Iceland GDP Growth Rate QoQ
A significant portion of Iceland's economy is based on the fishing industry, which accounts for 40% of export revenues, accounts for more than 12% of GDP, and employs roughly 5% of the country's workforce. In the last decade, the country's economy has begun to diversify into manufacturing and service industries, particularly in the domains of software development, biotechnology, and tourism. When it comes to expenditures, household consumption is the most important component of GDP, accounting for 53% of total use. This is followed by government expenditure (24%) and gross fixed capital creation (17%). Exports of goods and services account for 54% of GDP, while imports account for 47%, resulting in 7% of total GDP.
A higher than expected figure should be seen as positive (bullish) for the ISK while a lower than expected figure should be seen as negative (bearish) for the ISK.
News (ISK)
Iceland Central Bank Raises Key Interest Rate To 8.75%
Iceland's central bank raised its key interest rate sharply at its May meeting on Wednesday to contain the risk of a wage-price spiral in the face of strong demand pressures, and the policy board hinted that further rate hikes would bring inflation back to the target range and thereby ensure a better balanced economy.
RTTNews | 350 days ago
Iceland Central Bank Lifts Rate By 100 Bps
Iceland's central bank raised its key interest rate sharply on Wednesday to contain the risk of wage-price spiral in the face of strong demand pressures and the upcoming wage negotiations. The Monetary Policy Committee of the Central Bank of Iceland decided to raise the benchmark interest rate, which is the rate on seven-day term deposits, by 100 basis points to 7.50 percent.
RTTNews | 413 days ago
Iceland Central Bank Raises Policy Rates To Tame Inflation
Iceland's central bank lifted its key interest rate for the fourth time this year and signaled further hikes to tame inflation. The Monetary Policy Committee of the Central Bank of Iceland decided to raise the key seven-day term deposit rate by 75 basis points to 5.50 percent. A similar higher rate was last seen in May 2017.
RTTNews | 623 days ago
