Iceland’s gross domestic product jumped 7.3 percent year-on-year in the second quarter of 2021 rebounding from a downwardly revised 0.2 percent contraction in the previous period. It was the strongest pace of expansion since the last quarter of 2016, underpinned by a steeper rise in private consumption (8.5 percent vs 1.0 percent in Q1) and a sharp rebound in gross fixed capital formation (25.9 percent vs -0.7 percent). Additionally, Iceland’s foreign trade also improved significantly, with exports surging 27.9 percent (vs -19.0 percent), in spite of a faster increase of imports (32.8 percent vs -12.2 percent). Meanwhile, public spending eased slightly (2.6 percent vs 2.9 percent) and changes in inventories contributed negatively (-1.2 percent vs 1.2 percent). On a seasonally adjusted quarterly basis, the economy advanced 4.2 percent, recovering from a 3.3 percent fall in the first quarter. source: Statistics Iceland
GDP Annual Growth Rate in Iceland averaged 3.17 percent from 1995 until 2021, reaching an all time high of 13.40 percent in the first quarter of 1999 and a record low of -10.50 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 September of 2021.
GDP Annual Growth Rate in Iceland is expected to be 5.00 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 1.50 percent in 2022 and 2.60 percent in 2023, according to our econometric models.