The Icelandic economy grew 1.1% year-on-year in the first quarter in real terms, the Statistics Iceland said Thursday. This is significantly slower compared to 4.6% growth seen in the fourth quarter. On a seasonally adjusted basis, gross domestic product rose 1.2%, slower than 4.6% recorded in the previous quarter.
The seasonally adjusted GDP fell 3.7% quarter-on-quarter, reversing a 0.3% rise in the quarter before.
In the fourth quarter, total domestic expenditure increased 1.2% year-on-year in real terms. Exports rose 0.2% and imports climbed 0.4% during this period.
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