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Private consumption increases

The National Statistical Institute of Iceland, Hagstofa or Statistics Iceland, has released new quarterly national accounts for the 1st quarter of 2005.

Hagstofa finds that national expenditures increased 11.1 per cent year over year, with private consumption rising 9.4 per cent since last year. At the same time, the growth rate of the Gross Domestic Product (GDP) was “substantially lower” at 2.9 per cent, the lowest increase in GDP since the recession of 2002. Imports increased by 18 per cent while exports decreased by 3 per cent.

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