Thursday - 11 September 2008
Gross Domestic Product 2007 - RevisionStatistics Iceland has now released a revision of the annual national accounts for 2007. The figures show Gross Domestic Product (GDP) in 2007, amounting to 1,293 billion ISK. In real terms, GDP grew at a rate of 4.9% after a 4.4% growth in the year before.
The growth in GDP in the previous year can mainly be explained by 11% growth in exports (considerably more if export of aircraft is included, or 18%) and by 4.3% growth in household final consumption. At the same time fixed capital formation declined by 13.7% and imports by 1.4%. This development is quite different from previous four years when growth in GDP was mainly driven by growth in household final consumption and fixed capital formation.
Unchanged terms of trade from previous year together with improvements on current account balance led to a higher growth in Gross National Income (GNI) than in GDP in 2007, or 7.8% after 1.6% growth in the year before.
Gross Domestic Product 2007 - Revision - publication