The Gross Domestic Product (GDP) in Iceland contracted 1.90 percent in the first quarter of 2017 over the previous quarter. GDP Growth Rate in Iceland averaged 0.82 percent from 1997 until 2017, reaching an all time high of 6.20 percent in the second quarter of 1998 and a record low of -8.90 percent in the first quarter of 2009. Iceland’s Scandinavian-type social-market economy combines a capitalist structure and free-market principles with an extensive welfare system, including generous housing subsidies. The economy is highly affected by fluctuations in world prices for its main exports: fish and fish products, aluminum, and ferrosilicon. 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 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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