Current Account in Iceland
Iceland - Current AccountGDP likely grew at a robust pace in Q1 2022. Private spending should have increased thanks to the complete removal of Covid-19 restrictions in February, coupled with unemployment falling to its pre-pandemic level. Moreover, the recovery of the tourism sector continued, with total hotel stays and foreigner growing hugely year on year in the quarter. Turning to Q2, momentum is likely weakening. In April, the spike in global commodity prices pushed up producer prices to an over decade high, hitting the industrial and external sectors. The tourism industry is also now feeling the impact of the Ukraine war: Annual growth of total hotel stays and foreigner stays softened in April. Meanwhile, red-hot inflation threatens to offset the boost to activity from the fall in unemployment registered in April by dampening household spending in Q2.
Iceland - Current Account Data
|Current Account (% of GDP)||5.2||7.7||3.6||3.0||6.0|
5 years of economic forecasts for more than 30 economic indicators.
Iceland Current Account Chart
Source: Central Bank of Iceland.
|Bond Yield||3.45||-0.99 %||Dec 31|
|Exchange Rate||121.1||-0.52 %||Jan 01|
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