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DROP / 37855d52-5584-40cd-9374-862d2cabdf7a / What years during the 70s was there an oil or energy crisis?

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What years during the 70s was there an oil or energy crisis?
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During the 1970s the oil shocks (1973 oil crisis and 1979 energy crisis) hit Iceland hard. Inflation rose to 43% in 1974 and 59% in 1980, falling to 15% in 1987 but rising to 30% in 1988. Iceland experienced moderately strong GDP growth (3% on average) from 1995 to 2004. Growth slowed between 2000 and 2002, but the economy expanded by 4.3% in 2003 and grew by 6.2% in 2004. Growth in 2005 exceeded 6%. Inflation averaged merely 1.5% from 1993 to 1994, and only 1.7% from 1994 to 1995. Inflation over 2006 topped at 8.6%, with a rate of 6.9% as of January 2007. Standard & Poors reduced their rating for Iceland to AA- from A+ (long term) in December 2006, following a loosening of fiscal policy by the Icelandic government ahead of the 2007 elections. Foreign debt rose to more than five times the value of Icelands GDP, and Icelands Central Bank raised short-term interest rates to nearly 15% in 2007. Due to the plunging currency against the euro and dollar, in 2008 inflation was speculated to be at 20-25%.

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Source and history

upstream_id / Original problem ID
37855d52-5584-40cd-9374-862d2cabdf7a
task_id
b1b9725b-d581-51ab-afd0-2cb0a87b6f10
task_key
default--validation--37855d52~2d5584~2d40cd~2d9374~2d862d2cabdf7a
task_revision_id
1
config / split
default / validation

Official source

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