Iceland GDP Growth RateIceland GDP Growth RateIceland GDP Growth Rate

Iceland GDP Growth Rate

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Key data points


Last release
Observation period
Q2 2024
Next release
Forecast
Highest
9.70% on Jun 30, 1998
Lowest
−10.00% on Mar 31, 2009

About Iceland GDP Growth Rate


Category
GDP
Frequency
Quarterly
Units
%
Iceland's economy depends heavily on the fishing industry, which provides 40 percent of export earnings, more than 12 percent of GDP, and employs nearly 5 percent of the work force. Its economy has been diversifying into manufacturing and service industries in the last decade, particularly within the fields of software production, biotechnology, and tourism. On the expenditure side, household consumption is the main component of GDP and accounts for 53 percent of its total use, followed by government expenditure (24 percent) and gross fixed capital formation (17 percent). Exports of goods and services account for 54 percent of GDP while imports account for 47 percent, adding 7 percent of total GDP.