Weekly bul­letin 18 March 2024

Figures for 2023 indicate that international tourists had fewer overnight stays in Iceland on average as compared to 2022 yet spent more per day than previously.
Ferðamenn
18 March 2024

The week ahead

  • On Tuesday, the Housing and Construction Authority (HMS) releases the housing price index for the capital area.
  • Wednesday is a policy rate decision day at the Central Bank of Iceland and we forecast unchanged rates. Alvotech publishes results after market closing in the US, the US Federal Reserve announces its interest rate decision and the UK Statistics Authority releases inflation figures.
  • On Thursday, Statistics Iceland publishes population figures for the beginning of 2024 and a revised timeline going back to 2011 based on an updated methodology. The Bank of England announces its policy rate decision.

Image of the week

In 2023, each international tourist purchased on average 3.5 overnight stays at registered accommodation and charged ISK 145,000 to their payment card while in Iceland, or ISK 41,000 per day. Overnight stays are down between years while turnover of international payment cards per overnight stay is up. This indicates that while the average duration of visits has become shorter, travellers are spending more each day. Increased spending per overnight stay was not sufficient to offset fewer overnight stays and total turnover per tourist contracted between years in 2023. Tourist arrivals in Iceland are nevertheless up between years such that the travel sector grew despite lower consumption per tourist. This year to date, card turnover per tourist has continued to contract between years.

Highlights of the previous week

Statistics and market data

Weekly bulletin 18 March 2024 (PDF)

Disclaimer
This review and/or summary is marketing material intended for information purposes and does not constitute financial advice or an independent financial 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. The review is based on publicly available information from parties that Landsbankinn deems reliable yet the Bank cannot independently guarantee the accuracy of the information. Landsbankinn is not liable for any loss that may result from use of the information contained herein.
Information about the past performance of financial instruments or indices show nominal returns, unless otherwise mentioned. 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. Detailed information about the historic performance of financial instruments and indices is available on Landsbankinn’s website, including on returns for the past 5 years.
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 on Landsbankinn’s website.
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