Current Account in Iceland

Iceland Current Account | Economic News & Forecasts

Iceland - Current Account

The economy shrank at a historic 9.3% rate in the second quarter, following the first quarter’s softer drop, according to preliminary data. The fallout was a direct consequence of the pandemic, and the global trade disruptions and travel restrictions that followed. Turning to Q3, available data shows a recovery could be underway: Overnight stays continued to fall in August compared to the same period last year, although at a much slower pace than in June and July, reflecting the shorter mandatory quarantine period in place since mid-August in favor of tests for new arrivals. Similarly, exports declined at a slower pace in August than in July. However, the unemployment rate rose in August after slowly decreasing since April’s peak, boding ill for private consumption ahead.

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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