Statistics Iceland releases now a new issue of Statistical Series within the category of National Accounts. This issue presents preliminary annual national accounts for 2005. 

The present figures show Gross Domestic Product (GDP) in 2005 amounting to 1,012 billion ISK. In real terms, GDP grew at a rate of 7.5% after 7.7% growth in the year before. The rate of growth of Gross National Income (GNI) in 2005 was a little higher or 8.6% owing to a slight improvement in terms of trade and reduction in net outflow of primary income.

The growth in GDP in 2005 can mainly be explained by 12.3% growth in household final consumption and 37.6% growth in fixed capital formation. This was mainly offset by a considerable growth in imports, which increased by 28.9% in real terms, with the consequences that the balance on current account became negative by 161 billion ISK, 15.9% of GDP. The developments of the main aggregates of GDP in 2005 were in many ways similar to those of the year before.

Gross Domestic Product 2005 - Preliminary figures - Statistical Series

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