Iceland’s gross domestic product (GDP) decreased by 3.5 percent last year, according to Statistics Iceland. This is a considerably lower contraction than in 2009, when it amounted to 6.9 percent. GDP grew at a rate of 1.4 percent in 2008.
Copyright: Icelandic Photo Agency.
The recession of the past two years follows continued economic growth since 1993, visir.is reports.
In 2010, domestic expenditure decreased by 2.5 percent. Household final consumption decreased by 0.2 percent, government final consumption by 3.2 percent and fixed capital formation by 8.1 percent.
At the same time, exports grew by 1.1 percent and imports by 3.9 percent. This resulted in a surplus in the balance on goods and services of 162 billion ISK in 2010 compared with 129 billion ISK in 2009.