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Wednesday, March 9, 2011

Iceland economy contracted last quarter

Wednesday, March 9, 2011
According to the Statistical Office of Iceland, the country's economy last year and 1.5 percent in the fourth quarter narrowed compared to the previous quarter.

Iceland's economy last year, narrowed 3.5 percent from the previous year.
In 2009, shrinking 6.9 percent of the country's gross domestic product (GDP) last year and 3.5 percent of total 'le narrowed above expectations.
The Government of Iceland, last year was estimated to contraction by 3 percent for the country's economy.
Economists of the country will grow in the range of 2.8 to 1.9 percent this year, predicts GSYH'sinin.
Iceland's three major banks with the global economic crisis, a few days apart in October of 2008 had failed.
Prior to the global crisis due to high interest investing their money in the bank IceSave British and Dutch investors, the bank's failure in October 2008 lost a total of $ 5.3 billion.
British depositors for $ 5.3 billion to 3.5 billion dollars, 1.8 billion dollars is for the Dutch depositors. 
Icesave'e back on the payments, between Iceland and Britain had caused a diplomatic dispute.

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