New international standards for economic statistics
Beginning in September 2014, Statistics Iceland and the Central Bank of Iceland will publish new statistics for external trade in goods and services, balance of payments, and national accounts in accordance with updated international standards. The purpose of the update, in addition to harmonising terminology between standards, is to ensure that statistics reflect more accurately the economic variables measured in the domestic economy (in part by taking into consideration illegal activities), as well as to facilitate international comparison. Several countries in Europe have adopted the new standards, as have Australia, the US, and Canada. These same standards will also be implemented in other European countries this September.