Iceland’s gross domestic product advanced 2.6 percent year-on-year in the third quarter of 2018, easing from a downwardly revised 6.7 percent growth in the previous period. The slowdown was mainly due to a fall in fixed investment (-5.6 percent from 7.1 percent in Q2), as both business sector investment (-10.7 percent) and residential construction (-3.5 percent) declined. On the other hand, main contributions to growth came from private consumption (5.3 percent from 5 percent) and government expenditure (3.4 percent from 3.3 percent). Also, net foreign demand contributed positively to growth, as exports jumped 5.1 percent (from -1.1 percent in Q2) while imports went up at a much softer 0.6 percent (from -1.3 percent in Q2). On a quarterly basis, the economy showed no growth, after a downwardly revised 1.4 percent expansion in the second quarter. GDP Annual Growth Rate in Iceland averaged 3.53 percent from 1998 until 2018, reaching an all time high of 13.40 percent in the first quarter of 1999 and a record low of -8.70 percent in the fourth quarter of 2009.

GDP Annual Growth Rate in Iceland is expected to be 3.20 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 2.70 in 12 months time. In the long-term, the Iceland GDP Annual Growth Rate is projected to trend around 2.90 percent in 2020, according to our econometric models.

Iceland GDP Annual Growth Rate
Forecast Data Chart
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

Calendar GMT Actual Previous Consensus TEForecast
2018-03-09 09:00 AM GDP Growth Rate YoY 1.5% 3.4% 2.9%
2018-06-08 09:00 AM GDP Growth Rate YoY 5.4% 1.5% 3.4%
2018-09-07 09:00 AM GDP Growth Rate YoY 7.2% 5.6% 4.1%
2018-12-07 09:00 AM GDP Growth Rate YoY 2.6% 6.7% 3.4%
2019-03-01 09:00 AM GDP Growth Rate YoY 2.6% 3.2%
2019-05-31 09:00 AM GDP Growth Rate YoY 3%
2019-08-30 09:00 AM GDP Growth Rate YoY 2.5%

Iceland GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.00 1.40 7.60 -7.60 percent [+]
GDP Annual Growth Rate 2.60 6.70 13.40 -8.70 percent [+]
GDP 23.91 20.30 23.91 0.25 USD Billion [+]
GDP Constant Prices 373561.00 373593.00 373593.00 181605.00 ISK Million [+]
Gross National Product 1405632.00 1352143.00 1405632.00 496273.00 ISK Million [+]
Gross Fixed Capital Formation 74378.00 79744.00 107300.00 29987.00 ISK Million [+]
GDP per capita 49910.01 48995.17 49910.01 11465.03 USD [+]
GDP per capita PPP 46482.96 45630.94 46482.96 27401.20 USD [+]

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. This page provides - Iceland GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Iceland GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on January of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
2.60 6.70 13.40 -8.70 1998 - 2018 percent Quarterly

Country Last Previous
India 7.10 Sep/18
China 6.50 Sep/18
Indonesia 5.17 Sep/18
United States 3.00 Sep/18
Australia 2.80 Sep/18
Mexico 2.50 Sep/18
Saudi Arabia 2.50 Sep/18
Netherlands 2.40 Sep/18
Spain 2.40 Sep/18
Switzerland 2.40 Sep/18
Singapore 2.20 Dec/18
Canada 2.10 Sep/18
South Korea 2.00 Sep/18
Euro Area 1.60 Sep/18
Turkey 1.60 Sep/18
Russia 1.50 Sep/18
United Kingdom 1.50 Sep/18
France 1.40 Sep/18
Brazil 1.30 Sep/18
Germany 1.10 Sep/18
South Africa 1.10 Sep/18
Italy 0.70 Sep/18
Japan 0.00 Sep/18
Argentina -3.50 Sep/18