Abstract or Introduction
From 1971 to 2006, terms of trade changes had a negative and rather small effect on welfare in Iceland. For this covered period, the average yearly percentage growth of Iceland’s terms of trade was minus 0.21%. The time series diagram and the time trend line show this downward trend of Iceland’s terms of trade. The yearly average percentage change in GDP due to terms of trade was minus 0.05%. This effect is very small compared to the actual 24.34% average annual growth of Iceland's GDP (EconLit F110, F140, O470).
- Quote paper
- Maxime Dessy (Author), 2008, The Effect of Terms of Trade Changes on Welfare in Iceland, Munich, GRIN Verlag, https://www.grin.com/document/145291
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