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.

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Iceland GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-02-28 09:00 AM Q4 4.4% 6.8% 4.5%
2022-05-31 09:00 AM Q1 8.6% 4.4% 0.3%
2022-08-31 09:00 AM Q2 8.6%


Related Last Previous Unit Reference
GDP Growth Rate 1.10 2.20 percent Mar 2022
GDP Annual Growth Rate 8.60 4.40 percent Mar 2022
GDP Constant Prices 689605.00 682061.00 ISK Million Mar 2022
Gross National Product 2705807.00 2612473.00 ISK Million Dec 2021
Gross Fixed Capital Formation 146194.00 161278.00 ISK Million Mar 2022
Full Year GDP Growth 4.30 -7.10 percent Dec 2021

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.
Actual Previous Highest Lowest Dates Unit Frequency
8.60 4.40 94.80 -11.00 1995 - 2022 percent Quarterly
NSA

News Stream
Iceland Economy Expands the Most in Over 5 Years
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.
2022-05-31
Iceland Q4 GDP Annual Growth Moderates
Iceland’s GDP increased by 4.4 percent year-on-year in the last quarter of 2021, slowing from an upwardly revised 6.8 percent expansion in the previous three-month period, which was the fastest in almost five years. Main positive contributions came from private final consumption (12.9 percent vs 6.5 percent in Q3) and gross fixed capital formation (15.0 percent vs 32.2 percent). To a lesser extent, government spending also aided the economy (1.5 percent vs 1.4 percent), while net external demand fell sharply, as export growth halved (15.0 percent vs 32.2 percent) while imports rose sharply (34.7 percent vs 28.9 percent). On a seasonally adjusted quarterly basis, the economy rose 2.2 percent, rebounding from a downwardly revised 1.1 percent contraction in the previous quarter. Considering 2021 as a whole, GDP increased 4.3 percent, recovering from an upwardly revised 7.1 percent drop in 2020.
2022-02-28
Iceland GDP Growth Slows to 6% in Q3
Iceland’s gross domestic product advanced 6 percent year-on-year in the third quarter of 2021, slowing from a downwardly revised 6.7 percent expansion in the previous three-month period, which was the fastest in over four years. Still, it was the second consecutive quarter of robust growth following a pandemic-induced contraction, underpinned by positive contribution from net foreign demand as exports surged 31.2 percent (vs 27.2 percent in Q2) while imports rose at a softer 29.2 percent (vs 33.5 percent). Meanwhile, private consumption (6.1 percent vs 8.8 percent in Q2); public spending (0.7 percent vs 2.4 percent); and gross fixed capital formation (15.7 percent vs 24.8 percent) eased whereas changes in inventories (-79.4 percent vs 567 percent) declined sharply. On a seasonally adjusted quarterly basis, the economy contracted 2.3 percent compared to a 4.2 percent expansion in the previous quarter.
2021-11-30