Balance of payments
Iceland’s current account showed a deficit of 31.1 b.kr. in Q2/2021. This represents a deterioration of 8.3 b.kr. relative to the previous quarter and 24.8 b.kr. relative to Q2/2020. The deficit on goods trade totalled 55.7 b.kr., while the surplus on services trade totalled 25.2 b.kr. The surplus on primary income amounted to 7.1 b.kr., whereas there was a 7.6 b.kr. deficit on secondary income.
The poorer current account balance relative to Q2/2020 is attributable mainly to considerably less favourable goods trade in the amount of 36.1 b.kr. The main difference lies in imported goods values, which were higher by 70.2 b.kr., whereas exported goods values rose much less, or by 34.1 b.kr. The balance on services was more favourable by 23 b.kr. The primary income balance deteriorated by 11.1 b.kr., and the deficit on secondary income widened by 0.5 b.kr.