Iceland Economic Indicators
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Iceland Economic growth

(percent, source: The World Bank)


Iceland Economic growth: the rate of change of real GDP: For that indicator, The World Bank provides data for Iceland from 1961 to 2013. The average value for Iceland during that period was 3.69 percent with a minumum of -6.56 percent in 2009 and a maximum of 13.06 percent in 1971.


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Economic growth in Iceland and other countries is calculated as the percent change in the GDP from one year to the next. It measures whether production has increased or decreased, and by how much.

Looking across many countries and over long periods of time, the average rate of economic growth is about 2-3 percent per year. That changes from year to year as the economy goes through recessions and expansions. However, if an economy routinely grows at about 5 percent or more per year, this is a substantial rate of economic growth. Economic growth of 7-8 percent is extraordinary.
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Iceland Economic growth: Compare to other countries


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World Bank definition: Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2005 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.