Iceland recorded a 4.6 percent growth in its economy in the opening three months of 2013 compared to the final quarter of 2012.
However, despite the growth, Statistics Iceland revealed that investment and consumption figures were down. Inventories was a major factor behind the increase, growing by 4.7 percent, but household consumption only recorded a 0.7 percent rise and investment shrank by 0.6 percent.
The statistics agency said that due to troubles in correcting seasonal variations, it is better to take more notice of the annual comparison. Compared to the same quarter in 2012, growth between January and March slowed to 0.8 per cent, in comparison to an increase of 1.4 percent between October and December last year.
Iceland’s economy grew by 2.9 per cent in 2011 and by 1.6 percent in 2012.
The country’s previous government received widespread recognition for saving it from bankruptcy on the back of its three biggest banks collapsing in 2008; however, voters voting against austerity saw the government lose the general elections in April.
New president Sigmundur Davíð Gunnlaugsson has promised that his government will boost domestic investment and consumption by simplifying the tax code with lower taxes and, therefore, easing the pressure on mortgage holders.
[…] Everybody has a remarkable titillate this week to turn a movement heart in a new, some-more permitted Arctic. Russia’s Sakhalin Island is yet one such entity; it sits between a Eurasian mainland and Japan, distant by dual straits. Tunnels opposite both have been deliberate in a past, yet many hurdles of a many apparent kind mount between source and fulfilment (RBTH). Some Wikipedia digging into this emanate will prerogative a committed reader. A likewise illusory fragrance of construction projects – (1) rail tunnels joining Helsinki to Tallinn, (2) a vital Norwegian pier on a Arctic and rail line joining that pier to Finland, and (3) a execution of rail from St. Petersburg to Vladivostok – could also minister to a estimable change in Finland’s position as a movement heart for products roving worldwide (YLE). In Alaska, Joseph N. Fields III is pulling tough for a enlargement of infrastructure on Alaska’s North Slope to assistance a segment offer as a depart indicate for products and, in particular, LNG roving along Trans-Arctic Shipping Routes (MarineLink – an information-rich article). Murmansk is anticipating for a reason to revitalise a possess hopes of apropos a ride hub; those hopes have dimmed after a shelving of a Shtokman devise (BN). And Iceland, already in an advantaged position as a nautical hub, announced that it had grown 4.6% in Q1 of 2013 vs. 2012 (IceNews). […]