I read a paper about a financial accelerator and rating agencies (later on Econoblog'e), came across a phrase that: Iceland’s small North Atlantic economy has historically seen high volatility, not just in GDP but also in private consumption growth. I was ready to take my word for it, but suddenly decided to check. Turns out, really, quite funny volatility. Oslbenno, as for the share of consumption in GDP.
from left to right: real GDP, year-on-year and share of consumption in GDP. Northern Europe was chosen as a benchmark in UN terminology.
