Iceland’s economy shows signs of rebounding as second-quarter GDP figures reveal a significant reduction in contraction. Updated data as of August 30, 2024, indicates that the GDP has contracted by only -0.3%, a dramatic improvement from the -4.0% contraction recorded in the first quarter of 2024.This quarterly shift highlights a notable easing in the country’s economic downturn. When comparing year-over-year performance, this updated figure suggests that the economic measures and recovery strategies implemented by Iceland may be gaining traction, offering hope for further stabilization and growth in the upcoming quarters.Economists and analysts will be closely watching these trends as Iceland’s economy appears to be on a gradual path to recovery. The reduced rate of GDP contraction in Q2 marks a crucial step forward for the nation as it seeks to navigate and emerge from a challenging economic period.The material has been provided by InstaForex Company – www.instaforex.com
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