Iceland's GDP growth forecast slows to 0.1 pct for 2024

HELSINKI, Nov. 4 (Xinhua) -- Iceland's economy is expected to grow by a mere 0.1 percent in 2024, a sharp drop from an earlier forecast of 0.9 percent, Statistics Iceland announced Monday.

While the country's gross domestic product (GDP) expanded by 5 percent in 2023, the first half of this year saw a contraction of 1.9 percent, mainly due to declining foreign trade and a slump in marine exports.

Recovery is projected in the second half, with improvements in foreign trade and a modest rise in private consumption expected to provide a lift.