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March 8, 2011    

Iceland’s economy contracts in Q4

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by Kay Murchie

Official figures today from Statistics Iceland revealed the economy contracted 1.5% in the October the December period.

The figures come after the economy grew for the first time in the third quarter after contracting for seven consecutive quarters.

The small economy of Iceland only emerged from its deep recession in the third quarter of last year and should the economy see a further contraction in quarter one, it will be pushed back into recession.

Meanwhile, for the whole of 2010, GDP fell 3.5% - albeit, much less than the 6.9% fall the previous year.

The country’s 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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