Brighter Economic Outlook for Iceland Skip to content

Brighter Economic Outlook for Iceland

The trade balance in Iceland was positive by ISK 7.6 billion (USD 64 million, EUR 48 million) in November 2011, according to Statistics Iceland. Icelandic exports amounted to ISK 53.2 billion, whereas imports amounted to ISK 45.7 billion.

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Copyright: Icelandic Photo Agency.

The first ten months of the year, the trade balance was positive by ISK 85.5 billion, or USD 715 million (EUR 537 million).

This is not the only positive sign in Iceland’s economy. In Q3, the economy grew by 4.7 percent, as stated on the website of Statistics Iceland, which was the second-highest economic growth within the OECD and by far a better result than most European nations.

The economy of the European Union grew a paltry 0.2 percent in July, August and September, according to Eurostat, the statistical office of the EU, yet it did not include Italy and Greece, the countries currently facing the most serious financial problems.

The UK economy grew by 0.5 percent, driven by stock building and government spending.

Q3 financial performance in Iceland saw the strongest result since Q1, 2008. The main reason for this positive result, according to Statistics Iceland, was a growth in export by 6.8 percent.

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