Friday - 6 February 2004
National accounts - production approach 1997-2000
Statistics Iceland has released figures on GDP for the period 1997-2000 based on the production approach. Figures are presented both at current and constant prices and as volume indices. The breakdown by activities follows ISAT95 which is the Icelandic equivalent to NACE rev.1 classification, down to 5 digit level.
Prior to this press release, Statistics Iceland had presented comparable figures for the period 1997-1999 at current prices. Based on these new data, earlier estimates for the years 2001-2002 have now been revised.
The value added originating in individual activities is divided between compensation of employees and operating surplus. For the economy as a whole, the sum shows the distribution of value added between labour and capital. For the last two years available, 1999 and 2000, the results show share of labour to be 69-70%, which is a considerable increase from previous years. Estimates for 2001 show a slight downturn of the labour share but some increase again in 2002. The new figures on the labour share are more or less in line with earlier estimates by Statistics Iceland as published in September 2003.
Despite the new figures presented here the figures on GDP and its individual expenditure components, like household final consumption, gross fixed capital formation etc, remain unchanged now. The next regular publication from Statistics Iceland on national accounts will be released on 19 March 2004 when the first annual national accounts data for 2003 will appear. Then GDP figures for previous years will be revised following the routine revision process.