Balance of payments in the fourth quarter of 2016 and the international investment position
The Central Bank of Iceland has published on its website the preliminary statistics for the balance of payments in the fourth quarter of 2016, and for the external position at the end of the quarter.
The current account balance was positive by 44.7 b.kr. during the quarter, as opposed to a positive balance of 100.7 b.kr. in the preceding quarter. The balance on goods was negative in the amount of 13.3 b.kr., while the balance on services was positive by 43.4 b.kr. The balance on primary income was positive by 19.3 b.kr., whereas secondary income was negative in the amount of 4.8 b.kr.
Foreign assets totalled 3,837 b.kr. at the end of the quarter, while foreign liabilities totalled 3,811 b.kr. The net position is therefore positive by 26 b.kr., or roughly 1.1% of GDP. The net position improved by 36 b.kr., or 1.5% of GDP, between quarters. Net financial transactions improved the international investment position by approximately 113 b.kr., as liabilities declined by 113 b.kr. and foreign assets did not change as a result of financial transactions. Price and exchange rate movements had a negative impact on the international investment position in the amount of 79 b.kr. during the quarter. The króna appreciated against most other major currencies during the quarter, or by 5.8% in terms of the trade-weighted index.
2 March 2017
Further information can be obtained from Ríkarður Bergstað Ríkarðsson and Pétur Örn Sigurðsson at the Central Bank of Iceland Statistics Department, tel. +354 569-9600.