In 2012 domestic expenditure increased by 1.9%. Household final consumption increased by 2.7% and gross fixed capital formation by 4.4% while government final consumption decreased by 0.2%. At the same time, exports grew by 3.9% and imports by 4.8%. This resulted in a surplus in the balance on goods and services of 108 billion ISK (around 658 million EUR) in 2012 compared with 139 billion ISK (around 847 million EUR) in 2011.
The growth in gross fixed capital formation is mostly due to imports of ships and aircraft, with marginal impact on GDP. Excluding ships and aircraft, gross fixed capital formation decreased by 4.7% in 2012.