landsframleiðslu

Landsframleiðsla is the term used in Icelandic for gross domestic product (GDP). It represents the total monetary value of all final goods and services produced within a country's borders during a specific period, typically a quarter or a year. GDP serves as a broad measure of the size of an economy and is used to compare economic activity over time or between countries.

GDP can be calculated using different approaches. The expenditure approach adds together consumption, investment, government spending, and net exports (exports minus imports). The production approach sums the value added at each stage of production, and the income approach aggregates incomes generated in the production process. GDP can be measured in current prices (nominal GDP) or adjusted for price changes to reflect real economic growth (real GDP). Real GDP growth isolates changes in volume, removing the effects of inflation, often using a chain-based price index.

GDP is used to assess economic performance, track business cycle fluctuations, and compare living standards over time or across nations. Per capita GDP, GDP growth rates, and GDP at purchasing power parity are common related indicators. However, GDP has limitations: it excludes non-market activity, unpaid work, and environmental factors; it does not directly measure distribution of income or well-being; and methodological differences can affect international comparisons.

In Iceland, official estimates are produced by Hagstofa Íslands (Statistics Iceland) and published for quarterly and annual periods. These data underpin policy analysis, macroeconomic forecasting, and international reporting.