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Iceland's GDP growth decelerates in 2014

Xinhua, March 10, 2015 Adjust font size:

Iceland saw its Gross Domestic Product (GDP) in real term increased by 1.9 percent in 2014, much lower than in 2013 at 3.6 percent, according to the preliminary annual national accounts for 2014 released on Tuesday by Statistics Iceland.

The gross domestic expenditure which increased by 5.3 percent in 2014 was the main drive force of the economic growth.

Household consumption increased by 3.7 percent, accounting for 52.6 percent of GDP in 2014. Government consumption increased by 1.8 percent, amounting to 24.3 percent of GDP.

However, a reduced trade balance surplus encumbered the GDP growth. Exports grew by 3.1 percent and imports increased by 9.9 percent in 2014, resulting in the balance of trade in goods and services decreased to a surplus of 128 billion Icelandic krona (938 million U.S. dollars), down from a surplus of 154 billion Icelandic krona in 2013. (1 Icelandic krona = 0.00733 U.S. dollars) Endit