According to the revised national accounts for 2017 the Icelandic economy expanded more in 2017 than previously estimated. The Gross Domestic Product of Iceland increased by 4% in real terms, compared to the 3.6% growth rate in the preliminary national accounts, published earlier this year. The economic growth in 2017 was primarily driven by investments and private household consumption.
According to Statistics Iceland household final consumption increased by 7.9% and government final consumption by 3.1% while gross fixed capital formation increased by 9.5%. A major driver of investment was residential construction, which increased by 18.4% in 2017.
Iceland had a healthy foreign trade surplus in 2017, although a larger increase in imports than exports contributed to a slower economic growth than otherwise might have been registered. Exports grew by 5.5% while imports grew by 12.5%. The Current account surplus in 2017 amounted to 4.1% of GDP.
The growth of the Icelandic economy has picked up steam since last year, as the year-on-year growth in GDP in Q2 of 2018 was 7.2%.
Read more: Economy continues to boom: GDP growth of 7.2% in the past year
According to the revised national accounts for 2017 the Icelandic economy expanded more in 2017 than previously estimated. The Gross Domestic Product of Iceland increased by 4% in real terms, compared to the 3.6% growth rate in the preliminary national accounts, published earlier this year. The economic growth in 2017 was primarily driven by investments and private household consumption.
According to Statistics Iceland household final consumption increased by 7.9% and government final consumption by 3.1% while gross fixed capital formation increased by 9.5%. A major driver of investment was residential construction, which increased by 18.4% in 2017.
Iceland had a healthy foreign trade surplus in 2017, although a larger increase in imports than exports contributed to a slower economic growth than otherwise might have been registered. Exports grew by 5.5% while imports grew by 12.5%. The Current account surplus in 2017 amounted to 4.1% of GDP.
The growth of the Icelandic economy has picked up steam since last year, as the year-on-year growth in GDP in Q2 of 2018 was 7.2%.
Read more: Economy continues to boom: GDP growth of 7.2% in the past year
