Statistics Iceland releases now a new issue of Statistical Series within the category of National Accounts. This issue presents preliminary annual national accounts for 2004.
The results show Gross Domestic Product (GDP) in 2004 amounting to 885 billion ISK. In real terms, GDP grew at a rate of 6.2% after 3.6% growth in the year before. The growth rate of Gross National Income (GNI) was somewhat lower or 4.9% owing to unfavourable developments of the terms of trade vis-à-vis other countries and net outflow of property income.
The growth in GDP during the last year can mainly be explained by 6.9% growth in household final consumption and 21.0% growth in fixed capital formation. This was mainly offset by a considerable growth in imports which increased by 14.2% in real terms with the consequences that the balance on current account became negative by almost 73 billion ISK, 8.2% of GDP. The growth in domestic final expenditure turned out to be 8.4% in real terms exceeding the GDP growth rate by a large margin.
Parallell to this regular presentation of national accounts data Statistics Iceland has now completed a major revision of national accounts data stretching back to 1990 as further explained in the Statistical series.
Gross Domestic Products 2004 - provisional data - publication