Weekly bulletin 13 November 2023

Icelanders’ online spending generally peaks in November. This is largely due to the bargains and sales prevalent in November, such as Singles’ Day, Black Friday and Cyber Monday.

13 November 2023 - Economic Research

The week ahead

Nova Klúbburinn publishes its results today.
On Wednesday, the Central Bank of Iceland (CBI) publishes results of a market expectation survey and Eik publishes financial statements.
On Thursday, the CBI publishes payment mediation figures. Brim, Iceland Seafood and Reginn publish their results.
Measurements for the November Consumer Price Index take place this week and Statistics Iceland publishes results on Wednesday, 29 November.

Image of the week

Icelanders’ ecommerce spending generally peaks in November. This is largely due to the bargains and sales prevalent in November, such as Singles’ Day, Black Friday and Cyber Monday. Icelandic online spending achieved new heights in the pandemic and continues to grow. With the exception of October last, the ratio of ecommerce in total domestic payment card turnover has exceeded 10% three times: In November 2020, 2021 and 2022.

Highlights of the previous week

Around 205,000 international tourists departed from Keflavík International Airport in October - a record high for any October month. In total, 1,940,000 international tourists have departed through Keflavík this year to date, a slightly higher figure than in 2017 and just shy of the record year 2018. In a recent economic forecast, we expected to see 2.2 million tourists this year and, following the high figures we’ve seen in October, the actual number can be expected to exceed our forecast slightly. Around 56,000 Icelanders travelled abroad in October, rather fewer than in October of last year, when the figure was just under 72,000. Trips abroad by Icelanders in summer and fall months have not been fewer since 2016, excepting the Covid years.
Registered unemployment was 3.2% in October, up from 3.0% in September. Unemployment was 3.3% in October 2022.
In stock market news, Nova Klúbburinn, Eimskip and Sýn published results. Marel announced a change in leadership. Icelandair and Play released load figures.
In the bond market, the Municipal Authorities’ Loan Fund and Íslandsbanki issued bonds. Government Debt Management published Markaðsupplýsingar. The City of Reykjavík cancelled its bond auctions scheduled for November and December.
The City of Reykjavík, Hafnarfjörður municipality and Mosfellsbær municipality published their budgets.

Statistics and market data

Weekly bulletin 13 November 2023 (PDF) (in Icelandic)

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