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Iceland's GDP predicted to grow by 4 pct in 2016

Xinhua, February 29, 2016 Adjust font size:

Iceland's Gross Domestic Product (GDP) was predicted to grow by 4 percent in 2016 due to strong growth of private consumption and investment, according to latest economic forecast released Monday by Statistics Iceland.

The statistics further showed Iceland's economy is predicted to grow by 4 percent in 2016 and 3.1 percent in 2017 followed by yearly growth of 2.7 to 2.9 percent from 2018 to 2021.

In 2016, private consumption, driven by sharply increasing disposable income, is expected to increase by 5.2 percent and investment by 13.2 percent. In 2017, private consumption is expected to grow by 4.2 percent and investment by 7.7 percent.

From 2018 through 2021, the forecast expected yearly GDP and private consumption growth of nearly 3 percent, while investment growth will decline.

Inflation is forecast at 2.5 percent in 2016, and is expected to rise to 3.9 percent in 2017 and decline from 2018 to 2021. Enditem