Iceland­ic Eco­nom­ic Weekly: 14 March 2022

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

Icelandic Economic Weekly: 14 March 2022 (PDF)