Balance of payments in the fourth quarter of 2011 and the external position
The Central Bank of Iceland has published on its website the preliminary statistics for the balance of payments in the fourth quarter of 2011, and for the external position at the end of the quarter.
The current account balance was negative by 48.9 b.kr. in the fourth quarter, as opposed to a positive balance of 8 b.kr. in the preceding quarter. The goods account showed a surplus of 15.3 b.kr., and the services account was negative by 5 b.kr. The balance on income, however, was negative by 59.2 b.kr.
As before, the deficit in the balance on income during the quarter can be attributed largely to financial institutions in winding-up proceedings. Expenditures due to these institutions totalled 44.3 b.kr., while revenues were 17.7 b.kr. Therefore, the balance on income excluding deposit institutions in winding-up proceedings was negative by 32.7 b.kr., and the current account balance was negative in the amount of 22.3 b.kr.
External assets totalled 4,434 b.kr. at the end of the quarter, while external liabilities totalled 13,661 b.kr. Thus the net external position was negative by 9,227 b.kr., and net liabilities declined by approximately 49 b.kr. quarter-on-quarter. Excluding the financial institutions undergoing winding-up proceedings, assets totalled 2,789 b.kr. and liabilities 3,644 b.kr., yielding a net balance of -856 b.kr.
Press release no. 7/2012, 1 March 2012: Balance of payments in the fourth quarter of 2011 and the external position
Further information can be obtained from Ríkarður Bergstað Ríkarðsson and Pétur Örn Sigurðsson at the Central Bank of Iceland Statistics and IT Department, tel. +354 569-9600.
1 March 2012