Statistics Iceland releases now a new issue of Statistical Series within the category of National Accounts. This issue presents the first provisional annual national accounts for 2004.
The results show Gross Domestic Product (GDP) in 2004 amounting to 859 billion ISK. In real terms, GDP grew at a rate of 5.2% after 4.2% growth in the year before. The growth rate of Gross National Income (GNI) was a little lower or 4.6%.
The growth in GDP during the last year can mainly be explained by 7.5% growth in household final consumption and 12.8% growth in fixed capital formation. This was mainly offset by a considerable growth in imports which increased by 14.3 %
in real terms with the consequences that the balance on current account became negative by almost 70 billion ISK, 8.1% of GDP. The growth in domestic final expenditure turned out to be 7.7% in real terms exceeding the GDP growth rate by a large margin.
Gross Domestic Products 2004 - provisional data - publication