Iceland’s economic growth slowed marginally in the first quarter, after improving in the previous quarter, preliminary figures from Statistics Iceland showed Tuesday.
Gross domestic product grew 2.9 percent year-over-year in the three months ended March, following a 3.0 percent expansion in the fourth quarter. In the third quarter, the growth rate was 1.7 percent. It was the fourth consecutive quarterly increase.
In the first quarter, total domestic expenditure climbed by 9.9 percent from the previous year. House hold final consumption rose 3.9 percent and government final consumption increased by 1.5 percent.
The gross fixed capital formation surged 23.5 percent, boosted by a 35.9 percent gain in business sector investment.
Exports rose 2.7 percent, but considerably lower than a 17.4 percent growth registered by imports.
On a quarterly basis, the economy contracted a seasonally adjusted 1.5 percent in the March quarter, after a 0.2 percent growth seen in the December quarter.
The material has been provided by InstaForex Company – www.instaforex.com
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