Consumption in Iceland

Iceland Consumption | Economic News & Forecasts

Iceland - Consumption

The economic recovery likely continued in the second quarter, after the economy contracted at the softest pace since the outset of the pandemic in Q1. The unemployment rate decreased throughout Q2, which, coupled with upbeat consumer sentiment, should have boosted private consumption. Moreover, merchandise exports and imports expanded at healthy rates, signaling an improvement in demand dynamics—despite the supportive base effect—and the rebound in tourist arrivals should have further supported activity in Q2. Moving to the current quarter, household spending likely continued to firm, with the unemployment rate dropping to a 17-month low in July. However, despite the speedy vaccination drive, daily infection rates surged in mid-July, forcing authorities to tighten some international travel and entry restrictions, which could weigh on the nascent recovery of the all-important tourism industry.

Iceland - Consumption Data

2015   2016   2017   2018   2019  
Consumption (annual variation in %)4.5  7.2  8.1  4.7  1.6  

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Iceland Consumption Chart

Iceland Consumption
Note: Annual variation of total consumption in %.
Source: Statistics Iceland and FocusEconomics calculations.

Iceland Facts

Value Change Date
Bond Yield3.45-0.99 %Dec 31
Exchange Rate121.1-0.52 %Jan 01

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