03.06.2019

Current account surplus 35.1 b.kr. in Q1/2019. Net IIP positive by 597 b.kr.

Central Bank of Iceland

The current account surplus measured 35.1 b.kr. in Q1/2019. The surplus on external goods trade measured 3.5 b.kr., and the surplus on services trade was 29.7 b.kr. There was a 8.5 b.kr. surplus on primary income and a 6.7 b.kr. deficit on secondary income (see table below).

This is included in new information published on the Central Bank of Iceland website, showing the preliminary balance of payments in Q1/2019 and the external position of the economy at the end of the quarter.

According to the preliminary figures, foreign assets totalled 3,746 b.kr. at the end of the quarter, while foreign liabilities totalled 3,149 b.kr. The net external position was therefore positive by 597 b.kr., or 21% of GDP, and improved by 270 b.kr., or 9.5% of GDP during the quarter. Net financial transactions improved the international investment position by 98 b.kr. during the quarter, as foreign assets increased by 59 b.kr. as a result of financial transactions, while liabilities declined by 39 b.kr. Exchange rate movements and price changes had a positive impact on the external position in the amount of 182 b.kr. This is due to a nearly 12% rise in foreign securities prices during the quarter, as well as a 4.5% depreciation of the króna in trade-weighted terms.

 

No. 13/2019
3 June 2019

 

See press release no. 13/2019, 3 June 2019: Current account surplus 35.1 b.kr. in Q1/2019 - net IIP positive by 597 b.kr. 


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