The Gross Domestic Product (GDP) in Iceland expanded 5 percent in the first quarter of 2017 over the same quarter of the previous year. GDP Annual Growth Rate in Iceland averaged 3.35 percent from 1998 until 2017, reaching an all time high of 13.40 percent in the first quarter of 1999 and a record low of -9.30 percent in the fourth quarter of 2009. 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.
June 08, 2017 at 02:09PM
from Statistics Iceland
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