Consumption in Iceland
Iceland - ConsumptionGDP likely grew at a robust pace in Q1 2022. Private spending should have increased thanks to the complete removal of Covid-19 restrictions in February, coupled with unemployment falling to its pre-pandemic level. Moreover, the recovery of the tourism sector continued, with total hotel stays and foreigner growing hugely year on year in the quarter. Turning to Q2, momentum is likely weakening. In April, the spike in global commodity prices pushed up producer prices to an over decade high, hitting the industrial and external sectors. The tourism industry is also now feeling the impact of the Ukraine war: Annual growth of total hotel stays and foreigner stays softened in April. Meanwhile, red-hot inflation threatens to offset the boost to activity from the fall in unemployment registered in April by dampening household spending in Q2.
Iceland - Consumption Data
|Consumption (annual variation in %)||4.5||7.2||8.1||4.7||1.6|
5 years of economic forecasts for more than 30 economic indicators.
Iceland Consumption Chart
Source: Statistics Iceland and FocusEconomics calculations.
|Bond Yield||3.45||-0.99 %||Dec 31|
|Exchange Rate||121.1||-0.52 %||Jan 01|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.