Balance of payments

30. November

Q3/2020

In Q3/2020, the current account showed a deficit of 1.2 b.kr., as compared with a deficit of 5.9 b.kr. in the previous quarter. The deficit on goods trade totalled 33.9 b.kr., while the surplus on services trade totalled 20.4 b.kr. There was a 13.5 b.kr. surplus on primary income and a 1.1 b.kr. deficit on secondary income.

The current account balance was 71 b.kr. more negative than in the same quarter of 2019, owing primarily to less favourable services trade in the amount of 87.9 b.kr. The difference stemmed mainly from services export values, which were lower by 133.5 b.kr. Services imports declined by 45.6 b.kr. The balance on goods trade was more favourable by 14 b.kr., owing to a reduction in imports of 10.7 b.kr. year-on-year, together with an increase in exports in the amount of 3.3 b.kr. The balance on primary income deteriorated by 1.8 b.kr., and the deficit on secondary income narrowed significantly, or by 4.7 b.kr.


Supervisor: IT & Statistics | bop@cb.is