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Iceland’s economy contracted by 0.3% year-on-year in the second quarter of 2024, marking the second consecutive period of decline but cooling significantly from a revised 3.5% drop in the previous period. The decline was primarily due to a reduction in household expenditures (-0.9% vs. 0.2% in Q1), driven by decreased consumption of durable goods, such as car purchases. Net trade also negatively impacted GDP, with exports decreasing by 2.2% (vs. -1.9%) and imports growing by 2.9% (vs. 0%). However, this was nearly offset by a sharp increase in fixed investments (4.6% vs. 3.4%), driven by higher business investments (7.1%) and residential construction (3.4%). Government spending also rose (2.7% vs. 1.8%). On a seasonally adjusted quarterly basis, GDP expanded by 1.7%, rebounding sharply from a 1% decline in the previous quarter and marking the fastest growth in one-and-a-half years.