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Leadership
Iceland’s economy continues to contract
08.12.2009
Recession-gripped Iceland has continued to suffer the effects of its banking crisis, with the latest economic figures revealing that the country’s economic output slumped at the fastest pace on record during the third quarter.
Figures from Statistics Iceland showed that Iceland’s gross domestic product (GDP) fell 5.7pc between July and September, compared to the previous quarter.
The economy shrank 7.2pc year-on-year during the third quarter.
At the same time, total domestic expenditure de-creased by 2.1pc in real terms, while government final consumption decreased by 4.5pc and gross fixed capital formation fell by 7.3pc.
Household final consumption, however, grew by 2.8pc compared with the second quarter.
While exports rose by 1.3pc, imports rose noticeably more by 12.9pc.
Iceland has already sought aid from the International Monetary Fund (IMF) and the European Union.
The country’s economy went into meltdown last year when its banks collapsed under the weight of their debts.
The OECD has forecast that Iceland’s economy will continue to contract in 2010.
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Owner Manager is the latest title from the BusinessandLeadership.com stable. It focuses specifically on the needs of the business owner, offering both strategic and practical features and information related to running your own business.
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