The economy of Iceland shrank at a record 9.1 percent on quarter 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 were ordered to close and travel restrictions hurt both imports and exports of services.

GDP Growth Rate in Iceland averaged 0.73 percent from 1997 until 2020, reaching an all time high of 10.20 percent in the second quarter of 1998 and a record low of -9.30 percent in the first quarter of 2009. This page provides - Iceland GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Iceland GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020. source: Statistics Iceland

GDP Growth Rate in Iceland is expected to be 5.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Iceland to stand at 3.00 in 12 months time. In the long-term, the Iceland GDP Growth Rate is projected to trend around 1.30 percent in 2021 and 0.90 percent in 2022, according to our econometric models.

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Iceland GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-9.10 -5.70 10.20 -9.30 1997 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2019-11-29 09:00 AM Q3 -0.7% 3.1% 0.6%
2020-02-28 09:00 AM Q4 4.8% -1.0% 0.4%
2020-05-29 09:00 AM Q1 -7% 4.8% -2%
2020-08-31 09:00 AM Q2 -9.1% -5.7% -9%
2020-11-30 09:00 AM Q3 -9.1% 5.8%
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Iceland GDP 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.