The quarterly national accounts published by Statistics Iceland show that the Icelandic economy continued to boom in the last quarter of 2016. The real GDP of Iceland increased by 11.3% year-over-year, according to the non-seasonally adjusted figures. This is the highest increase ever recorded since the fourth quarter, 2007.
Read more:Report: Icelandic economic growth tops all but one OECD country in 2016: GDP grew 7.2%
The primary drivers of economic growth in 2015 and 2016 have been private investment and exports, as well as private consumption. Total domestic expenditure increased by 8.4%. Household final consumption increased by 7.2%, government final consumption by 1.7% and gross fixed capital formation by 18.6%, led by a 70.9% increase in residential construction. At the same time exports grew by 14% and imports by 8.8%.
The unemployment rate in January was 4.1%, and inflation 1.9%.
The quarterly national accounts published by Statistics Iceland show that the Icelandic economy continued to boom in the last quarter of 2016. The real GDP of Iceland increased by 11.3% year-over-year, according to the non-seasonally adjusted figures. This is the highest increase ever recorded since the fourth quarter, 2007.
Read more:Report: Icelandic economic growth tops all but one OECD country in 2016: GDP grew 7.2%
The primary drivers of economic growth in 2015 and 2016 have been private investment and exports, as well as private consumption. Total domestic expenditure increased by 8.4%. Household final consumption increased by 7.2%, government final consumption by 1.7% and gross fixed capital formation by 18.6%, led by a 70.9% increase in residential construction. At the same time exports grew by 14% and imports by 8.8%.
The unemployment rate in January was 4.1%, and inflation 1.9%.
