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.

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Iceland GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-08-31 09:00 AM Q2 6.1% 8.6% 2.3%
2022-11-30 09:00 AM Q3 7.3% 6.6% 5.7%
2023-02-28 09:00 AM Q4 7.3% 3.1%


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 Constant Prices 710110.00 713718.00 ISK Million Sep 2022
Gross National Product 2705807.00 2612473.00 ISK Million Dec 2021
Gross Fixed Capital Formation 156694.00 153569.00 ISK Million Sep 2022
Full Year GDP Growth 4.40 -6.84 percent Dec 2021

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.
Actual Previous Highest Lowest Dates Unit Frequency
7.30 6.60 94.80 -11.00 1995 - 2022 percent Quarterly
NSA

News Stream
Iceland Economic Activity Gains Steam in Q3 2022
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.
2022-11-30
Iceland GDP Growth Expands 6.1% in Q2
Iceland’s economy expanded 6.1% year-on-year in the second quarter of 2022, easing from an 8.6% rise in the previous quarter. Consumer spending jumped 13.5% and made the biggest upward contribution and public expenditure went up 1.5%. At the same time, exports jumped 22.3% and imports 17.6%, narrowing the trade deficit to close to 7 billion ISK. On the other hand, investment sank 5%, with business sector investment decreasing by 6.1%, due to ships, aircraft and heavy industries (-92.9%). Also, inventories went down by 17.9 billion ISK, with the largest decrease recorded for stock of marine products. Compared to the last quarter, the economy expanded 3.9%, much higher than 1.1% in Q1.
2022-08-31
Iceland Economy Expands the Most in Over 5 Years
Iceland’s gross domestic product expanded 8.6 percent year-on-year in the first quarter of 2022, accelerating from a 4.4 percent advance in Q4 and marking the sharpest growth in GDP since the last quarter of 2016. Household consumption surged 8.8 percent, due to the increase in travel and in direct purchases abroad by resident households. There was also a significant increase in household purchases of new vehicles during the period, but there was a decrease in other consumption categories, such as alcohol, furniture and furnishings, compared with last year’s corresponding quarter. Also, government expenditure increased 1.5 percent and gross fixed capital formation climbed 20.3 percent. On the other hand, net external demand contributed negatively to growth, as export rose 28.3 percent while imports advanced at a faster 33.9 percent. On a seasonally adjusted quarterly basis, the economy grew by 1.1 percent in Q1.
2022-05-31