14 March 2022 - Landsbankinn
Direct impact of the Russian invasion of Ukraine on the Icelandic economy should be very limited. Exports to Russia and Ukraine account for about 1.6% of total exports from Iceland. Imports from those same two countries are about 0,.5% of total imports to Iceland.
Last week’s highlights
- Direct impact of the Russian invasion of Ukraine on the Icelandic economy should be very limited. Exports to Russia and Ukraine account for about 1.6% of total exports from Iceland. Used vessels weight heavily in that figure and they could be sold to other countries. Imports from those same two countries are about 0.5% of total imports. The indirect impact on the Icelandic economy is likely to be much more significant and is already felt in the price increase of petrol and diesel oil in Icelandic gas stations.
- A total of 76,000 foreign visitors departed via Keflavik Airport in January. The total number of Icelandair passengers on international and domestic flights was around 125,000.
- Registered unemployment was 5.2% in January.
The week ahead
- On Tuesday, Registers Iceland will release the capital area housing price index for February.
Markets and Economic Overview
You may also be interested in
24 April 2023
Landsbankinn Economic Research forecasts a cooling of the economy in coming years, despite continued economic growth. Inflation will recede slowly and interest rate levels continue to rise.
19 Oct. 2022
We forecast 6.5% economic growth in Iceland this year, the greatest since 2007. Robust growth in export sectors coupled with strong domestic demand has driven handsome GDP growth in the past year.
12 Sept. 2022
Both the number of visitors to Iceland via Keflavík Airport andunemployment numbers are back to pre-pandemic levels.
5 Sept. 2022
The inflation rate, measuring 9.7% in August, decreased YoY between months.
29 August 2022
The Central Bank of Iceland (CBI) raised interest rates by 0.75 percentage points. The policy rate is now 5.5% and has not been higher in six years.
22 August 2022
Market agents expect inflation to peak in Q3 2022 at an average rate of 10%, according to a survey of market agents’ expectations conducted by the Central Bank of Iceland (CBI) in August.
15 August 2022
Around 234,000 foreign passengers departed Iceland via Keflavík International Airport in July, departures in July increased about 1.3% compared to July 2019.
8 August 2022
After sharp declines in the stock markets recently, the price of shares rose in 19 of the 22 companies listed on the Icelandic stock exchange in July.
2 August 2022
Purchasing power in June was 2.9% lower than it was in January 2022, when it had never been higher.
25 July 2022
The biggest driver of the rise in the CPI between months in July are airfares, which rose by 19.9%.