Iceland posts modest GDP drop, bigger falls seen

Iceland’s economy shrank only a modest 0.9 percent in the fourth quarter, data showed on Friday, masking the full effects of a financial meltdown because of the nature of the way the numbers are calculated.

In an ironic twist, the failure of Iceland’s currency could be seen to have had a positive effect on gross domestic product (GDP). The currency’s problems in October prompted a sharp fall in imports as Icelanders were unable to buy goods from abroad.

From Forbes

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