The preliminary annual national accounts for 2015 show a 4% increase in Gross Domestic Product (GDP) in real terms. In 2014, GDP increased by 2% and by 4.4% in 2013. The economic growth in 2015 is mainly driven by a large increase in the gross domestic final expenditure which increased by 6.3%, the largest increase since 2006. Despite a large foreign trade surplus in 2015, a higher growth in imports compared to that of exports contributed to a decreased growth in GDP.

Household final consumption increased by 4.8%, government final consumption by 1.1% while gross fixed capital formation increased by 18.6%. At the same time, exports grew by 8.2% and imports increased by 13.5%. This resulted in a 155 billion ISK surplus in the balance of trade in goods and services in 2015 compared to 124 billion ISK in 2014.

The increased surplus in the balance of trade in 2015 and 14 billion ISK lower deficit in primary income from abroad, according to preliminary figures from the Central bank of Iceland, results in a large current account surplus, or 135 billion ISK or 6.1% of GDP, compared to current account surplus of 90 billion ISK or 4.5% of GDP in 2014.

During 2015 the terms of trade improved by 3.9% of GDP of the previous year having a similar impact on Gross National Income (GNI). This development and the positive current account balance led to 8.7% growth in GNI compared to 3.4% growth in 2014.

Gross Domestic Product 2015 - Statistical Series

Statistics