Balance of payments in the fourth quarter of 2012 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 2012, and for the external position at the end of the quarter.
The current account balance was negative by 12.6 b.kr. during the quarter, as opposed to a positive balance of 31.7 b.kr. in the preceding quarter. The goods account showed a surplus of 27.9 b.kr., and the services account was negative by 6.8 b.kr. The balance on income, however, was negative by 31 b.kr. The current account balance excluding deposit institutions in winding-up proceedings was negative by 1.5 b.kr., as opposed to a surplus of 51.9 b.kr. in the preceding quarter.
As before, the income account deficit is due largely to the deposit institutions in winding-up proceedings. Calculated expenditures due to these institutions totalled 16.3 b.kr., while revenues were 5.2 b.kr. The negative effect of deposit institutions in winding-up proceedings on the balance on income totalled 11.1 b.kr. The balance on income excluding these institutions was negative by 22.6 b.kr.
External assets totalled 4,430 b.kr. at the end of the quarter, while external liabilities totalled 13,352 b.kr. Thus the net external position was negative by 8,922 b.kr., and net liabilities increased by 14.6 b.kr. quarter-on-quarter. Excluding the financial institutions undergoing winding-up proceedings, assets totalled 2,453 b.kr. and liabilities 3,495 b.kr., yielding a net balance of -1,042 b.kr. Net liabilities declined by 95 b.kr. between quarters.
No. 7/2013
4 March 2013
See press release here: BoP in the fourth quarter of 2012 and the external position