Current Account in Iceland

Iceland Current Account | Economic News & Forecasts

Iceland - Current Account

Economic indicators from the second quarter make for grim reading. Tourist arrivals plummeted in annual terms, depressed by WOW Air’s bankruptcy in March which limited airline capacity. This appears to have had a knock-on effect on the labor market, with the unemployment rate spiking to an over four-year high in May on a loss of jobs related to the tourism sector. Moreover, construction investment in the tourism sector likely suffered. Making matters worse, the total fish catch in the second quarter fell by roughly 20% year-on-year amid a drop in stocks; fish and fish-related products are a key export. This comes after growth slowed markedly in Q1 owing to a sharp contraction in fixed investment—also likely affected by trouble at WOW Air—and slower private consumption growth.

Iceland - Current Account Data

2013  2014  2015  2016  2017  
Current Account (% of GDP)5.9  3.8  5.2  7.7  3.5  

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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

ValueChangeDate
Bond Yield3.88-0.99 %Jul 31
Exchange Rate122.0-0.52 %Jul 31
Stock Market1,476-0.32 %Jul 31

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