According to newly released figures from Statistics Iceland the non-seasonally adjusted Gross Domestic Product of Iceland grew by 4.5% in real terms during the first three quarters of 2015, compared to the same period in 2014.
Total domestic final expenditure grew by 6.2%. Private consumption, which grew by 4.4% and gross fixed investment, which grew by 15.8% were the major contributors to growth. Exports also showed strong growth, increasing by 7.4%, but imports grew even more, increasing by 10.9%. Incrasing imports can both be explained by growing private consumption, but also by increasing investments.
Read more: Unemployment continues to drop as economy booms: Only 3.8% unemployment in October
Non-seasonally adjusted figures indicate a year-over-year increase in real GDP by 2.6% for the 3rd quarter of 2015, down from 6.8% in the second quarter, and 4.3% in the first quarter, reflecting the strong fluctuations in the Icelandic economy. These figures compare quite favorably with most OECD countres. The real GDP increase in the third quarter was for example greater in Sweden and Norway, 3.9% and 3.1% respectively but lower in Britain (2.3%), the US (2.2%), Germany (1.7%) and France (1.2%).
According to newly released figures from Statistics Iceland the non-seasonally adjusted Gross Domestic Product of Iceland grew by 4.5% in real terms during the first three quarters of 2015, compared to the same period in 2014.
Total domestic final expenditure grew by 6.2%. Private consumption, which grew by 4.4% and gross fixed investment, which grew by 15.8% were the major contributors to growth. Exports also showed strong growth, increasing by 7.4%, but imports grew even more, increasing by 10.9%. Incrasing imports can both be explained by growing private consumption, but also by increasing investments.
Read more: Unemployment continues to drop as economy booms: Only 3.8% unemployment in October
Non-seasonally adjusted figures indicate a year-over-year increase in real GDP by 2.6% for the 3rd quarter of 2015, down from 6.8% in the second quarter, and 4.3% in the first quarter, reflecting the strong fluctuations in the Icelandic economy. These figures compare quite favorably with most OECD countres. The real GDP increase in the third quarter was for example greater in Sweden and Norway, 3.9% and 3.1% respectively but lower in Britain (2.3%), the US (2.2%), Germany (1.7%) and France (1.2%).
