Statistics Iceland now releases a new issue of Statistical Series within the category of National Accounts. This issue presents the preliminary annual national accounts for 2003, replacing provisional data of March 2004. The present figures show Gross Domestic Product (GDP) in 2003 amounting to 811 billion ISK. In real terms, GDP grew at a rate of 4.3% after a negative growth rate of 0.5% the previous year.
The growth in GDP during the last year can mainly be explained by more than 6% growth in household final consumption and 18% growth in fixed capital formation. This was mainly offset by a considerable growth in imports of goods and services, which increased by almost 10% in real tems with the consequences that the balance on goods and services became negative by almost 24 billion ISK, 2,9% of GDP.
Gross Demestic Products 2003 - Preliminary figures - publication