Iceland\\\'s GDP increase 3.5 pct in 2013

Iceland's Gross Domestic Product (GDP) in real terms showed an increase of 3.5 per cent in 2013, according to revised data issued Friday by Statistics Iceland. GDP increased 1.1 per cent in 2012 and 2.7 per cent in 2011, data showed. Growth in 2013 was mainly driven by a large surplus in the balance of trade while the domestic final expenditure decreased slightly. Exports in 2013 grew 6.9 per cent and imports 0.4 per cent which resulted in a 1.3 billion US dollars surplus in the balance of trade in goods and services. The surplus and lower deficit in primary income from abroad resulted in a large current account surplus of 1 billion US dollars or 6.5 per cent of GDP -- the highest surplus recorded since 1945. In 2013, the share of household consumption of GDP was 52.7 per cent, close to the levels before Iceland suffered from the financial crisis in 2008.  The share of gross fixed capital formation was 15.1 per cent of GDP in 2013, the lowest in the past five years, according to shanghaidaily.com