Icelandic Economy Expands In The Second Quarter

Sep 14, 2007 - Iceland's gross domestic product or GDP increased seasonally adjusted 2.2% year-over-year in the second quarter after a 0.9% downturn in the first quarter, the statistical office reported Friday.

In real terms, the GDP grew 2.5% from previous year. Total domestic expenditure remained almost unchanged in the first quarter of 2007, compared to the same quarter of 2006.

The statistical office noted that exports decreased by over 3% year-over-year in the first quarter and imports by almost 7%.