Current Account in Iceland

Iceland Current Account | Economic News & Forecasts

Iceland - Current Account

The economy will have contracted sharply in annual terms in the second quarter of the year, despite the easing of containment measures in May, after contracting mildly in the first quarter. Overnight stays fell by around 90% in April–May compared to the same period a year earlier on a collapse in international travel. Moreover, in May, the number of hours worked in seasonally-adjusted terms fell for the seventh consecutive month to the lowest level since current records began in January 2003, while the unemployment rate rose to the highest level since January 2014; both of these developments will have hampered private consumption in Q2. In terms of fishing, the total catch fell 3% in annual terms in May, and was down 12% in the 12 months leading up to May. In other news, Iceland reopened its borders in late June, with Covid-19 tests required for all arrivals, meaning the tourism sector should slowly begin to regain its footing.

Iceland - Current Account Data

2015   2016   2017   2018   2019  
Current Account (% of GDP)5.2  7.7  3.6  3.0  6.0  

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Iceland Current Account Chart

Iceland Current Account
Note: Current account balance as % of GDP.
Source: Central Bank of Iceland.

Iceland Facts

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

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