In real terms, non-seasonally adjusted estimates indicate a year over year (YOY) decline in Gross Domestic Product (GDP) of 0.1% for the 1st quarter of 2014. Total domestic final expenditure increased by 2.1%. Household final consumption increased by 3.9%, government final consumption by 2% and gross fixed capital formation by 17.6% over the same period. At the same time balance of trade in goods and services worsened, exports grew by 6.2% and imports grew by 11.9%.

In September 2014, together with the publishing of revised figures for 2013, Statistics Iceland will implement the new European System of National and Regional Accounts (ESA 2010).  Information about the changes has been published on the Statistic Iceland’s website under NEW STANDARDS.

Quarterly national accounts, 1st quarter 2014 - Statistical Series

Statistics (see Quarterly GDP 1997-2014)