7 June 2022 - Landsbankinn
Last week’s highlights
- Statistics Iceland released CPI numbers for May, which rose by 0,77% between months, and national accounts for Q1.
- The CBI released balance of payments and external position for Q1.
The week ahead
- On Wednesday, the CBI publishes the real effective exchange rate based on prices in May.
- On Thursday, Government Debt Management will publish market information.
- On Friday, the Icelandic Tourist Board publishes departures from Keflavík International Airport for May.
Markets and Economic Overview
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4 July 2022
Icelandic Economic Weekly: 4 July 2022
The inflation rate, measuring 8.8% in June, has doubled in a year to reach its highest level since October 2009, when it was 9.7%.
27 June 2022
Icelandic Economic Weekly: 27 June 2022
The MPC raised the policy rate by 1 percentage point last week. The CBI’s key interest rate (seven-day term deposits) is now 4.75%, the highest in 5 years.
20 June 2022
Icelandic Economic Weekly: 20 June 2022
Total turnover of domestic payment cards increased by 16,5% YoY in May, at constant prices.
13 June 2022
Icelandic Economic Weekly: 13 June 2022
Around 112,000 foreign passengers departed Iceland via Keflavík Airport in May.
30 May 2022
Icelandic Economic Weekly: 30 May 2022
Since January 2020, rental prices have risen by only 6.5% while the purchase price of apartments has risen by 38.1% over the same period, according to data from Registers Iceland.
23 May 2022
Icelandic Economic Weekly: 23 May 2022
Landsbankinn Economic Research published its macroeconomic and inflation forecast for 2022-2024, titled “Growth in the Shadow of Inflation”.
19 May 2022
Growth in the shadow of inflation
A great many things have changed since Landsbankinn Economic Research published its last macroeconomic and inflation forecast in October last year. The Covid-19 pandemic, with all its restrictions on consumption and daily life, has subsided and people are again free to travel. Icelandic consumption patterns in the past few months have shown clear signs of increased overseas travel and the stream of travellers to Iceland is also increasing. In general, the outlook can be described as bright. We forecast 5.1% economic growth this year, upping our forecast somewhat from last year, and expect growth to be driven by an increase in tourist numbers, a total of 1.5 million this year. Travellers to Iceland numbered 690,000 in 2021.
16 May 2022
Icelandic Economic Weekly: 16 May 2022
Registered unemployment was 4.5% in April, compared to 4.9% in March.
9 May 2022
Icelandic Economic Weekly: 9 May 2022
The MPC raised the policy rate by 1 percentage point last week. The CBI’s key interest rate (seven-day term deposits) is now 3.75%.
2 May 2022
Icelandic Economic Weekly: 2 May 2022
The CPI rose by 1.25% month-on-month in April, bringing the inflation rate to 7.2% compared to 6.7% in March.