The GDP in Iceland is believed to have grown by 3.3 percent in real value from the third to fourth quarter of 2009. At the same time the national expenditure increased by 2.7 percent, private consumption by 1.4 percent and investment by 16.6 percent.
Copyright: Icelandic Photo Agency.
Public consumption dropped by 1.1 percent between quarters, while export increased by three percent and import by 1.5 percent, visir.is reports.
According to Statistics Iceland, GDP decreased in real value by 6.5 percent when the entire year of 2009 is taken into account.
The recession occurred after continued economic growth since 1993 and is the highest recession measured since national accounts were first made in Iceland in 1945.
The economic growth in 2008 measured around one percent.
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