Fiscal Balance in Iceland
Iceland - Fiscal BalanceWhile firm GDP figures are still outstanding, Q2 was likely a quarter to forget for Iceland’s economy. Tourist arrivals plunged year-on-year in the period, hit by WOW Air’s bankruptcy, while the unemployment rate spiked and real wage growth fell to a multi-year low—likely having a knock-on effect on private consumption. Moreover, the total fish catch fell roughly 20% in annual terms on lower fish stocks, which likely hurt the external sector. Early signs for the third quarter are similarly downbeat: In July, tourist arrivals fell by double digits and wage growth moderated further relative to the Q2 average. More positively, the total fish catch edged up in July, while recent Central Bank easing should be providing some support to domestic activity.
Iceland - Fiscal Balance Data
|Fiscal Balance (% of GDP)||-1.8||-0.1||-0.8||12.4||0.5|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||3.66||-0.99 %||Sep 04|
|Exchange Rate||126.2||-0.52 %||Sep 04|
|Stock Market||1,437||-0.32 %||Sep 04|
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