The economy of Iceland expanded 2.6 percent on quarter in the last three months of 2016, slowing from a downwardly revised 4.5 percent expansion in the previous period but marking the fourth consecutive quarter of growth. Exports slowed (2.7 percent compared to 4.8 percent in Q3) and imports went up 0.7 percent, recovering from a 1.6 percent drop in Q3. In contrast, household spending rose faster (2.5 percent compared to 0.6 percent in Q3) and gross fixed capital formation also increased more (4.3 percent compared to 1.1 percent in Q3) while government consumption growth was steady at 0.4 percent. Year-on-year, the economy advanced 11.3 percent, the highest growth rate since the last quarter of 2007. Considering full 2016, the GDP expanded 7.2 percent, above 4.1 percent in 2015. GDP Growth Rate in Iceland averaged 0.86 percent from 1997 until 2016, reaching an all time high of 6.20 percent in the second quarter of 1998 and a record low of -8.90 percent in the first quarter of 2009.
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Iceland’s Scandinavian-type social-market economy combines a capitalist structure and free-market principles with an extensive welfare system, including generous housing subsidies. The economy is highly affected by fluctuations in world prices for its main exports: fish and fish products, aluminum, and ferrosilicon. 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. This page provides – Iceland GDP Growth Rate – actual values, historical data, forecast, chart, statistics, economic calendar and news. Iceland GDP Growth Rate – actual data, historical chart and calendar of releases – was last updated on March of 2017.