GDP in Iceland
Iceland - GDPAfter suffering the second-sharpest contraction on record in Q2, the economy started to show tentative signs of recovery towards the end of Q3. Consumer confidence shot up in September from August’s near-decade low, while exports rebounded strongly in the same month to their highest value since October 2019. However, the unemployment rate ticked up to a four-month high in September, likely capping private consumption. Moreover, overnight stays decreased at a sharper rate in September than in August, pointing to a still-subdued tourism sector. Turning to Q4, new Covid-19-related restrictions were implemented in early October due to a rapid surge in new cases, which will likely hamper economic activity in the quarter. Meanwhile, on the political front, on 1 October, the government tabled the 2021 draft budget, which focuses on improving healthcare, welfare and education, while easing the tax burden.
Iceland - GDP Data
|Economic Growth (GDP, annual variation in %)||4.7||6.6||4.5||3.8||1.9|
5 years of economic forecasts for more than 30 economic indicators.
Iceland GDP Chart
Source: Statistics Iceland and FocusEconomics calculations.
|Bond Yield||3.45||-0.99 %||Dec 31|
|Exchange Rate||121.1||-0.52 %||Jan 01|
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