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. source: Statistics Iceland
GDP Annual Growth Rate in Iceland averaged 6.29 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 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 August of 2022.
GDP Annual Growth Rate in Iceland is expected to be 1.10 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.