“In 2009, the financial balance of the general government was 149 billion ISK in deficit or 9.9% of GDP, which can be compared with a deficit of 13.5% of GDP for 2008 (or 0.6% of GDP excluding the 192 billion ISK debt assumption) and a surplus of 5.4% for 2007. This adverse development in 2009 can mainly be explained by a 41 billion ISK decrease in tax revenue, a 49 billion ISK increase in interest payments, a 32 billion ISK increase in social contributions and a 27 billion ISK increase in government final consumption.” Statistics Iceland
We are seeing a 2.0% increase from last quarter. Private and Government final consumption is up and so is Gross fixed capital formation and, surprisingly, Residential construction (observe the major downturn Q1 2009 where it reaches -40.9%). Business sector investment measures -5.7%. Government services are up 19.5%. Gross domestic final expenditure measures -2.1%.
Exports increase by 11.6%; goods 4.0% and services 28.0%. Imports increase by 5.0%; goods 6.5% and services 2.0%. Balance on goods is 32.5 billion, Balance on services 11.5 billion and Balance of trade 44.1 billion.
Figures are not seasonally adjusted. For more information, visit our main web.