Statistics Iceland releases now the first provisional annual national accounts for 2012. The present figures show that Gross Domestic Product (GDP) increased by 1.6% in real terms. In 2011, GDP increased by 2.9% but decreased by 4.1% in 2010.

In 2012 domestic expenditure increased by 1.9%. Household final consumption increased by 2.7% and gross fixed capital formation by 4.4% while government final consumption decreased by 0.2%. At the same time, exports grew by 3.9% and imports by 4.8%. This resulted in a surplus in the balance on goods and services of 108 billion ISK in 2012 compared with 139 billion ISK in 2011.

The growth in gross fixed capital formation is mostly due to imports of ships and aircraft, with marginal impact on GDP. Excluding ships and aircraft, gross fixed capital formation decreased by 4.7% in 2012.

Gross Domestic Product 2012  - Statistical Series