Statistics Iceland releases now the first provisional annual national accounts for 2006. The present figures show Gross Domestic Product (GDP) in 2006 amounting to 1,142 billion kronur. In real terms, GDP grew at a rate of 2.6% after 7.2% growth in the year before.

The growth in GDP during last year can mainly be explained by 4.6% growth in household final consumption and 13.0% growth in fixed capital formation. This was mainly offset by a growth in imports, which increased by 8.8% in real terms. At the same time exports declined by 5.6% with the consequences that the balance on current account became negative by 303 billion ISK, 26.5% of GDP. In 2005 the balance on current account was negative by 163 billion ISK, 16% of GDP.

Regardless of some improvements in terms of trade, a considerable growth in net outflow of primary income led to a decline in Gross National Income (GNI) by 1.7% after 8.1% growth in the year before.

Gross Domestic Product 2006 - Provisional data  - publication

Statistics