Statistics Iceland releases now the first provisional annual national accounts for 2005. The present figures show Gross Domestic Product (GDP) in 2005 amounting to 996 billion kronur. In real terms, GDP grew at a rate of 5.5% after 8.2% growth in the year before. The rate of growth of Gross National Income (GNI) in 2005 was a little higher or 6.7% owing to some improvements in terms of trade and reduction in net outflow of primary income.

The growth in GDP during the last year can mainly be explained by 11.9% growth in household final consumption and 34.5% growth in fixed capital formation. This was mainly offset by a considerable growth in imports, which increased by 28.4% in real terms, with the consequences that the balance on current account became negative by 162 billions kronur, 16.3% of GDP. The developments of the main aggregates of GDP in 2005 were in many ways similar to those of the year before.

Parallel to this regular presentation of national accounts data, Statistics Iceland has now completed the allocation of FISIM according to the European Commission Regulation and Eurostat recommendations as far as data sources permit.

Gross Domestic Products 2005 - provisional data - publication

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