Financial News: Iceland Economic Growth Strongly Rises In Q4

Iceland Economic Growth Strongly Rises In Q4

02/28/2025 - 09:47:00 (RTTNews)

(RTTNews) - Iceland's economic growth improved significantly in the fourth quarter of 2024, largely driven by investments, preliminary data from Statistics Iceland showed on Friday.

Gross domestic product grew 2.3 percent year-on-year after a 0.4 percent increase in the third quarter. The Icelandic economy expanded for a third quarter in a row and the pace of growth was the fastest since the final three months of 2023. Gross fixed capital formation increased 15.6 percent following a 1.5 percent rise in the previous quarter. Meanwhile, private consumption growth slowed to 0.8 percent from 1.5 percent.

Gross domestic final expenditure grew 6.1 percent. Exports rose 1.4 percent and imports increased 10.5 percent.

In the full year 2024, the economy expanded 0.6 percent, mainly led by gross fixed capital formation. In 2023, growth was 5.6 percent. The <a href=https://www.rttnews.com/3509644/iceland-central-bank-cuts-rates-for-third-time.aspx target=_blank >Icelandic central bank lowered the GDP growth forecast</a> for this year to 1.6 percent from 1.9 percent in the latest monetary policy bulletin released earlier this month. Growth is expected to rebound to 2.6 percent next year and 3 percent in 2027.

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