Iceland

Iceland GDP per capita (EUR)

Annual economic growth more than halved to 3.1% in the final quarter of 2022 from 7.5% in the prior quarter. The slowdown was largely due to private consumption growth tapping on the breaks amid elevated price pressures. However, a robust labor market largely prevented a sharper deceleration. Public spending and fixed investment growth also slowed in Q4 from the prior three months, while the external sector lost notable steam: The rate of growth in exports of goods and services more than halved in October–December. More positively, underlying momentum strengthened at a more robust sequential pace of 2.2% in Q4 (Q3: +0.2% s.a. qoq). The dynamics in Q1 2023 are likely challenging. Price pressures intensified through February, and the Central Bank responded by accelerating the pace of monetary policy tightening, delivering a cumulative 150 basis points of rate increases in February and March.

Iceland GDP per capita (EUR) Data

2017 2018 2019 2020 2021
GDP per capita (EUR) 64 64 61 51 58

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