03 September 2018

Current account surplus 1.6 b.kr. in Q2/2018 – net IIP positive by 261 b.kr.

Central Bank of Iceland

The current account surplus measured 1.6 b.kr. in Q2/2018. There was a deficit on goods trade in the amount of 49.8 b.kr and a 55 b.kr. surplus on services trade, as well as a 0.1 b.kr. surplus on primary income and a 3.6 b.kr. deficit on secondary income (see table).

These are the key figures in information published on the Central Bank of Iceland website, showing the preliminary balance of payments in Q2/2018 and the external position of the economy at the end of the quarter.

According to the preliminary figures, foreign assets totalled 3,250 b.kr. at the end of the quarter, while foreign liabilities totalled 2,989 b.kr. The net external position was therefore positive by 261 b.kr., or 9.8% of GDP, and improved by 69 b.kr., or 2.6% of GDP during the quarter. Net financial transactions improved the international investment position by 15 b.kr. during the quarter, as foreign assets increased by 15 b.kr. as a result of the transactions and foreign liabilities remained unchanged. Exchange rate movements and price changes had a positive impact on the external position in the amount of 59 b.kr. This is due to a 3.1% depreciation of the króna in trade-weighted terms and an increase of just over 1% in foreign securities market prices during the quarter.

Press release with table

No. 13/2018
3 September 2018