDP Annual Growth Rate is projected to trend around 3.10 percent in 2023 and 2.60 percent in 2024, according to our econometric models.