BREAKING NEWS

BREAKING NEWS

Iceland's GDP slumps further

Now Reading:

Iceland's GDP slumps further

Text size Aa Aa

Iceland’s financial meltdown continues to batter its economy.

Gross domestic product shrank by 5.7 percent in the third quarter from the second. The annual contraction was 7.2 percent. Investment slumped and consumer spending was also sharply down. After the collapse of its main banks, Iceland is being given billions in aid by the International Monetary Fund and its European neighbours.