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Iceland’s GDP up by 5.2 Percent in First Half of 2015

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Iceland’s GDP up by 5.2 Percent in First Half of 2015

Money - Icelandic Króna

Photo: Páll Kjartansson

Iceland’s GDP (gross domestic product) for the first two quarters of 2015 increased by 5.2 percent compared with the same period of 2014. Total domestic final expenditure increased by 7.3 percent, as Statistics Iceland reported this morning.

Economist Ásgeir Jónsson told mbl.is that the Icelandic economy appears to be at a crossroads after four years of moderate growth. A powerful upswing appears to be around the corner, unless there will be a backlash in tourism, volcanic eruption or the downswing in China will spread and cause a worldwide crisis.

Ásgeir stated that the “positive economic growth” is driven by export and investments.

Household final consumption increased by 4.4 percent, government final consumption by 1 percent and gross fixed capital formation by 21.2 percent. At the same time balance of trade in goods and services worsened, exports grew by 9 percent and imports grew by 13.6 percent.

Non-seasonally adjusted figures indicate a year-over-year increase in GDP by 5.6 percent for the second quarter of 2015. Total domestic expenditure increased by 5.4 percent.

Household final consumption increased by 4.5 percent, government final consumption by 0.9 percent and gross fixed capital formation by 23.4 percent. At the same time exports grew by 13.8 percent and imports grew by 14.4 percent.

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