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Financial News: Iceland Economy Recovers In Q2

Iceland Economy Recovers In Q2

08/30/2019 - 08:05:00 (RTTNews)

(RTTNews) - Iceland's economy expanded in the second quarter on household and government spending, data from Statistics Iceland showed Friday.

Gross domestic product expanded 1.4 percent year-on-year in the second quarter, reversing a 0.9 percent fall in the first quarter.

Likewise, on a quarterly basis, GDP grew 2.8 percent sequentially, in contrast to a 2.4 percent fall in the first quarter.

The expenditure-side breakdown of GDP showed that household spending increased by 2.2 percent and government expenditure increased by 3.1 percent. Meanwhile, gross fixed capital formation plunged 14.2 percent.

External trade contributed positively to the economic growth due to greater decrease of imports than exports. The balance of trade in goods and services was ISK 9.4 billion.

Another report from the statistical office showed that producer prices fell 1 percent in July from June but increased 5.9 percent from the same period last year.

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