Iceland’s gross domestic product shrank 5.1 percent year-on-year in the final quarter of 2020 following a downwardly revised 9.1 percent contraction in the previous period. It was the fourth consecutive quarter of recession amid a steeper contraction in private consumption (-3.1 percent vs -2.2 percent in Q3), counterweighted by a softer decline in gross fixed capital formation (-4.6 percent vs -10.5 percent) and growth in government consumption (2.8 percent vs 3.2 percent). Meantime, exports tumbled 25 percent (vs -38.4 percent) while imports dropped at a softer 20 percent (vs -26.7percent). On a seasonally adjusted quarterly basis, the economy expanded 4.8 percent, following an upwardly revised 3.8 percent growth rate in Q3. Considering full 2020, the economy contracted 6.6 percent, highly affected by a drop in tourism exports amid the coronavirus pandemic, following a 2.6 percent increase in 2019. source: Statistics Iceland
GDP Annual Growth Rate in Iceland averaged 3.11 percent from 1995 until 2020, reaching an all time high of 13.40 percent in the first quarter of 1999 and a record low of -10.90 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 March of 2021.
GDP Annual Growth Rate in Iceland is expected to be -1.00 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 1.50 in 12 months time. In the long-term, the Iceland GDP Annual Growth Rate is projected to trend around 1.50 percent in 2022 and 2.60 percent in 2023, according to our econometric models.