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)
Disclaimer
This review and/or summary is marketing material intended for information purposes and not for business purposes. This marketing material does not contain investment advice or independent investment analysis. The legal provisions that apply to financial advice and financial analysis do not apply to this content, including the ban on transactions prior to publication.Information about the prices of domestic shares, bonds and/or indices is source from Nasdaq Iceland - the Stock Exchange. Landsbankinn’s website contains further information under each individual equity, bond class or index. Information about the prices of non-domestic financial instruments, indices and/or funds are sourced from parties Landsbankinn considers reliable. Past returns are not an indication of future returns.Information about the past returns of Landsbréf funds is based on information from Landsbréf. Detailed information about the historic performance of individual funds is available on Landsbankinn’s website, including on returns for the past 5 years. Information about the past performance of funds show nominal returns, unless otherwise stated. If results are based on foreign currencies, returns may increase or decrease as a result of currency fluctuations. Past returns are not necessarily an indication of future returns.Securities transactions involve risk and readers are encouraged to familiarise themselves with the Risk Description for Trading in Financial Instruments and Landsbankinn’s Conflict of Interest Policy, available on Landsbankinn’s website. Landsbankinn is licensed to operate as a commercial bank in accordance with Act No. 161/2002, on Financial Undertakings, and is subject to supervision by the Financial Supervisory Authority of the Central Bank of Iceland (https://www.cb.is/financial-supervision/)You may also be interested in
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