Current account surplus 16.3 b.kr. in Q2 – net international investment position negative by 62 b.kr.
The current account surplus measured 16.3 b.kr. in Q2/2017. There was a deficit on goods trade in the amount of 45.8 b.kr and a 60.5 b.kr. surplus on services trade, as well as a 6.8 b.kr. surplus on primary income and a 5.1 b.kr. deficit on secondary income.
This is included in new information published on the Central Bank of Iceland website, showing the preliminary balance of payments in Q2/2017 and the external position of the economy at the end of the quarter.
According to the preliminary figures, foreign assets totalled 3,494 b.kr. at the end of the quarter, while foreign liabilities totalled 3,556 b.kr. The net external position was therefore negative by 62 b.kr., or 2.5% of GDP, and deteriorated by 142 b.kr., or 5.7% of GDP, between quarters. Net financial transactions eroded the international investment position by approximately 4 b.kr., as foreign liabilities declined by 113 b.kr. and foreign assets by 117 b.kr. as a result of the transactions. Exchange rate movements and price changes had a negative impact on the external position in the amount of 139 b.kr. during the quarter, owing mainly to a decline in the value of FDI assets. The króna appreciated against most other major currencies during the quarter, or by 4.8% in terms of the trade-weighted index.
See here the press release with tables: Press release no 23/2017: Current account surplus 16.3 b.kr. in Q2 - net international investment position negative by 62 b.kr.
No. 23/2017
4 September 2017