• Statistical Series
• 30. June 2023
• Vol 108, Issue 3
• ISSN: 1670-4770



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Iceland‘s GDP is forecast to grow by 4% this year and by 2.5% in 2024. Last year's economic growth was driven by domestic demand, but this year the contribution of net exports to GDP growth is expected to increase. In the first quarter, GDP increased by 7% from the previous year, but growth is expected to slow as the year progresses. Private consumption increased by 4.9% in the first quarter of the year. Wage increases and high population growth supported private consumption at the beginning of the year. Growth in private consumption is expected to slow down in the coming quarters. It is estimated that private consumption will grow by 2.3% this year and 2.2% in 2024. Public consumption grew by 1.7% in the first quarter of the year and is expected to grow by 2% this year and 1.7% in 2024.