A revised figure by the annual national accounts of Iceland revealed that the gross domestic product (GDP) grew by 3.5% in 2013. The growth was driven by a large surplus in the balance of trade.
Exports grew by 6.9% and imports by 0.4%. This resulted in a 156 billion ISK surplus in the balance of trade in goods and services in 2013. Tourism, fishing, and geothermal energy are largest industries in Iceland, and all three have been improving since the great depression caused in 2009 from the economic collapse.
However, through the first 6 months of fiscal year 2014 the trade balance has yeilded a deficit in the Icelandic economy. Below is a comparison of the first 6 months comparing fiscal year 2013 vs. 2014.
Matt Eliason
A revised figure by the annual national accounts of Iceland revealed that the gross domestic product (GDP) grew by 3.5% in 2013. The growth was driven by a large surplus in the balance of trade.
Exports grew by 6.9% and imports by 0.4%. This resulted in a 156 billion ISK surplus in the balance of trade in goods and services in 2013. Tourism, fishing, and geothermal energy are largest industries in Iceland, and all three have been improving since the great depression caused in 2009 from the economic collapse.
However, through the first 6 months of fiscal year 2014 the trade balance has yeilded a deficit in the Icelandic economy. Below is a comparison of the first 6 months comparing fiscal year 2013 vs. 2014.
Matt Eliason
