Icelandic Economic Weekly: 7 March 2022

7 March 2022 - Landsbankinn

According to estimates by Statistics Iceland, the Icelandic economy grew by 4.3% last year, 4.4% in Q4. The fourth quarter was the third consecutive quarter of positive economic growth.

Last week’s highlights

According to estimates by Statistics Iceland, economic growth was 4.3% last year, 4.4% in Q4. The fourth quarter was the third consecutive quarter of positive economic growth. Economic growth in Q4 was somewhat lower than in the Q2 and Q3, when it was 6.6% and 6.8% respectively. The share of tourism in GDP last year was 5%.
The current account deficit was ISK 90bn (2.8% of GDP) last year. 2021 was the first year since 2012 that a current account deficit was measured. Despite the trade deficit, the net international investment position improved by ISK 315bn (9.4% of GDP) last year.

The week ahead

Icelandair Group publishes traffic data today.
On Wednesday, the Icelandic Tourist Board publishes departures from Keflavík International Airport and the Directorate of Labour releases unemployment numbers for February.

Markets and Economic Overview

Icelandic Economic Weekly: 7 March 2022 (PDF)

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