22 January 2024
The week ahead
- On Wednesday, Statistics Iceland is set to publish the Wage Index for December.
- Thursday is an interest rate decision day for the European Central Bank and the US is set to release preliminary national accounts for the fourth quarter of 2023.
Image of the week
Total government expenditure on domestic research and development (R&D) in 2022 amounted to ISK 100 billion, or the equivalent of 2.7% of GDP, according to figures from Statistics Iceland last week. In Western Europe, this ratio is highest in Belgium, followed by Sweden. The ratio is also higher in Finland and Denmark, but Iceland exceeds the EU average slightly.
Highlights of the previous week
- The housing price index rose by 0.5% between months in December. The 12-month increase of the index measured 4.5% and has risen steadily from a low point of 0.8% in July 2023. In addition to the housing price index, the Housing and Construction Authority (HMS) released the rent index and its monthly report on the real estate market.
- The Central Bank of Iceland (CBI) published payment card turnover figures for December. Total household payment card turnover was ISK 114 billion in December, contracting by 1.5% between years at fixed prices. Household payment card turnover has now contracted nine months in a row between years. Private consumption is not unlikely to have contracted in the fourth quarter of last year, as in the third - Statistics Iceland publishes the national accounts for the fourth quarter on 29 February.
- The CBI posted a press release on the foreign exchange market, exchange rate developments, and international reserves in 2023.
- Inflation measured 4.0% in Britain in December. This figure was higher than expected and this was the first annual increase between months since February 2023.
- On the stock market, Sjóvá published an earnings warning and Marel notified the stock exchange that the company had received an updated non-binding MoU from the John Bean Technologies Corporation for a potential offer for all shares in the company.
- On the bond market, Reitir issued bonds, Ölgerðin sold bills and Municipal Credit Iceland cancelled its scheduled bond auction.
Statistics and market data
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
7 May 2026
A total solar eclipse will be visible in western Iceland on 12 August this year. There is enormous demand for flights to the country, accommodation, restaurants and rental cars during that period, and many services are already fully booked. Higher turnover and price pressure on various services will likely be considerable in the areas where the eclipse will be visible.
17 April 2026
The cooling trend in the domestic economy looks set to continue longer than previously predicted. Increasing unemployment and lower demand for workers indicates a slackening in the labour market. This situation is likely to continue for longer than otherwise due to high policy rates.
3 Feb. 2026
Monthly newsletter of current economic affairs in Iceland.
6 Jan. 2026
Monthly newsletter of current economic affairs in Iceland.
2 Dec. 2025
Monthly newsletter of current economic affairs in Iceland.