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Iceland's Economy Expands 3.5% In Q3

Iceland's economy recorded a marked growth in the third quarter, after contracting in the previous quarter, preliminary data from Statistics Iceland showed Friday.

Gross domestic product increased a seasonally adjusted 3.5 percent quarter-over-quarter in the third quarter, after falling 6.1 percent in the second quarter. In the first quarter, the economy grew modestly by 0.6 percent.

Driving the overall growth, exports increased 5.3 percent sequentially. Meanwhile, domestic final consumption expenditure decreased 0.8 percent, and public consumption expenditure dropped by 0.3 percent. Gross fixed capital formation was lower by 19.4 percent compared to the second quarter, data showed.

On an annual basis, GDP increased 2.1 percent during the three months ended September, reversing the the second quarter's 0.5 percent decrease.

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