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Iceland finally emerges from recession

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by Kay Mitchell

Iceland has finally emerged from recession after its economy contracted for seven consecutive quarters.

Official figures today from Statistics Iceland revealed the economy grew by 1.2% in the July to September period.

However, on an annual basis, the economy shrank by 1.6%.

The once-thriving financial sector collapsed in October 2008 which led to three of Iceland’s largest banks (Glitnir, Landsbanki and Kaupthing) having to be nationalised at the height of the financial crisis.

This led the Iceland Government to seek billions of dollars worth of aid from the International Monetary Fund, as well as a loan from the European Union to help it survive the financial turmoil.

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News posted: December 7, 2010

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